Investing in the right risk management software can empower you to identify, assess, and mitigate potential dangers before they spiral out of control.

Imagine having a crystal ball, not to predict the future, but to equip you with the insights and tools to navigate inevitable challenges with confidence and agility.

Proactive risk management isn't just about weathering storms; it's about thriving amidst uncertainty. And risk management software can help you do exactly that. 

But this begs the question, which risk management platform is the best for UK businesses in 2024?

Let’s start at the beginning.

What is risk management software and why do you need it?

Imagine wielding a comprehensive toolkit designed to help you beat back any potential risks facing your business. This toolkit, known as risk management software, empowers you to identify the potential threats, from hidden operational inefficiencies to looming compliance gaps, lurking in every corner of your organization.

It doesn't stop there. This software meticulously analyses the likelihood and severity of each risk, guiding you in prioritizing effectively. Think of it as a risk radar, constantly scanning the horizon and helping you chart a course to safety.

But the true power of risk management software lies in its ability to equip you with proactive protection. You're no longer simply waiting for storms to hit; you're crafting robust mitigation strategies to prevent, minimize, or decisively respond to identified risks.

It's like building a metaphorical seawall, ensuring your business remains protected from harm even amidst turbulent waters.

But why exactly does your business need this software? The answer is simple: peace of mind and a proactive shield against potential disasters. Proactive risk management, facilitated by this software, grants you enhanced resilience.

You become better prepared to weather unexpected storms, bounce back from challenges, and emerge stronger than ever. Imagine sailing through unforeseen economic downturns with confidence, knowing you've taken the necessary steps to mitigate their impact.

Compliance is another crucial aspect where risk management software shines. Ensuring adherence to regulations and industry standards can feel like navigating a complex labyrinth.

This software acts as your trusty map, guiding you through the compliance maze and reducing the risk of costly fines and reputational damage. Ensuring you operate with the assurance that you're meeting all your regulatory obligations, free from the anxiety of potential non-compliance.

Informed decision-making is the cornerstone of any successful business, and risk management software provides the key ingredients. The software empowers you to see the bigger picture, anticipate potential risks, and make strategic decisions that propel your business forward.

Furthermore, this software streamlines risk management processes, saving you valuable time and resources, helping you eliminate tedious manual tasks and automating repetitive processes, freeing you to focus on strategic initiatives and driving business growth. It's like having an extra pair of hands, efficiently managing risk while you concentrate on what matters most.

Finally, risk management software fosters a culture of risk awareness and proactive engagement across your entire organization, helping you break down information silos and promote open communication about potential risks.

Everyone becomes invested in mitigating threats, leading to a more resilient and collaborative work environment, ensuring your team works together as a cohesive unit, proactively identifying and addressing risks before they escalate.

Remember, risk management isn't just about avoiding the bad; it's about seizing opportunities.

By embracing this software, you equip yourself to navigate uncertainty with confidence, unlock new possibilities, and propel your business towards a brighter, more resilient future. It's not just a risk management tool; it's an investment in your organization's success and long-term sustainability.

But, what do you really need from a risk management platform?

Before diving headfirst into the market, take a moment to reflect on your unique needs and priorities.

What keeps you up at night?

Start by identifying the key risk areas that cause you the most concern. Is it data security vulnerabilities? Operational disruptions? Compliance headaches? Regulatory changes? Each industry and business size faces distinct challenges. Be sure to consider exactly what you need and use that to drive your assessment of each platform.

Move beyond the basics

While core functionalities like risk identification, assessment, and mitigation are essential, consider what additional features would add value to your specific situation. Do you need a platform that integrates seamlessly with your existing systems? Are robust reporting and analytics capabilities crucial for your stakeholders? Does industry-specific compliance management hold high importance?

Size matters

Don't forget to factor in your company's size and growth trajectory. Scalability is key – choose a platform that can adapt and grow alongside your business and accommodate your evolving needs. Remember, a platform that might be perfect for a startup might not be able to handle the complexities of a larger enterprise. You need a platform that can suit both where you are now and where you’re heading tomorrow.

The user experience

Your risk management platform shouldn't be another burden. Look for a solution that is intuitive, user-friendly, and easy to implement. A clunky interface with a steep learning curve will only hinder your risk management efforts. Consider the technical expertise of your team and opt for a platform that fosters ease of use and adoption.

Security and trust

Ensure the platform you choose adheres to the strictest industry standards and regulations relevant to your location. Look for certifications like ISO 27001 and GDPR compliance, and don't shy away from researching the platform's security practices and track record.

Now that you’re ready and prepared, here are the best tools to help you in 2024.  

The Best Risk Management Software for UK Businesses in 2024

RiskSmart

At the top of our list is RiskSmart. But it’s only because we really are the best. As ex-risk experts (CRO, Risk Manager's and Risk Analyst) ourselves, we know what it takes to create the best risk management software and we’re confident that you’ll love our platform.

Here’s why.

Simplicity at the helm

Navigating risk shouldn't feel like navigating a labyrinth. RiskSmart is built with user-friendliness at its core. Our intuitive interface and streamlined workflows empower every risk manager to seamlessly identify, assess, and mitigate risks. Implementation is smooth and training minimal, allowing you to quickly reap the benefits of a robust risk management system without unnecessary hassle.

Holistic risk management

RiskSmart isn't just a life raft thrown in the face of danger; it's a full-fledged vessel equipped to navigate the entire risk management journey. We don't just help you identify potential hazards; we empower you to assess their impact, implement effective mitigation strategies, and track progress through comprehensive reporting tools. Features like risk registers, issue management, and a powerful reporting suite provide you with the insights and tools you need to chart a course towards calmer waters.

Scalability and flexibility

Whether you're a nimble startup, a growing scale up or an established enterprise navigating uncharted territories, RiskSmart adapts to your unique needs. Our scalable and flexible platform grows with you, offering customizable features and the ability to seamlessly integrate with your existing systems. No matter your size or industry, RiskSmart ensures you have the tools and agility to navigate any risk landscape.

Security and compliance

RiskSmart adheres to the strictest UK data privacy regulations and holds leading security certifications, including ISO 27001 and Cyber Essentials. You can focus on steering your business to success knowing your sensitive data is safe and your compliance efforts are well-supported.

Designed with UK specificity in mind

Unlike generic software, RiskSmart understands the unique complexities of the UK market. We're well-versed in the evolving regulatory landscape, industry-specific challenges, and compliance requirements that shape your business environment. Forget generic templates – RiskSmart offers pre-built UK compliance libraries and features tailored to your specific needs, saving you time and ensuring adherence to local regulations.

At a glance

RiskSmart offers:

• Risk management:
  • Risk registers to capture and track potential risks
  • Intuitive controls and actions management
  • Heatmaps for visual risk prioritization
  • Comprehensive risk assessment tools
• Compliance management:
  • Regulatory obligation mapping for clear compliance requirements
  • Digital gap analysis to identify and address compliance gaps
  • Secure document management for storing and referencing compliance evidence
  • Streamlined reporting tools for effortless demonstration of compliance

• Policy management: Create, store, and review key business policies efficiently.
• Integrations: Connect seamlessly with your existing tools and systems.
• Mobile access: Manage risk on the go, anytime, anywhere.

“RiskSmart helps both me and Summize's customers feel secure. The feeling of looking over your shoulder for regulators is gone.” - Tom Dunlop, CEO @ Summize

“A crisp, clean interface. A platform that keeps it simple. A team that really understands risk management from a practitioner standpoint.” - Jennifer Geary | Managing Director, COO, CRO, Author, Speaker

To book a demo with RiskSmart, head here.

What else is out there?

As we've mentioned, we built RiskSmart because, as risk managers ourselves, we were familiar with the struggle brought on by repetitive tasks, endless hunting for info, scarce resources. When the frustration began to outweigh everything else, we took a leap of faith and built a risk management platform ourselves. 

That's why we know RiskSmart is the best risk management software. But, before we built RiskSmart, we did look around the market. Here's what we found. 

Resolver

Resolver is a cloud-based incident management platform that helps businesses track, investigate, and resolve incidents. It offers features such as automated workflows, reporting, and analytics.

Archer

Archer GRC is a cloud-based platform that helps businesses manage their enterprise governance, risk, and compliance (GRC) programs. It offers features such as risk assessments, control management, and reporting.

MetricStream

MetricStream is a cloud-based platform that helps businesses manage their enterprise governance, risk, and compliance (GRC) programs. It offers features such as risk assessments, control management, and reporting.

OneTrust

OneTrust GRC is a cloud-based platform that helps businesses manage their privacy, security, and third-party risk. It offers features such as risk assessments, data mapping, and vendor management.

AuditBoard

AuditBoard is a cloud-based platform that helps businesses manage their audit, risk, and compliance processes. It offers features such as risk assessments, control management, and reporting.

NAVEX One

NAVEX One is a suite of risk management solutions that help businesses manage their ethics and compliance programs. It offers features such as whistleblower reporting, hotline management, and risk assessments.

Onspring

Onspring is a cloud-based platform that helps businesses manage their enterprise governance, risk, and compliance (GRC) programs. It offers features such as risk assessments, control management, and incident management.

LogicGate

LogicGate is a cloud-based platform that helps businesses manage their operational risk. It offers features such as risk assessments, incident management, and control management.

IBM OpenPages

IBM OpenPages GRC Platform is a suite of on-premises and cloud-based solutions that help businesses manage their enterprise governance, risk, and compliance (GRC) programs. It offers features such as risk assessments, control management, and reporting.

Proactive GRC

Proactive GRC is a cloud-based platform that helps businesses manage their enterprise governance, risk, and compliance (GRC) programs. It offers features such as risk assessments, control management, and reporting.

ERMProtect

ERMProtect is a cloud-based platform that helps businesses manage their enterprise risk management (ERM) programs. It offers features such as risk assessments, control management, and reporting.

ZenGRC

ZenGRC is a cloud-based platform that helps businesses manage their enterprise governance, risk, and compliance (GRC) programs. It offers features such as risk assessments, control management, and reporting.

Virtus InfoSec GRC Platform

Virtus InfoSec GRC Platform is a cloud-based platform that helps businesses manage their information security governance, risk, and compliance (GRC) programs. It offers features such as risk assessments, control management, and reporting.

Made your choice? Okay, then what questions should you ask each provider on the demo call?

To make the most of your demo, prepare relevant questions that go beyond superficial features and delve into how the platform's core capabilities can help with your organization's unique requirements.

Here are some key questions to ask during your risk management software demo:

1. Can you tailor the demo to showcase functionalities relevant to our industry and specific risk areas?
2. Does the risk management software offer pre-built libraries or templates relevant to our industry regulations and standards?
3. How easily can we configure the platform to fit our specific risk management processes and workflows?
4. Can the platform integrate with our existing systems and tools (e.g., ERP, CRM)?
5. What training and support resources are available to help us get started and ensure user adoption?
6. Walk me through the process of identifying and assessing risks within the platform.
7. How does the platform facilitate risk mitigation and action management?
8. Can we prioritize risks based on impact and likelihood?
9. Does the platform offer robust reporting and analytics capabilities to track risk trends and effectiveness of mitigation efforts?
10. How secure is the platform? Does it comply with relevant data privacy regulations?
11. What scalability options are available to accommodate our future growth?
12. What are the different pricing models offered, and which one best suits our needs?
13. Are there any additional costs associated with implementation, customization, or ongoing support?
14. What is your typical implementation timeline, and can it be customized to our needs?
15. Who will be our main point of contact during and after implementation?
16. Do you offer a free trial or demo period to test the platform before committing?
17. Can you share case studies or examples of how similar organizations are using your platform?
18. What are your company's values and how are you committed to customer success?
19. How often do you update the platform with new features and security patches?
20. What resources do you offer to help us build a strong risk management culture within our organization?

Don't be afraid to probe deeper and ask for clarifications. A good vendor will be transparent and happy to answer all your questions thoroughly. By actively engaging in the demo and asking insightful questions, you can gain valuable insights and confidently choose the risk management software to empowers your organization to navigate the future with greater resilience.

What about once you’ve implemented your risk management software? How do you measure success?

Choosing a platform is just the first step. It’s important to make sure your platform achieves what you need it to. Let’s say this guide helped you decide and now you've taken the crucial step of implementing a risk management platform, empowering your organization to proactively navigate today's dynamic landscape.

How do you know if it's really making a difference? Simply having a platform in place isn't enough. To truly measure success, you need to define goals, track key metrics, and assess the impact on your overall risk posture.

Start with the end in mind

Before diving into metrics, revisit your initial goals for implementing the platform. Did you aim to increase risk identification, streamline mitigation efforts, improve compliance adherence, or enhance reporting capabilities? Clearly defined goals provide a solid foundation for your measurement framework.

Metrics matter

Now, let's talk numbers. While specific metrics will vary based on your chosen platform and goals, here are some key areas to consider:

• Risk identification: Track the number of risks identified and time to identification. Are you uncovering more risks proactively? Is the identification process becoming more efficient?
• Risk assessment: Monitor changes in risk ratings over time. Has the platform enabled more accurate and consistent risk assessments?
• Mitigation efforts: Measure the completion rate of mitigation actions and time to completion. Is the platform facilitating faster and more effective risk mitigation?
• Compliance: Track compliance incidents and audit findings. Has the platform helped you achieve or maintain compliance with relevant regulations?
• Reporting: Evaluate the frequency and quality of risk reports generated. Are stakeholders receiving timely and insightful information to make informed decisions?
• User adoption: Monitor platform usage patterns and user satisfaction. Is the platform being actively used by key personnel? Are they finding it valuable and easy to use?

Beyond the numbers

Remember, metrics are just one piece of the puzzle. Look beyond quantitative data to assess the qualitative impact of your platform:

• Improved communication and collaboration: Has the platform enabled better communication and collaboration around risk management within your team?
• Enhanced risk awareness: Do employees feel more aware of and engaged in managing risks?
• Increased transparency: Has the platform improved transparency and accountability for risk management across the organization?
• Data-driven decision making: Are you making more informed and data-driven decisions based on the insights provided by the platform?

Remember, measuring success is an ongoing process. Regularly review your metrics and qualitative feedback to identify areas for improvement and ensure your platform continues to deliver value.

Embrace a culture of continuous improvement

By proactively measuring and evaluating the success of your risk management platform, you gain valuable insights to optimize its effectiveness and continuously improve your organization's risk posture. A successful platform is not just a tool; it's a catalyst for building a robust risk management culture, one that empowers your business to navigate uncertainty and thrive in the face of any challenge.

Are you a UK specific business? You might have these unique needs from your risk management platform

UK businesses have a few distinct needs which mean they are usually better served choosing a UK based risk management platform. But what are those needs?

Regulatory complexity

From GDPR and FCA regulations to industry-specific compliance requirements, UK businesses navigate a complex regulatory landscape. Your platform partner needs to understand these nuances, offering pre-built compliance libraries and features tailored to your industry.

Brexit's ripple effects

Brexit continues to impact trade, data protection, and supply chains. Your platform should consider these evolving challenges and offer solutions for managing them effectively.

Cybersecurity imperative

Cyber threats are a global concern, but the UK faces specific vulnerabilities. Choose a platform with robust security features, data encryption, and compliance with UK cybersecurity standards like Cyber Essentials and NCSC guidance.

Data privacy focus

With stricter data privacy regulations like GDPR in place, UK businesses need platforms that prioritize data security, privacy by design, and breach notification capabilities.

Beyond Traditional Risks

While operational and financial risks remain crucial, consider emerging threats like climate change, social unrest, and technological disruptions. Look for platforms that address these wider risk categories.

Industry Specificity

Each industry has its own risk profile. From supply chain disruptions in manufacturing to data breaches in finance, ensure your platform understands and caters to your industry's specific challenges.

Implementation and Support: Ease of implementation and ongoing support are key. Choose a UK based platform with transparent implementation timelines, dedicated support teams, and readily available resources.

By understanding your unique needs and the UK's specific risk landscape, you can choose a platform that equips you to navigate challenges with confidence and build a more resilient future for your business.

Is Risk management software capable of replacing your risk managers?

No. 

Absolutely, irrevocably, without a shadow of a doubt, no.

While risk management software offers invaluable tools, it's here to empower, not replace, your human experts.

Think of it this way: imagine risk management as a complex puzzle. Software provides the pieces: data analysis, automation, and real-time monitoring. But it's the human mind that possesses the strategic thinking, nuanced judgment, and intuition to truly put those pieces together, forming a comprehensive picture of risk.

Here's why risk managers remain irreplaceable:

Human judgement

Technology excels at crunching numbers, but it lacks the human capacity for judgement and interpretation. Risk managers can analyze data through the lens of experience, industry knowledge, and context, understanding the "why" behind the numbers and making informed decisions.

Communication and collaboration

Risk managers serve as bridges between teams, ensuring everyone is aware of potential risks and involved in mitigation efforts.

Strategic planning and decision-making

Risk management software excels at identifying and tracking risks, but it can't craft and implement strategic mitigation plans. This requires the human brain's ability to think creatively, prioritize effectively, and adapt to changing circumstances.

Ethical considerations

Technology can present ethical dilemmas surrounding data privacy and risk analysis. It's the human element that injects ethical reasoning and ensures risk management aligns with your organization's values.

So, rather than worrying, risk managers should embrace software as a powerful ally. They are the exact people these tools will empower. The future lies in collaboration between humans and technology, leveraging the strengths of each.

Imagine risk managers equipped with cutting-edge software analyzing vast amounts of data, freeing them to focus on higher-level strategic thinking and communication. This unlocks the full potential of risk management, enabling proactive identification, mitigation, and ultimately, the achievement of organizational goals.

Remember, technology is a tool, not a replacement. By embracing collaboration and leveraging the unique strengths of both humans and machines, we can build a stronger, more resilient future for risk management and our organizations as a whole.

Book a Demo Today

Stop feeling overwhelmed and take control with RiskSmart, the number one risk management platform. Book a demo today and discover how our intuitive platform empowers your risk experts to:

• Proactively identify and assess risks before they spiral out of control.
• Craft effective mitigation strategies tailored to your specific needs.
• Gain data-driven insights to make informed decisions and boost compliance.
• Simplify tasks and streamline processes with user-friendly automation.
• Experience the peace of mind that comes with knowing your business is protected.

Don't just wait for risks to happen, book a demo today.