You're struggling to find the best risk management tools for your business. What are your options?

Como CEO procuro conhecer o máximo de informa??es seguras sobre as condi??es do mercado em que a empresa está posicionada e naqueles em que se pretende investir. Todos os elementos que constroem o ambiente mercadológico e as tendências firmes que tanto podem ser fatores determinantes de sucesso quanto de fracasso, s?o os riscos mais importantes a serem conhecidos e analisados, sobressaindo-se a qualquer ferramenta ou software. O CEO deve se opor à pregui?a com o uso de porquês, exigindo provas, raz?es que ser?o fatos, estatísticas confiáveis, dados, resultados, por fim, as pedras de seu edifício.

Exploring various risk management tools is crucial. Options include comprehensive platforms like RiskWatch and simple solutions like Trello or Excel for smaller businesses. Consider industry-specific tools like Resolver for compliance. Don't overlook integrated options within project management software, such as Jira. Evaluate based on your business size, industry, and specific risk factors. Customizable tools like LogicManager offer flexibility. Ultimately, choose tools aligning with your risk assessment needs and scalability.

My five on this just lists the tools I know/heard about : 1. RiskWatch: Streamlined risk assessment platform for corporates, enhancing decision-making & mitigating potential threats. 2. Resolver: Comprehensive risk management tool, empowering corporate teams to proactively identify, assess, & respond strategically. 3. LogicManager: Agile risk management software, fostering a culture of risk-aware decision-making across corporate landscapes. 4. Riskonnect: Cutting-edge risk technology facilitating seamless integration, analytics, & adaptive risk management solutions for corporations. 5. Optial: Versatile risk management platform, promoting collaboration & ensuring proactive risk identification and mitigation in corporate environments.

Some tools worth looking at: IBM OpenPages: solution covering risk, compliance, policy, and audit management. MetricStream: Specializes in Enterprise Risk Management, streamlining risk processes for efficiency. ServiceNow GRC: Integrates risk management seamlessly into a broader GRC platform. Palisade @RISK: Tailored for project risk management, integrates with MS Excel for quantitative analysis. Riskonnect: Versatile tool covering operational risk, compliance, and internal audit. Evaluate these tools based on your business's unique needs, considering factors like risk nature, customization, and integration capabilities. User reviews, demos, and alignment with your risk management strategy are crucial in making the best choice.

Primeiramente temos que ter na mente que n?o encontraremos uma ferramenta do estilo one-size-fits-all. é importante, antes de tudo, saber qual seu or?amento, explorar ferramentas que s?o dedicadas e integráveis, além de ouvir a equipe na escolha das ferramentas. E finalmente, monitorar e atualizar continuamente suas ferramentas quantitativas de gerenciamento de riscos para se adaptar ao ambiente de negócios em constante mudan?a.

Take first the data you want to use for modelling. Plot some histograms from the data, conduct descriptive statistics and try to fit a model like a GLM or a Neural Network. Afterwards, evaluate the model's performance by splitting it into training and validation sets. If you don't have data, try to generate some synthetic data using AI models like GPT-4 by training it on your company's data, the industry and/or expert knowledge. If you develop some artificial data, you could analyse it with the approach above.

O uso de ferramentas quantitativas podem simplificar a interpreta??o de dados para cenários complexos. Como a aquisi??o de dados e o seu uso podem ser custosos, muitas vezes a análise de riscos quantitativa só se justifica quando consequências importantes est?o envolvidas. Entretanto, é importante tornar claras as incertezas introduzidas por dados pouco precisos ou obsoletos, já que números podem dar falsa sensa??o de certeza, apesar da limita??o que alguns dados podem apresentar.

Assess your business needs and objectives to determine the appropriate quantitative tools for risk management. Explore statistical models and data analysis techniques to identify potential risks and their impact. Consider using financial metrics and ratios to quantify and prioritize risks within your organization. Implement scenario analysis and stress testing to evaluate the resilience of your business to various risk scenarios. Continuously monitor and update your quantitative risk management tools to adapt to changing business environments.

Quantitative risk management tools for businesses often include Monte Carlo simulations, Value at Risk (VaR) models, and risk analytics software. These tools help assess and mitigate financial risks by providing statistical insights into potential outcomes based on various scenarios and market conditions. It's crucial to tailor the tools to your specific industry and risk profile for effective risk management.

Explore Different Tool Categories: Enterprise Risk Management (ERM) Software: Comprehensive platforms for managing multiple types of risks, including financial, operational, and security. (e.g., Resolver, LogicGate, MetricStream). Specific Risk Management Tools: Focused solutions for particular risk types, like cyber risk (Qualys), compliance (Navex One), or financial risk (Oracle Risk Management). Project Management Tools: Can be adapted for risk management, offering features like tracking, mitigation plans, and task management. (e.g., Asana, Trello). Collaboration and Communication Tools: Facilitate information sharing and improve transparency, crucial for effective risk management. (e.g., Slack, Microsoft Teams).

Ideally a tool should have the following capabilities, Data capture, workflow, flexibility for customization, reporting of each and every aspect. The tool should be stable and agile. Regardless of the above your application can only be as strong as the framework.

O uso de softwares é essencial na produ??o de análises de risco, principalmente quantitativas. Os softwares apoiam a jun??o de dados complexos, uma melhor visualiza??o, bem como s?o essenciais para viabilizar análises de risco dinamicas. As análises de risco dinamicas atualizam on-line o decisor sobre os riscos existentes em determinado momento, sendo impossíveis de serem produzidas sem o uso de softwares.

One of the best ways a tool can help risk management efforts is through workflows and automation of reminders and tasks. This addresses the age-old problem of risk assessments and decisions going stale, and forces decision-makers to formally document risk decisions such as accepting (or temporarily ignoring) a risk.

Understanding your business environment help you to pick the right software tool based on the nature, complexity and dynamics of risk you want to manage

Identify specific risk management needs and priorities for your business. Research and compare software tools tailored to address those specific risks. Consider user reviews, industry reputation, and scalability of the tools. Opt for a user-friendly interface and ensure compatibility with your systems. Implement a trial period to assess effectiveness before committing to a tool.

The first task is to develop risk management tools which should cover all the subject mentioned here including periodic review which should be implemented accordingly. Care should be taken on compliance approach also to mitigate compliance, regulatory n reputational risk also.

Understanding your business environment on the basis of its framework (regulatory, operations, market, etc) and applicable standard (regulatory and ethical) would in the identification of the institution-specific risk management tool to deploy

Estruturas e padr?es na gest?o de riscos técnicos s?o geralmente voltados para embutir em todos os colaboradores o senso de necessidade de disciplina operacional e gerenciamento de riscos. Grandes corpora??es produzem políticas e processos de gest?o que padronizam e orientam a atua??o dentro de padr?es aceitáveis. Por outro lado, em ambientes menos desenvolvidos, a atua??o regulatória pode ter papel de estabelecer critérios mínimos para o controle de riscos. Entretanto, enquanto a gest?o de riscos n?o é embutida na cultura organizacional, pouco vale qualquer padr?o exógeno, mesmo que imposto.

Evaluate industry-specific frameworks like ISO 31000 for comprehensive risk management guidance. Consider widely adopted standards such as COSO ERM to ensure alignment with best practices. Explore integrated risk management (IRM) frameworks like NIST RMF for a holistic approach. Utilize tools compatible with popular standards to enhance interoperability and ease of implementation. Engage with industry experts and forums to stay updated on emerging frameworks and tools.

Some popular risk management tools include Archer, RiskWatch, and IBM OpenPages. Choose based on your business needs and compliance requirements.

Assess your team's current knowledge and skill gaps in risk management. Invest in targeted training programs to address identified weaknesses. Explore educational resources and workshops to enhance overall risk awareness. Consider consulting with experts or hiring external trainers for specialized insights. Continuously evaluate and update your risk management tools based on evolving industry standards and best practices.

In My Experience The best tool is Training and Education as best tool for better Risk Management No software or tool can be made effective and result oriented if all the stake holders are not educated and trained properly to have better understanding of Risk involved in business processes

Entendo que todas as ferramentas informadas s?o de suma importancia. As qualitativas, quantitativas, os softwares que nos auxiliam a fazer uma melhor gest?o dos riscos. Mas o principal é investir em treinamento! Sempre est?o surgindo novas formas de gest?o, trocar insights, certifica??es, etc, nos mantém bem informados e antenados às mudan?as. Melhor tipo de investimento para gest?o de riscos é investir em uma equipe bem capacitada para melhor aproveitar de todos os recursos disponíveis.

Maybe some of the most important risk management tools that help an organization are training and education. Through them a risk management culture and strategy can be developed, most of the potential risks are recognized, possible consequences are thought off and mitigation measures formulated. Even through connections stakeholders trust to the organization is improved and subsequently competitors and all interested parties take good note of it, a positive event for me. At the same time through expert opinions and events the most updated methods in the field are communicated and tailor made to meet relative needs. Also trained and educated people can more effectively respond to risk factors and events.

Fantastic point! Nowadays, many focus on the soft tools (technology and software) while little attention is given to the hard tools (the people, the risk owners). No matter how good the soft tools are if the hard tools lack the capacity or there is a skill gap, the soft tool will not be productive as intended. In other words, with the right and competent hard tools, a company can produce better results than a company with sophisticated soft tools but incompetent hard tools.

One of the main aspects of selecting the right tool is understanding the needs of the organisation. You can find a Ferrari but all other constraints make you drive it like a bike. You should select the tool considering all constraints related to data quality, budget, organisational maturity, skills of the team, etc.

Tools certainly help in augmenting / accelerating progress on risk management program. It is important to ensure the language of risk is (a) easy to comprehend (b) is in the business context - not geek speak alone (c) actionable in time bound (d) neither overtly pessimistic nor overtly optimistic on risk materializing. That balance is key. And no tool can directly help.

Gest?o de riscos depende do comprometimento de todos os atores envolvidos e é extremamente dependente do contexto. é muito importante que as partes possam compreender suas limita??es e ouvir as demais para juntos construírem ferramentas que associem o clamor acadêmico à realidade operacional, bem como a experiência às inova??es. A gest?o de riscos é um exercício conjunto em que o diálogo e a transparência s?o fundamentais.

As an organisation, you need first to figure out the key objectives you are trying to achieve by implementing and using risk management tools. For instance, if you are looking to improve effectiveness and accuracy, a tool that is good at speed and efficiency may not be the best to help you manage the details. If you are looking for better data sets to help you make sound decisions, a tool that is capable of acquiring fresh data and analysing them becomes critical.

Benchmark with other similar businesses to see what they are using and why. Professional societies such as the risk and insurance management society (RIMS) are a good source for finding contacts for benchmarking.