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Risk Management Software

Definition - What does Risk Management Software mean?

Risk management software is a type of enterprise software that helps companies to actively manage risk. Many of these tools are analytical in nature, and use existing data or projections to help human decision makers identify risk and take measures to avoid potential crises.

Techopedia explains Risk Management Software

Different companies offer various kinds of risk management software tools. Some are based on predictive analytics, where data filters provide educated predictions about the future. Others compare and contrast specific business processes to understand where a business’s strengths are. Experts also talk about "risk drivers" where software can identify and analyze key factors in enterprise vulnerability.

Many risk management tools involve transparent dashboards that help human decision makers to handle a great deal of information in a transparent way. These can include the use of best practices information, along with data about existing operations. Many of these tools are based on creating a useful and user-friendly graphical user interface that helps end users to understand their goals and how to reach them.

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