The specific causes of risks are identified systematically, together with the range and possible effects. Only after this can a developer confront them. The proper identification of risks calls for detailed knowledge of the company, the market in which it operates, and the legal, social, political, and cultural environment in which it is set.
Managing risk involves installing a control system that minimizes both the likelihood that adverse events occur and the severity of such events (the financial loss that the product owner would have to incur).
Cymulate is a SaaS-based platform that allows you to easily build assessments that test and monitor your security controls in your environment in real-time. This technology can launch real-time attacks on your environment with non-threat methodologies and non-malicious codes.
Some technical features of Cymulate include managing end-to-end organizational cyber risk, rationalizing security spending, prioritizing mitigation based on validated risk, and preventing environmental security drift. It helps cyber security software developers defend computers, servers, networks, and data from malicious attacks.
Cymulate’s red team helps blue teams focus efforts on attackable vulnerabilities and exposures that can impact the organization and put it at real risk.
2. A1 Tracker
A1 Tracker is a software risk management tool that tracks all types of risks, including political, financial, corporate, compliance, construction, manufacturing, transportation, insurance, and legal risks. A1 Tracker offers risk managers quick reports, including heat zone reports, GPS and map reports, and dashboard reports to provide risk data to organizations and for regions quickly. Timeline graphs are also used to display sequences of events and event duration.
A1 Tracker is accessible on mobile phones. It sends text alerts and email notifications for real-time reporting, workflow triggers, task assignments, and real-time risk alerts. During implementation, the A1 Tracker migrates data from a legacy system and potentially integrates with a CRM & ERM accounting software package.
3. Risk Management Studio
Risk Management Studio (RM Studio) is an integrated risk management Framework solution designed based on the organizational structure and provides tools for web solutions. The methodology and functionality of Risk Management Studio provide users the necessary flexibility to define their own risk assessment procedure and implement standards according to their unique business needs.
RM Studio has a web-based and hybrid solution. The hybrid solution works with the client-server database system, but the web-based solution is available for external use. The web solution provides a dashboard, which contains Risk Owner Tasks, My Risks, Document/Policies folders, and Recent Incidents. RM Studio provides an extensive toolkit of solutions that guide you through the implementation of risk management policies, processes, and procedures to identify, fortify and verify risk on your computer.
Isometrix eliminates siloed risk management by replacing multiple point solutions with one integrated system. It identifies risks and implements appropriate actions to address them. It also provides opportunities associated with internal/external issues to meet the needs and expectations of interested parties and reviews the quality management system, including the quality policy, at planned intervals to ensure it is effective and achieving the organization’s quality objectives.
The tailing management protocol is more than just a strict adherence to technical standards, and the quality management protocol manages your quality processes and improves your customer experience. Isometrix focuses on critical control management and ensuring that for every process or activity in the organization, risks are identified and assessed, and controls implemented.
5. Active Risk Manager
Active risk manager (ARM) is the world’s leading risk management software solution. With its unique approach, ARM provides solutions that address the risk management of the entire organization.
The ARM software comprises the Active Risk Manager, Sword Policy Manager, Sword Operational Risk Manager, Sword Audit Manager, Sword Compliance Manager, and Sword Quality Manager. It controls and monitors the lifecycle of your policies and procedures. The Sword Quality Manager creates solutions that make the staff work easily accessible.
ARM provides solutions for aerospace and defense, financial services, and infrastructures, which gives you a competitive advantage at every phase of your project.
In this article, we talked about how different softwares help manage all types of risks. Effective risk-based exposure management means attempting to control risks as much as possible. Thus, you can manage unexpected future outcomes by acting proactively rather than reactively. It offers the potential to reduce both the possibility of a risk occurring and its potential impact.