Risk Management Software

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.

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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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Margaret Rouse

Margaret is an award-winning technical writer and teacher known for her ability to explain complex technical subjects to a non-technical business audience. Over the past twenty years, her IT definitions have been published by Que in an encyclopedia of technology terms and cited in articles by the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine, and Discovery Magazine. She joined Techopedia in 2011. Margaret's idea of a fun day is helping IT and business professionals learn to speak each other’s highly specialized languages.