Best Risk Management Software in 2018

Risk management is an integral part of modern business. When a business plans to invest in a new venture for example, it performs significant risk assessments and audits to analyze the level of risk to be managed over the course of the project. Risk management involves constant monitoring of the major factors that will determine the financial success or failure of a project. Accounting and finance software that provide risk management solutions can make this task easier for businesses.  Read the full software guide...


Risk Management Software Guide

What is Risk Management Software?

Risks can exist in almost every aspect of a business, however, they are especially problematic when they occur in areas such as accounting and finance, legal, compliance, and operational processes. To help manage these risks, many businesses are turning to risk management software.

Risk management software can help businesses to efficiently identify and manage their various risks. To achieve this, these solutions offer features such as risk identification and assessment, monitoring and testing, issue management, regulatory compliance, as well as reporting and dashboards. Through all of this, users are provided with a holistic view of the various risk lifecycles of their business and how to manage and remedy them.

Overall, an effectively implemented risk management solution can help businesses to enhance productivity. However, ultimately it is still up to the user to encourage and work towards a more active, risk-conscious workplace culture. But, these solutions can significantly expedite this process by enabling users to stay organized throughout the entire risk lifecycle, enhance workflows through carefully managing each individual stage, and generate advanced insights in the form of analytics and reports to gauge the actual impact that risk management software has on the business.


Common Features of Risk Management

2-Factor Authentication Adds an additional layer of security by requiring an extra step in the login process. Usually external devices are required for this or a text message with a verification code is sent to the user when trying to login.
Accounts Receivable Track unpaid invoices and keep on top of what your customers and debtors owe you.
API Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.
Balance Sheet A common financial statement used as a snapshot of a business's assets, liabilities and capital at a particular point in time.
Billing/Invoicing Issue bills and invoices to customers, often combined with tracking capabilities for outstanding payments.
Budgeting Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.
Calendar Management Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.
CRM Integration This indicates whether integrations with Customer Relationship Management (CRM) software are supported by a software application.
Dashboard Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.
Data Export Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.
Data Import Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.
Data Visualization Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.
Expense Tracking Track employee travel and other expenses to stay on top of budgeting requirements and reimbursements.
External Integrations Integrations with other software products or platforms to improve efficiency and compatibility across systems.
Forecasting Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.
Multi-Currency Support of different currencies for payments, accounting purposes, taxes, reports and more.
Multi-User Supports more than just one user account and generally allows for collaboration with colleagues.
Notifications Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.
P&L Support for Profit & Loss statements in financial / accounting systems.
Scheduling Schedule tasks, resources, appointments, payments, communications, etc.

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