Your strategies for detecting and managing risks are crucial make-or-break factors affecting business growth. That said, keep your eyes peeled and always prepare a well-devised action plan in response to possible risks and threats to your enterprise. Track concerns and immediately discover issues with your enterprise operations with extensive ERM software at your disposal.
13+ ERM Software
9. Essential ERM
What Is ERM Software?
ERM (Enterprise Risk Management) software is a digital solution that functions to help enterprises in dealing with and mitigating strategic, financial, operational, and other identified risks. It integrates data across varying platforms, entities, and databases and centralizes them under one roof for more convenient risk identification. Also, this software provides the digital tools you need in one interface giving you better control over your risk management program.
With this software, you can also streamline the gathering of data analytics and perform enterprise monitoring in real time. Overall, with this software, enterprises can avoid losses and increase the health of their business.
When you use this ERM software solution, you can breeze through the menial and repetitive processes involved in enterprise risk management. Also, it eliminates the need for going through your records and transaction histories manually, improving efficiency and employee productivity. In addition, going digital with this technology helps you cut costs and achieve more.
The process of choosing the ERM software to equip your business is an essential step towards going digital and improving the accuracy and effectiveness of your risk management strategies. That said, ensure to choose the best and the most compatible software for you. Filtering your choices effectively by studying factors will help you do so. If it is confusing for you where to start, you can look into elements such as their pricing structure, supported digital devices, and service offerings. Also, another tip is to look out for the following features:
- Audit management tools
- Compliance management and tracking capabilities
- Incident management features
- Data visualization functionalities
- Risk reporting tools
- Risk identification functionalities
- Configurable risk assessment criteria
- Risk library
- Risk mitigation tracking capabilities
Top 10 ERM Software
SAP is an ERP software that has fund accounting and forecasting functionalities. They have 30 billion dollars in generated revenue and have 100,330 people working for them.
SAS provides its users with features for performance metrics and data visualization. They have 13,939 employees and have 3.1 billion dollars in generated revenue.
When you use this software, you can access capabilities to streamline financial reporting and workflow management. They have 1,718 employees in their team and have 351.6 million dollars in revenue.
With this risk management software, you can utilize features for internal controls management and audit management. They have employed 1,300 people and have a revenue of 199 million dollars.
Ventivtech is an integrated risk management solution with operational risk management and vendor management tools. They have a generated revenue of 48.3 million dollars and have 333 employees working for them.
With this platform, you can streamline issue management and safety management. Logicgate has a revenue of 31.2 million dollars and has 215 people on its team.
This risk management software has tools for IT risk management and data discovery. They have 10.7 million dollars in generated revenue and have 74 employees.
This GRC solution has business process control and audit trail capabilities. They have 50 people working for them and have 8 million dollars in generated revenue.
Environmental compliance and safety management tools are examples of features in this incident management software. They have generated a revenue of 7 million dollars and have employed 40 people.
10. Essential ERM
Essential ERM is an audit solution that has internal controls management and risk assessment functionalities. Its developer, Tracker Network, has 15 people in its team and has a revenue of 2.2 million dollars.
What is the difference between an ERP system and an ERM system?
An ERP system and an ERM solution are software technology that covers varying activities and functions differently. Enterprise resource planning systems focus on allocating resources efficiently and maximizing profitability to ensure operational efficiency and seamless processes. On the other hand, the latter functions to detect issues and problems on transactions and respond to them to minimize possible losses or, if possible, avoid them.
What are the essential components of ERM?
Enterprise risk management involves multiple components. It is essential to note that the results of one of them can affect the remaining others. These components include risk assessment, risk response, internal environment, objective setting, and event identification. Also, enterprise monitoring, communication management, information management, and control activities are part of the list.
What are the various types of enterprise risks?
You can separate enterprise risks into various categories depending on the aspects of the business they can impact. One of these categories is the financial risks which involve cash-related issues. Reputational risks are also another type of enterprise risk. It refers to threats that can damage the image of your brand and relationships with clients. Other categories on the list include compliance risk, strategic risk, operational risk, and hazard risks.
Do not miss any risks no matter which business angle they are in, and skillfully mitigate them with the right digital tool at hand. Overcome the limitations of the conventional methods and break away from the stress of risk management by handling them more productively with the best ERM software for you,
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