What to Look For in a Risk Management Solution

A risk management platform (also known by the name Governance, Risk & Compliance (GRC)) is an application that allows companies to recognize and minimize operational, security or regulatory compliance risk. These tools help make it easier and more efficient to conduct the risk assessment process, allowing businesses to board rooms detect and monitor the risk as they occur. These tools offer a variety of options to handle and manage risks, including analysis, reporting and remediation processes.

A good risk management solution should allow users to review and document their existing safety procedures by capturing data in a central and organized repository. It should also enable users to design and implement risk-based corrective actions, by assigning tasks to different stakeholders. It should also make sure that these corrective actions are tracked and updated up until they are completed.

Finally, it is essential that the system is secure and safeguards sensitive information. It is therefore important to review the data security measures employed by the software manufacturer and their third-party suppliers. Verify if the vendor is certified security certifications such as SOC 2 or ISO 27001 to provide an additional layer of assurance.

In the end, it is essential that the tool provides users with a pleasant and user-friendly experience. It should be simple, easy to use and accessible from any device. This is especially true when it comes to mobile devices, because employees are more likely than not to report hazards and other issues via an online tool on the move.