Risk Assessment Software

The world is full of risks.

The world is full of risks. When you ate breakfast this morning, you risked choking on your food. Driving your car today, you risked getting into an accident. And as you are reading this article, there are probably several different risks around you—just waiting to happen. 

The same is true for your organization. You face risks every day. Some of these risks are inconsequential, like the risk of an employee getting a paper cut as they work. However, some risks could destroy your business. Ever considered the risk of your business experiencing a cyber attack? There is a hacker attack about every 39 seconds, which puts your business at high risk. 

So, you need risk assessment software. Software like this assesses the risks your business could experience and classifies them as either acceptable or unacceptable risks. After the security assessment software has identified what applications have vulnerabilities, security risk management software helps your business establish safeguards against risks and make an action plan for when risks do occur. 

There is a wide range of risk assessment and management software like this. One type is Enterprise Risk Management Software that helps organizations identify risks in information systems and critical technologies. It then guides them in planning for potential risks, documenting responses, and improving upon response processes. 

There is also physical security assessment software that can help your organization reduce exposure to liability, manage risk, monitor and maintain security, and track continuous improvement. 

Of course, you need to determine what is the best choice for your business and the risks you encounter. But to make that decision, you should be informed of the possible risk assessment tools and management software for your business.

What is a risk assessment tool?

The first step in effective risk management is a risk assessment tool. But you might wonder, “what is a risk assessment tool, and is it helpful?” 

Well, simply put, risk assessment tools are programs that help organizations determine their potential risk. And yes, they can be beneficial in guiding your organization as you assess risk. They also can provide some automation and streamline other processes, which helps speed up your risk assessment process. 

To propel your business’s risk assessment, we have some risk assessment tools examples. You can consider using one of these 5 risk management tools as you scope your organization’s vulnerabilities. 

  1. A network security assessment can perform something similar to an audit and find vulnerabilities in your network. This assessment will scrutinize your network security and determine how attackers may break it and what assets could be at risk.  
  2. Automated questionnaires help your company identify third-party risk. You can quickly send these questionnaires to any vendors you work with and assess their security and the risk you have in working with them. 
  3. Staff assessments can discover many potential risks. Especially if your company has a remote or hybrid work environment, you need to assess the risk of your employee’s personal devices getting hacked or information being compromised through unsecured Wi-Fi networks. You can write your own questionnaire for all your employees, which makes this a free cyber security assessment tool. 
  4. Security ratings give a data-driven view of your organization’s cybersecurity. They can provide inside into all different aspects of your security and reveal weaknesses you might not have seen. 
  5. Vulnerability assessment platforms show an inventory of your business’s existing security controls and identify vulnerabilities within your IT infrastructure and network. As an expansion of network security assessments, these platforms assess multiple parts of your organization. 

Risk identification in software engineering

Not all risks can be identified in the same way. Risk identification in software engineering is far different from identifying overall security risks your organization might have. But you must consider risk assessment software development risks and mitigation. If risks go unattended here, they could develop into large risks down the road.

What are the risks in software engineering? One example is code issues. If projects are rushed or done sloppily, they may contain poor quality code. Such code produces bugs and logistical errors, and they can be more susceptible to attackers who exploit those weaknesses. 

Another risk is not choosing the right technology to develop the software. If this occurs, your development will take longer and will cost more. The wrong technology could also cause software weaknesses that increase the risk when the software is in use. 

Finally, there are risks when the software is not tested. Users could encounter problems and not purchase your software anymore. Or there could be weaknesses in the software that remain undiscovered without testing. Not only do these risks hurt your business, but they increase your vulnerability when using the software. 

Your business needs to prevent such risks from occurring, and they can do that with a risk assessment. Software development will be more secure this way.  

Risk management solutions

After performing a risk assessment, you will discover the vulnerabilities your organization has. What do you do next? You can use risk management solutions to help you mitigate several of your risks and devise action plans for risks that do occur.  

One helpful risk management tool is the NIST Cybersecurity Framework. This framework is a series of guidelines and standards that your company can follow to manage and reduce cybersecurity risk. It covers a five-step process, guiding your organization on how to identify critical risks, establish appropriate safeguards, detect a cyberattack, respond to the attack, and restore any capabilities that were impaired during the attack. 

Another solution is RMMM, a risk mitigation, monitoring, and management plan. RMMM in software engineering is a hot topic. Your company can create this plan to outline mitigation: how you will work to actively avoid problems. Next, the plan needs a monitoring stage that details how your company will actively track the mitigation efforts and any occurring risks. Finally, the management plan should outline what steps to take when a risk has occurred.  

Your company could also consider contracting with risk management software companies. They can help you establish good risk management practices, especially if you have never done risk management before. Trava is one such company. We can perform a thorough risk assessment and help you establish the cyber risk management program you need. 

Another solution you might consider is risk management software. There are plenty of risk software options available that can help you manage risk. Software like this analyzes existing data and projections to help your company identify risks and take measures to avoid potential crises. 

Risk management softwares

While risk management softwares are beneficial for your company’s risk management, there are almost too many software programs available, all with slightly different offerings. It can seem impossible to choose one. But we have a list of some of the best risk management software your company could use. 

  1. Ventiv IRM provides real-time analytics for your risk management. This software integrates data from internal and external sources into a single, streamlined system. It also connects risk mitigation activities across your business. 
  1. Hyperproof is made for team collaboration and helps organize, standardize, and automate the risk assessment team’s data. The software allows you to plan all compliance work and manage 3rd party risks effectively.
  1. Risk cloud by Logicgate will build a unique risk management solution for your organization’s risks. It helps you pinpoint emerging risks across your organization, assess their impact, and build a risk strategy.  
  1. Active Risk Manager from Sword is designed to help your company match governance and compliance framework. It has dashboards built for different users to access the data when they need it, and it includes a BowTie analysis that visually communicates key risk events. 
  1. Resolver strives to be simple with single-page risk assessments, simple task lists to reduce risk, and easy reporting. It can gather data from across the organization to help prioritize the biggest risks for mitigation. 

Some of the items on this list can be more expensive, but when it comes to quality risk management software, free is not usually an option. With the security of your business on the line, this is an investment worth making. 

That is why Trava offers in-depth security risk assessments including vulnerability scans that catch software risks. We also have mitigation tools to repair your vulnerabilities, provide insights into your security strategy, and best protect you from cyber security threats. Finally, we will help align you with the best cyber insurance so that you can transfer the risk to someone else.

If you are ready to stop worrying about your risks, we have the complete risk management solution for you. Book a demo with us to see how we can assess your risks and secure your company!

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