Enterprise risk management software helps organizations identify, mitigate and remediate business risks, which can lead to improved business performance. The risk management market is rapidly evolving from separate tools across different risk domains toward more integrated platforms that blend governance, risk and compliance functions with management of cybersecurity, IT and third-party risks.
The growing number and complexity of risks that businesses face put ERM even more in the spotlight for boards of directors, said Kriti Seth, an analyst at research firm Everest Group. Spending on risk and compliance tools is up significantly across different industries, as boards prioritize projects to create more risk-resilient business operations, according to Seth. “Building a robust strategy and choosing the right ERM tool is becoming a critical decision for CIOs,” she said.
In addition to pricing, Seth said CIOs, IT managers and business executives involved in purchasing decisions need to consider the reputation of ERM software vendors and the types of risk management frameworks they support. It’s also important to weigh the tools across various dimensions involving users,…
