Risk Management Software
Our risk management solution dramatically simplifies risk management.
Record and monitor risks using a centralized, cloud-based platform.
Use automated notifications and workflows to assign and track risk mitigation tasks, and benefit from up-to-date risk analytics.
The module can stand alone or integrate with our other quality management software.
isoTracker Risk Management Software Benefits
isoTracker’s risk management software simplifies risk management, improves efficiency, and can lead to an improved bottom line.
The software is ready to use but fully customizable.
It can stand alone or integrate fully with our Complaints Management, Audit Management, Non-Conformance Management, and Training modules. Risks logged and tracked from each of those modules are entered directly into the Risk module.
Our risk management software is also designed to be affordable for small to medium-sized businesses. See our range of pricing options.
For businesses of all sizes, an effective risk management solution has the following advantages.
Better communication means that issues can be identified and mitigated earlier, before they become severe.
This is cheaper and less resource-intensive than waiting until risks have a serious impact.
Knowing and managing risks improves project success rates. It helps keep project teams focused on overcoming critical outcomes and overcoming obstacles to achieve these.
Having realistic expectations also improves staff morale, motivation, and productivity.
Better quality, up-to-date risk data means better decision making. It also leads to better budgeting because risk contingencies are properly identified.
Clear processes ensure that the right risks are seen and assessed by the right people, at the right time. So key decision makers can focus on what’s important.
Risk management software simplifies compliance with ISO 9001 and other standards. It also supports a culture focused on risk, with risks identified and mitigated at all levels.
Our risk management system provides a single, integrated system for identifying, assessing, monitoring, and mitigating risks.
These include financial risks, operational risks, legal risks, third-party risks, compliance risks, and strategic risks.
Operational risks stem from failures in your organization’s day-to-day processes.
For example, they can include technical failures like servers crashing; mistakes made by employees; process weaknesses; or natural disasters that disrupt operations.
Operational risk management is the cyclical process of:
- assessing and prioritizing risks
- implementing risk controls to mitigate, avoid, or accept risks
- evaluating the effectiveness of the controls and reassessing risks.
GRC stands for governance, risk, and compliance.
GRC tools, including GRC software, are tools that help integrate compliance into everyday business processes.
Often, GRC software is targeted at large enterprises – and priced accordingly.
isoTracker’s quality management modules, including our risk management module, make GRC tools affordable for businesses of all sizes.
Key features of isoTracker’s risk management software:
- central recording of risk details
- record risk information using a central, cloud-based platform and consistent data entry fields
- use predefined options to record the likelihood and impact of each risk
- customize all fields, options and descriptions to suit your business
- automated risk rating
- automatically assigns risk ratings, based on likelihood and impact
- provides a risk matrix on the basis of five different likelihood/impact criteria (or customize these criteria)
- automatically updates if you enter any changes to a risk’s likelihood and/or impact
- schedule recurring risk assessments with automated reminders
- assignment and tracking of risk mitigation tasks
- use an intuitive and logical workflow process to ensure no step is missed
- assign responsibility, with deadlines, for approved risk mitigation tasks (and reassign responsibility if necessary)
- automatically send reminders to the responsible individuals
- copy individuals’ responses into Risk Assessment, Risk Resolution or Resolution Effectiveness sections
- maintain up-to-date records for risk reporting and compliance purposes
- always have access to up-to-date records
- record proof by attaching documents, emails and/or pictures
- automatically inform key stakeholders when risk ratings increase
- reactivate closed risks if issues reappear
- advanced risk analytics and reporting
- up-to-date analysis of risk trends and origins
- automated risk reporting, to keep key decision makers informed of major issues