A risk management solution (also known as governance, risk and compliance (GRC) platform) is an online application that assists businesses in identifying and reduce the risks to their security processes or regulatory compliance procedures. These tools help reduce and automate the risk assessment process, allowing businesses to monitor and detect risks as they arise. The products in this category offer an array of features to manage and resolve risks including analysis, reporting, and remediation procedures.
A sound risk management system should allow users to document and evaluate their current safety protocols by recording the information in a central, organized repository. It should also permit users to design and implement risk-based corrective measures through assigning tasks. In addition, it should ensure that corrective actions are monitored and updated after they are completed.
Lastly, it is important that the system is secure and protects sensitive information. This is why it is crucial to review the security measures for data protection used by the software vendor and their third-party vendors. Make sure the vendor has security certifications such as SOC 2 or ISO 27001 to add an extra layer of security.
Additionally, it is crucial that the tool provides users with a pleasant and user-friendly experience. It should be easy to use, intuitive and accessible on any device. This is especially relevant for mobile devices since employees are more likely to report safety and other issues while on the go using a digital tool.