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9 Best Risk Management Tools and Softwares for Project Managers - Pricing, Features, Pros & Cons

What is risk management?

9 Best Risk Management Tools and Softwares for Project Managers - Pricing, Features, Pros & Cons

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, 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,, 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:

  1. Acumen Risk - this project management software offers a unique intelligent technology to assist teams identify and reduce project risks.

  2. Pims Risk - Pims Risk is a cloud based risk management tool that’s for businesses of all sizes to manage risks effectively.

  3. 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.

  4. 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.

  5. 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.

  6. Risk Ledger - Unlike any risk management platform, Risk Ledger offers tools to run and manage cyber-security related risks.

  7. - 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.

  8. PYX4 Risk - this is a quality operational risk management tool that’s designed to manage and control risk in organizations.

  9. 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:

  1. Acumen Risk

  2. Graphite Risk Management

  3. M-Risk

  4. Risk Ledger


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.

Acumen Risk Management Software

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 Rims Risk Management Tool

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 Risk Management tool

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.

Opture Risk Management Software

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.

M-Risk Management Tool

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.

Risk Ledger

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. 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. risk management tool

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 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 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 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 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. 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.

PYX4 Risk

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.

NTask Manager

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:

  1. Acumen Risk

  2. Graphite Risk Management

  3. M-Risk

  4. Risk Ledger


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:

  1. The first step is to outline your company objectives and goals

  2. Next, develop an effective risk management plan that’s tailored for your business

  3. Risk identification

  4. Risk evaluation

  5. Mitigation

  6. Feedback and Recommendations

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