Operational risks are among the most serious threats that businesses face regularly. The majority of corporate failures in the last decade have been caused by operational risk events that result in operations failures. As a result, businesses and organizations are concentrating on minimizing operating risks.
12+ Operational Risk Management Software
8. RSA Archer
What Is an Operational Risk Management Software?
Operational risk management software defines, evaluates, and mitigates operational risks through a company’s divisions. This type of program avoids losses caused by various factors such as human actions, inconsistencies in procedures, or technological problems. Companies use operational risk management solutions to identify and execute the techniques and plans needed to handle operational risks more efficiently. Compliance officers and administrators use active risk management systems from all organizations to exchange knowledge and collaborate on risk reduction and avoidance. It’s also often used in corporate risk management and governance, risk, and enforcement programs.
Changes to processes and procedures help organizations control their risks. The aim is to analyze how you run your company using more quantitative methods. Benefits that can be measured include:
- Better, more efficient, and more dependable operations
- Fewer losses from damages
- Better, more efficient
- More dependable operations
Risk management entails marketing planning for risks that aren’t yet understood. Risk management is preparing for unknown events and stock market conditions that may arise as an entrepreneur. Here are some features of risk management software:
- Professional Skepticism should be practiced
- Value is safeguarded by risk management
- Should adapt to the circumstances
- Objectivity should help you manage risks
- A proactive approach to risk management is needed.
Top 10 Operational Risk Management Software
Logicgate is a comprehensive suite of software that combines simplicity and out-of-the-box functionality to aggregate, monitor, and mitigate an organization’s entire risk landscape. The headquarters of LogicGate is in Chicago, Illinois. LogicGate has 140 staff and a turnover of $11.5 million. This organization has received $51.4 million in funding. Resolver, Onspring, and Mitratech are LogicGate’s key rivals.
Enablon is a software provider for the automotive and chemical industries specializing in sustainability management, environmental health, and safety. Enablon has 300 employees and has an annual revenue of $250-500 million.
BWise develops a platform that provides internal audit software, personal software, and risk and compliance management solutions. BWise has a revenue of $40.5M and 90 employees. They also have a rating of 90% from their customers.
MetricStream creates a cloud-based server that allows companies to manage governance, risk, enforcement, and efficiency. MetricStream’s income per employee is $188.1K. MetricStream has secured $255.9 million in funding. They also have a 70% of approval rating.
Xactium is a software company that specializes in governance, risk, audit, and requirements management for businesses. Xactium has a $7.1 million turnover and 36 employees. Arctic, Symbiant Limited, and CoreStream are Xactium’s key competitors.
For companies, SAI360 provides risk management, auditing, assurance, and compliance learning solutions. The headquarters of SAI360 are in Sydney, New South Wales. They have at least 5,000 staff and a sales range of $100-500 million. They also have a 70% approval rating.
For the healthcare, infrastructure, mining, and manufacturing industries, Resolver offers governance, risk, and compliance software solutions. Resolver has secured a total of $24 million in funding and generates $137.6K in sales per employee. They also received a 91% ranking.
8. RSA Archer
RSA Archer is a company that specializes in defense contracting and engineering. They earned a 75% rating and have at least $5.0 million in sales with a workforce of 500 people.
Cura is a content curation and marketing software company that assists marketers in finding, curating, and optimizing digital art for marketing campaigns. They earned an 81% ranking and a total income of $25 million. They still have a team of 100 people working with them.
For the aerospace, defense, automotive, and construction industries, Cority provides environmental, safety, and data quality control solutions. Cority has a 100% customer satisfaction rating and generates $266.7K in sales per employee, with at least 500 employees working for the team.
What is the formula for calculating operating risk?
The application of the principle of elasticity can be used to calculate operating risk. More precisely, we can use measures like operating leverage, a standard operating risk indicator.
What are the banking operating risks?
The risk of failure due to errors, violations, interruptions, or damages—intentional or accidental—caused by individuals, internal processes, systems, or external events is known as operational risk.
What is the concept of an operational risk event?
The risk of failure arising from failed internal procedures, people, systems, and external events is operational risk. Legal risk is included in this category, but the strategic and reputational risks are not.
Operational Risk Management is a technique for companies aiming to implement real risk management oversight and policy. Any company encounters circumstances or fundamental changes in their situation that can be viewed as posing varying degrees of risk, ranging from slight inconveniences to potentially jeopardizing the business’s very life. As a result, having operational risk management tools can be highly beneficial to company owners who are having difficulty coping with risks.
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