9 Best Risk Management Tools and Softwares for Project Managers - Pricing, Features, Pros & Cons
What is risk management?
Risk management is a broad topic when it comes to company project management and growth.
And according to statista, institutional investors focus on diversifying across assets and geographics.
Risk management refers to the practice and monitoring of potential projects risk. Risk management also includes the response to project risk factors. It is the process of identifying, assessing, managing, and reviewing risks.
Why is risk management important?
There are several reasons companies invest so much time and resources into risk management. Some of which are to avoid, mitigate or even accept risk (yes in some cases, a business is forced to accept risk).
Risk management is very crucial as it can make or break a company. It empowers teams with the necessary risk management tools to adequately carry out the processes involved in risk management; which is to identify, assess, monitor, and control risks.
In essence, risk management reduces risks and ensures the success of projects for project manager.
What are some important benefits of risk management?
Identity risks that are not so apparent
Provide risk insights
Build a strong defense to possible risks
Reduce or minimize business liability
To ensure the your project is successful
Now, how do you identify risks?
How to Identify Risks (risk management tools and systems that help)
How are risks identified?
There are different methods and strategies to identify risk as a business. Even if you don’t realize, you already are doing some sort of risk management in your company already.
But how do you strategically identify these risks in your business or organization?
To identify a risk, a business must break down the big picture first. Think about the highest risks your business could face.
Ask yourself and the team what your obvious business risks are.
What is the worst thing that could happen to you as a business. And if the worst case scenario happened, how would you respond?
You can also consult a risk management expert to help you identify risks. Risk management tools and softwares like Monday.com, Risk Ledger etc. are helpful in identifying project risk.
Talking about project risk, this resource is going over some of the best risk management tools and softwares for project managers today.
What is a Project Risk Management Tool or Software?
What is a project risk management software system?
What tools are used in risk management?
Project risk management tools basically helps teams to implement the processes involved in risk management. These are to identify, assess, analyze, and mitigate project risks in a business or enterprise.
A risk management software can act as a resource to help your organization look out for possible risks. Tools like Acumen Risk, Monday.com, NTask Manager, and M-Risk are great solutions.
And to effectively manage risk, you need systems and that’s where a project risk management software comes into play.
Thus in this resource, we’re discussing and reviewing some of the most effective project risk management softwares we have today.
Here’s the list of our hand-picked project risk management tools for project managers:
Acumen Risk - this project management software offers a unique intelligent technology to assist teams identify and reduce project risks.
Pims Risk - Pims Risk is a cloud based risk management tool that’s for businesses of all sizes to manage risks effectively.
Graphite Risk Management - Graphite is extensive and we love it because this Risk tool can manage any level of risk; low or high. Its robust Risk Management features allow that.
Opture Risk - Opture doesn’t only want to help teams with risk management processes; they offer an intuitive and easy to use dashboard that’s customizable.
M-Risk - this is also a leading risk management solution for business. M-Risk uses unique high-tech to help businesses manage environmental and health performance to minimize risk.
Risk Ledger - Unlike any risk management platform, Risk Ledger offers tools to run and manage cyber-security related risks.
Monday.com - Monday.com is an effective project and risk management software that’s also really easy to use. It offers Risk management solutions like risk register, cost tracking, risk assessment etc.
PYX4 Risk - this is a quality operational risk management tool that’s designed to manage and control risk in organizations.
NTask Manager - NTask manager, offers intuitive project and risk management solutions for businesses of all sizes. You can identify, analyze and mitigate risks with “Risk Ledgers”.
And here are our top 5 recommendations:
Acumen Risk
Graphite Risk Management
M-Risk
Risk Ledger
Monday.com
Let’s go over these 9 risk management tools and solutions.
9 Best Risk Management Software & Solutions (Reviews, Pros, Cons and Pricing)
Here are the reviews for our top picks for the best project risk management softwares to get today:
Let’s begin with Acumen Risk Management
1. Acumen Risk Management Software
Acumen Risk is one of the best risk management softwares that uses a unique and world-class technology to help companies manage and reduce business risks. This software accurately predicts the true cost and scope of uncertain work.
Why do we love this risk management software?
Acumen Risk schedules threat or risk assessments while accounting for complex projects with huge risk events. It is an integrated schedule and cost risk analysis software.
This software is incredibly powerful and can analyze so many activities in a project all at once. And it does this while accounting for scope uncertainty in complex project works.
Key Features of Acumen software as a risk management software:
IT Risk Management
Audit Management
Mobile Access
Audit Management and Control
Seamless Dashboard
Operational Risk Management
Risk Assessment
Risk Scoring
Risk Reporting
Alerts and Notifications
Pros of Acumen Risk Management Software:
With Acumen, you can track risks and threats across all aspects of your company or business.
Acumen can be easily accessed on the web or using its mobile application.
You get custom risk assessments reports.
You get a nice customizable dashboard for risk and threat management.
Seamless integration with third-party tools like Slack and Google Analytics
Schedule ongoing risk assessments.
Monitor issues and opportunities.
Cons of Acumen as a Risk Management Software:
Acumen isn’t suitable for freelancers. Mostly best for medium-sized to large enterprises.
Only available on the web.
No free plan or free trial available.
No monthly subscription.
Doesn’t have an extensive API system.
No activity dashboard.
Acumen Risk Software Pricing Plans:
The Deltek Acumen Risk Management Software Costs $8,062.50 at the moment of writing this.
And here’s the breakdown of the software pricing:
Software Licence - $6,450.00 ($6,127.50 online price)
Annual Software Maintenance - $1,935.00 ($1,935.00 online price)
Bringing it to a total of $8,385.00 ($8,062.50 online).
Click here to check the Acumen Risk Management Software here!
2. Pims Rims Risk Management Tool
Pims Rims is a powerful risk management software for companies. This tool offers a unique system to log, manage, and communicate risks in a company.
Pims is also a cloud based software that’s designed for businesses of all sizes. And unlike softwares like Acumen, this software is also suitable for freelancers and small businesses.
It consists of a suite of project support tools that’s specifically designed for companies managing projects with possible risks.
This risk management system is about effectively managing potential threats or risk in any organization.
Pims simply helps teams and project managers identify, measure, and treat property, liability and income of a company. It has an intuitive designed that’s suitable for effective risk management.
Key features of Pims Risk:
Exploit opportunities
Reduce or minimize threats
Communicate risks and “Lift” functionality
Access, ownership and responsibilities
Live Matrix
Statistics
Charts and reports
Risk plan
Communication and control
Configurable
Activity dashboard
Audit trail
Pros of Pims as a Risk Management software:
Risk and threat assessments
Statistical analysis
Pims enables project managers to review project performance in respect to risk assessment
Actionable analytics and great CPV reports
This software allows businesses to store patient details securely.
Allows companies to track and manage batch release statutes.
Add attachments, notes, files, or documents.
Cons of Pims:
Weak API connection
No compliance tracking
No ad how reporting/assessments
No Bayesian analysis
Reports are not customizable
No free trial or free version available
Skyland Pims Risk Pricing:
The Skyland Pims Risk pricing is not available publicly but you can contact the vendor here to know the price.
3. Graphite Risk Management Tool
Graphite Risk Management is a risk management tool that effectively manages critical risks and employer responsibilities. It provides operational risk management support and expertise to promote cost effective project management for companies.
Graphite specializes in delivering specialized risk training programs which are designed through an in-house experience.
This platform, assess your risk and determine the level of comfort it has. It is simply a one-stop insurance solution to help companies and teams get the right coverage without having to spend more than they should.
Why do we love this software as one of the best Risk Management tools?
Graphite Risk Management develops scalable claims to fulfill the needs of insured entities. It is committed to provide world-class service for all its clients.
They put all their efforts into mitigating employment costs and risk management.
Key features of the Graphite Risk Management Software:
Access controls and permissions
Seamless API connections
Calendar management
Agile methodologies
Customizable fields
Task management
Risk management
Time tracking
Workflow management
Real time data
Reporting and project tracking
Pros of Graphite Risk Management Tool:
Graphite is flexible to use
Provides over 50 usable templates for teams
Awesome for freelancers and small businesses
Data visualization
IT Risk Management
Operational Risk Management
Seamless API automotions
Graphite Risk software comes with both mobile and desktop applications
Graphite Risk Management offers a customizable structure for boards, workspaces, folders and items.
Forms and incident management
Legal risk management.
Pretty inexpensive compared to other project and risk management softwares out there.
Cons of Graphite Risk:
No activity dashboard
No alerts/escalation
Reports are not customizable
No real time reporting
No risk alerts
No policy management
No free plan
Graphite Risk Pricing:
Note: to access Graphite’s pricing plans, you must fill out a form on their website to schedule a call. On this free 15 minutes call, they’ll learn about your specific company and exactly how they can help.
But here’s the basic plan:
Basic Plan ($47/Month): You get all the Risk management features in the software.
4. Opture Risk Management Software
Opture Risk Management software is an easy to use and flexible tool that helps teams identify, evaluate, analyze, and monitor risk and threats. It helps businesses streamline processes related to risk, risk mapping, and community management.
The Opture software program is designed to map a complete risk management process which involves identification, assessment, analysis, reporting and monitoring. This is a cloud based software so businesses can access this platform from anywhere.
What more do we love about this risk management software?
The Opture is a leading system provider in the areas of Enterprise RM. This service offers three software solutions for their services.
Opture is also the first provider of software solutions for SBP. This calculates for a complete profit and loss assessment.
Users who have used this Opture risk management software have reported that the software is intuitive and really easy to use. The user interface of the Opture software can be individually customized for different users.
This means your team gets the best, tailored dashboards and risk workflows for your projects.
Key Features of Opture Risk Management Software:
Enterprise risk management
Integrated fund risk management
Legal risk management
Risk compliance
Alerts and notifications
Business process control
Increased data quality
Easy to use interface
Operational risk management
Compliance management
Available in web, android and iPhone/iPad versions
Offers 24/7 live support
Exceptions risk management
Pros of Opture Risk Management software:
Opture offers a very easy to use dashboard
Effective reputational risk management
This software allows custom workflows
Helps businesses to streamline processes relating to risk assessments
You get efficient compliance tracking
Allows team members to centrally administer data protection
Access to security risk management
Exceptions risk management
With this software, you get professional risk reports
Established RM models
Logically structured processes
Affordable prices for entry level
Cons of Opture:
No free plan available
No API
No activity tracking
No data visualization
NO IT Risk management
No policy management
Opture Risk Management Pricing:
Opture Risk Management software starts at a one time fee of $1,500 per user and it comes with a free trial (or demo).
5. M-Risk Management Tool
M-Risk is one of the oldest risk management softwares today. It is a software solution that offers risk management features to large teams.
This platform establishes a centralized system for a better approach to risk and threat management. It allows you to record, sort and manage all your risks and compliance documents with a simple dashboard.
With this tool, you can assess and track specific risks and actions in different projects. And is designed for medium to large scale businesses.
M-Risk management also allows you to identify and prioritize challenges and threats.
What more do we love about this awesome risk management software?
This software specifically assists companies to manage risks and ensure compliance using an advanced end to end technology. M-Risk utilizes environmental, health and safety performance to minimize and reduce threats or risks.
Key features of M-Risk management:
Environmental and health performance
Stakeholders
Risk management
Compliance management
ESG reports
Mobile applications
Audit management
Incident management
Activity tracking and activity dashboard
Audit management
Customizable reports
Document storage and management
Forms management
Real time notifications and data
Risk assessment
Training management
Pros of M-Risk Management:
With M-Risk, you can see real time visualization of data concerning each project.
You also get a geographical visualization of indicators.
You also get unlimited access for collaborators or consultants.
You get a specialized team as per your company solution.
Custom changes within applications to suit clients.
Good for freelancers and businesses of all sizes.
Provides email/help/FAQ/forum/chat support options to its users.
Training options are available in person, live online, documentation , or videos.
Cons of M-Risk Management:
No API
No employee management features
No free plan available but there’s free trial
No webinar training
M-Risk Pricing:
M-Risk offers a monthly flat rate and you have to contact them for this. Click here.
6. Risk Ledger
One thing I love about Risk Ledger is that it is suitable for businesses of all sizes; from freelancers, small, medium and large enterprises.
This software provides the necessary features and tools needed to run and respond to cyber-security related risks. When it comes to innovation, Risk Ledger can’t be left behind.
It gives you real-time information about your security and helps you scale supplier coverage.
Risk Ledger helps teams with risk management by bringing data, systems, and processes all in one dashboard. This software includes features such as compliance management, customizable reports, real-time data, IT risk management and many more.
Talking about features, let’s look at the key features of Risk Ledger
IT risk management
Activity tracking
Compliance management
Legal risk management
Reporting and analytics
Portal risk management
Real time updates and data
Risk reporting
Risk assessment and risk Scoring
Vendor management
Supplier management
Data visualization
Alerts and notifications
Pros of Risk Ledger
Easy to use dashboard
Allows teams to visually view and manage risk workflows
With Risk Ledger’s unique model, users can build a map of the supply chain.
Identify risk concentration
Perfect for freelancers and businesses of all sizes
It also allows users to review supplier information
Really great support
Great solution for compliance management
Has a free plan and a free trial
Subscription model of pricing
Cons of Risk Ledger:
Dashboards can’t be custom made
No documents storage capacity
No incident management
Templates are not customizable
No risk alerts
Task management is also not available
Risk Ledger Pricing:
Risk ledger software is completely free for suppliers. And for clients looking to use Risk Ledger to connect with suppliers, there’s a monthly subscription fee. You can contact them here for pricing details.
7. Monday.com
Monday.com is basically a project management software that offers great risk management features as well. It includes features like resource management, time tracking, task management, and reporting.
It offers one of the best UI when it comes to project and risk management softwares today.
With this software, you can clearly manage action plans, identify possible risks and reduce these risks seamlessly with Monday.com. Monday.com allows users to calculate project risks even before they arise.
You can even assess, track and reduce these risks with real time data.
What’s even more awesome about Monday.com as a risk management software?
It offers a “Risk Register” which learns about your projects and identifies risks with ease.
It simply provides a suite of tools for project and risk management. By
Users even get access to risk management templates to help you register and monitor risks efficiently.
Key features of Monday.com as a risk management software:
Program risk register
IDs and categories
Status
Impact and probability
Probability risk features
Assign risk owner
Risk management plan
360 degree feedback
Activity tracking and dashboard
Advertisements management
Asset library
Budget management
Campaign planning
Commission and compensation management
Cost tracking
Data import/export
Cons of Monday.com as a project risk management software:
No assessment management
No legal risk management
No IT risk management
No real time analytics by
Operational risk management is also absent.
Monday.com Pricing:
Individual (free forever for up to two seats): Up to three boards, unlimited docs, 200+ templates, over 20 column types, up to two (2) team members, iOS and Android apps.
Basic plan ($8/Seat/Month): Includes everything included in the individual plan plus unlimited free viewers, unlimited items, 5 GB file storage, prioritized support, a dashboard based on 1 board.
Standard plan ($10/Seat/Month) - Most Popular: This plan includes everything in the Basic plan plus Timeline and GANTT charts, calendar view, guest access, up to 250 automations per month, 250 actions per month, a dashboard that combines up to 5 boards.
Pro plan ($16/Seat/Month): You get everything included in the Standard plan plus Private boards and docs, chart view, time tracking, formula column, dependency column, up to 250,000 actions per month, 250,000 actions (integrations), a dashboard that combines up to ten boards.
Enterprise (contact for pricing): Includes everything in the Pro plan plus hikj enterprise-scale automations and integrations, enterprise-grade security and governance, advanced reporting and analytics, multi-level permissions, tailored onboarding, premium support, create a dashboard that combines up to 50 boards.
8. PYX4 Risk
PYX4 Risk is risk management software that is designed to manage and control and manage company risk with ease. It is a cloud based solution for teams to detect operational risks and threats.
This software assists users in selecting and organizing the most relevant risks in a project.
It saves time, reduces hidden costs and also allows you to optimize your processes, boost your improvement process and control risks.
It offers features like activity dashboard, audit management, audit dashboard, and workflow management.
Other Key Features of PYX4 as a risk management software:
Risk assessment
Risk alerts
Compliance management
Custom workflows
Audit trail
Alerts and notifications
Customizable dashboard
Risk analytics
Workflow management
Document management
Web access available
Pros of PYX4 for risk management:
This software is cloud based software this it can be accessed anywhere
Teams can assess financial risks in real time
PYX4 Risk allows users to securely share information in respect to enterprise risk
Team managers can evaluate risk factors based on project events
Suitable for small to large enterprises
Evaluates potential impact or threats on operations structure
Free plan and free trial available
Subscription model
Cons of PYX4 Risk:
Not suitable for freelancers
No customizable reports and templates
No compliance management
No IT risk management
No risk reporting
No data visualization
No Android and iPad versions
PYX4 Risk pricing:
PYX4 offers a subscription model that comes with a free plan and a subscription model. The free trial is a 14-day trial for new users only.
Contact support for PYX4 Risk for detailed pricing plans.
9. NTask Manager
NTask manager is a free tasks, project and risk management software that’s designed to help teams with all the tools needed for effective project risk management.
This software helps you identify project risks, assign risk owners and also monitor risks with ease.
With this platform, teams can access risk, financial summary, task management, and issue tracking.
What’s one thing we love about NTask Manager as a Risk Management Software?
You can easily assign risk owners and analyze risk matrices!
It allows users to identify and document all the risks to prepare themselves in the best way. You can also create extremely customizable risk matrices with visual matrix graphs.
Key features of NTask Manager as a risk management software:
Risk Matrix Chart
Risk Impact
Risk assessment graph
Risk collaboration
Search and filters
Custom categorization
GANTT charts
Task management
Kanban board
Time tracking
Meeting management
Issue tracking
Risk management
Pros of NTask manager:
Ntask lets users manage files, meetings, and tasks with ease
Tasks are easily created and managed through easy collaboration
Users can also track time and review timesheets
Effective risk management
Risk detection and risk forecasting
Suitable for businesses of all sizes from freelancers to large enterprises
Cons of Ntask manager:
API connection is weak
No client portal
No workflow management
NTask Pricing for Pro project tracking:
Free Forever Plan: Unlimited workspaces, tasks, and to-do lists, meeting management, time tracking, timesheets, docs, link sharing, Google & Outlook calendar, 24/7 support.
Premium ($3/month): All included in the Free plan PLUS Project management, advanced filters, Gantt chart, Kanban boards, workflows, financial management, onboarding demo call, and two-factor authentication.
Business ($8/month): All included in Premium plan PLUS custom fields, 10 GB file storage, custom filters, risk management, advanced reporting, and priority support.
Enterprise (Contact): All included in Business plan PLUS dedicated account manager, custom onboarding, training program, SSO.
What is the most popular risk management tool?
Risk management is a broad sector for companies thus it is very crucial that you spend some quality time looking for the perfect Risk management tool for your company or business.
Risk is a part of every aspect of a business or organization.
This is the reason companies put in much effort and budget into effective risk management.
To successfully manage or reduce risk in your company, there are a few tools and systems you can use. And here are our top 5 choices for the best risk management software today.
Top five (5) project risk management softwares for project managers today:
Acumen Risk
Graphite Risk Management
M-Risk
Risk Ledger
Monday.com
Finally, How Can Risk Management be Improved?
Risk is a constant aspect of every business or enterprise. The level of risk every business faces is everly changing. There are new risks coming up and some becoming less critical.
The first step to improve or minimize risk is to begin with a plan. Creating a risk management plan can help businesses get clear about possible risks and how to tackle them.
Now a very crucial aspect is to always employ risk management softwares to help improve your company's risks.
Risk assessments reports should be made which includes recommendations to improve or minimize risks observed. Effective project risk management softwares like NTask, Risk Ledger and M-Risk are great with these.
How can risk be reduced?
Here’s our unique project risk management process to reduce or improve risks:
The first step is to outline your company objectives and goals
Next, develop an effective risk management plan that’s tailored for your business
Risk identification
Risk evaluation
Mitigation
Feedback and Recommendations