Operational risk management software identifies, assesses, and mitigates operational risks across an organization to prevent losses stemming from human behavior, inconsistent processes, technology issues, or external events. These tools centralize risk strategies, streamline collaboration among compliance teams and department managers, and support broader governance, risk, and compliance (GRC) efforts and enterprise risk management efforts.
Operational risk management solutions often integrate with systems such as ERP systems, accounting software, IT risk management tools, and EHS software, while also supporting business resilience initiatives alongside tools like business continuity management software.
Core Capabilities of Operational Risk Management Software
To qualify for inclusion in the Operational Risk Management category, a product must:
- Support methodologies, frameworks, laws, and regulations for operational risk management such as ISO 31000 and COSO
- Provide workflows to define and assign tasks related to operational risk management
- Utilize heat maps, risk scoring, scenario analysis, dynamic dashboards, and other risk assessment metrics for analysis and reporting
- Integrate and align operational risks with business processes and company policies
- Analyze operational incidents and facilitate remediation
How Operational Risk Management Software Differs from Other Tools
Operational risk management software focuses specifically on identifying and mitigating risks tied to day-to-day operations, whereas broader GRC platforms encompass governance and compliance initiatives beyond operational processes. These tools also differ from incident management systems by combining risk identification, scoring, analysis, and remediation within a unified operational context.
Insights from G2 Reviews on Operational Risk Management Software
According to G2 review data, users highlight the value of centralized risk visibility, customizable workflows, and the ability to integrate risk insights across departments. Reviewers also emphasize the importance of intuitive dashboards and scenario analysis capabilities that help them proactively manage and mitigate operational risks.
