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Published 25 Aug 2023
10 Best Risk Register Software for 2023
Free version: Available for teams of up to 10
Pricing: Premium plan $24/month (with free 30-day trial period)
Platforms supported: Available on mobile app (iOS and Android) or a web-based software
iAuditor
Audit app
Available on iOS, Android and Web
Why Use SafetyCulture?
SafetyCulture is a safety inspection app that also functions as a risk register and risk management software, allowing you to mitigate and address risks by creating and using checklists. With SafetyCulture’s digital checklists, you can report issues faster and promote better collaboration between project members, empowering them to perform their risk assessments easier before, during, and after the project execution. This app is best for all industries and organizations looking to manage risks at one’s fingertips.
Features:
- Web client and mobile app for iOS and Android available
- Customizable risk register checklists and templates
- Ability to automate triggers for SMS and email notifications, action assignments, and scheduled inspections
- Shareable templates and completed checklists via weblink, Word, or PDF
- Offline inspections
- Analytical reports available
Why Use Risk Management Studio?
Risk Management Studio is an Integrated Risk Management Framework that can help with ISO compliance, legal compliance, and quality assurance by managing and addressing risks in the workplace. Their risk management offerings focus on cybersecurity, information security, and business continuity. This app is best for organizations looking for assistance with risk management for quality compliance.
Features:
- Software upgrades with assistance from creators
- ISO and IEC consultation available upon request
- Asset and threat identification
- Built-in document manager
Free version: Available
Pricing: The paid version starts at $3099 per year (with free trial)
Platforms supported: Windows and Web
Why Use ZenGRC?
ZenGRC by Reciprocity is a risk register, management, and monitoring app focused on security. As a risk register, it helps you identify risks and monitor them. As a general risk management app, it allows you to calculate risk levels and set actions for them. This app is best for companies that need a risk monitoring system.
Features:
- One-stop dashboard to monitor everything
- Reports and insights available
- Automated alerts available
- Vulnerabilities identification and risk classification based on standards set
Free version: Not available
Pricing: Dependent on the organization’s needs
Platforms supported: Windows and Web
Why Use nTask?
nTask is a project and task management software that allows you to also manage and assess risks during the project lifecycle. As a risk management tool, it has a risk matrix that you can edit depending on the risk you’ve identified and the nature of your project. You can also categorize your risks in-app and create your risk mitigation plans by assigning control measures to them and storing them in the cloud for documentation. This app is best for project managers whose primary goal is to look at everything at a glance.
- Web client and mobile app for iOS and Android available
- Timesheets for tracking time spent on tasks
- Bug tracking and organization
- Customizable risk matrix
Free version: Not available
Pricing: Premium plan starts at $3 per month (with a 7-day trial)
Platforms supported: Web, iOS, and Android
Why Use GOAT Risk?
GOAT Risk is a dedicated risk management and risk register software targeted toward non-risk professionals to risk management. It prides itself on being a flexible and easy way to scale and manage risk from a project’s start to finish with dedicated risk profiles per department or team, risk and action trackers, and incident reports.
Pricing: Free 30-day trial available.
Features:
- Controls assessment feature to help identify risks
- Drag and drop risk assessment scoring
- Automated tracking for actions done to address a risk
- Private and public or shareable options for profiles available
Free version: Not available
Pricing: Sarts at £30 monthly, billed annually (with a 30-day free trial)
Platforms supported: Web
Why Use Resolver?
Resolver is a risk management tool that primarily focuses on improving corporate security. With Artificial Intelligence (AI), Resolver can identify risks, create audit reports, standardize and automate risk processes, and continuously assess risks over time. This app is best for teams looking to improve security through risk management with AI.
Features:
- Web client and mobile app for iOS and Android available
- Data is shareable between teams or divisions
- Can also help with complying with cybersecurity standards and international frameworks
- Link charts to find the root cause of risks and other incidents
Free version: Not available
Pricing: Dependent on the organization’s needs
Platforms supported: Web
Why Use TimeCamp?
TimeCamp is a task management tool mainly used for tracking time spent at work or on a project. This focus on time is helpful in risk management as it can help you estimate and mitigate financial, time, and project failure risks specifically based on the amount of time spent on a task. TimeCamp is best for project managers whose priority is time management.
Features:
- Multiple charts for time usage and project progress
- Automatic time tracking
- Ability to create incident reports, invoices, and attendance sheets
- Option to export files in Excel and PDF
Free version: Available
Pricing: The paid version starts at $6.99 per month, billed annually (with free trial))
Platforms supported: Web, iOS, and Android
Why Use MasterControl?
MasterControl is an all-around Quality Management System (QMS) that can help you with training, quality control, and auditing from manufacturing to postmarket. It has a dedicated risk management feature that is founded on quality control and assurance that allows you to create risk analysis reports on Out-of-specification (OOS) incidents or deviant products or practices based on the quality metric being followed. This app is best for quality-focused managers who want to reduce risks in their projects.
Features:
- Cloud-based
- Can be used by any industry
- Wide array of learning materials for quality management and compliance with international standards
- Automated approval, distribution, and retrieval of documents
Free version: Not available
Pricing: Dependent on the organization’s needs
Platforms supported: Web, iOS, and Android
Why Use Active Risk Manager?
Active Risk Manager offers a risk management software that focuses on standard compliance, policies, audits, and governance as means to improve risk mitigation. It’s targeted towards enterprises and aims to help their risk managers by providing visual representations for their risk matrix profiles, costing, and incident risk reports. This app is best for medium- to-large businesses.
Features:
- Web client and mobile app for iOS and Android available
- Customizable dashboards
- Comes with an Audit Manager and Compliance Manager
- Option to create bow-tie risk analysis structures
Free version: Not available
Pricing: Dependent on the organization’s needs
Platforms supported: Web, iOS, and Android
Why Use ETQ Reliance?
ETQ Reliance is a QMS used by hundreds of customers around the world involved in supply and manufacturing that focuses mainly on the digitization of QMS documents to help improve a company’s Key Performance Indicators (KPIs). Additionally, one of this software’s main features is its risk assessment feature. With this feature, you can create a risk register, risk incident report, risk categories, and risk anticipation and mitigation plans all in one place. This app is best for companies with dealings in supply, engineering, and manufacturing.
Features:
- Cloud-based
- Can also work as a corrective actions software
- Geotagging for mobile use
- Web client and mobile app for iOS and Android available
- Can be used offline on mobile
Free version: Not available
Pricing: Dependent on the organization’s needs
Platforms supported: Web, iOS, and Android
What is a Risk Register Software?
A risk register software serves as an online central monitoring hub for operational risks, including information such as probability, impact, and mitigating actions. Sometimes also called a risk management software, it enables managers to have a strong oversight of their operations by providing them insights on how to keep it running as smoothly and safely as possible.
Importance of a Risk Register Software
Risk management is paramount to a well-managed organization. Its ultimate objective is to preserve human life and physical assets by considering all risks and keeping their levels as low as possible. Smart company leaders don’t sit back and expect that everything will run just fine. They utilize risk logs or risk registers to ensure that risks associated with their operation’s everyday activities are taken into account, analyzed, and proactively addressed.
However, many managers often take on all the work of building their organization’s risk register. While managing risk registers is part of their key duties, isolation impedes a shared sense of responsibility in risk management—an organizational function that works best with collaboration.
SafetyCulture as Your Solution for Collaborative Risk Management
Collaborative risk management is a crucial strategic decision to help future-proof any organization. In a 2017 PWC survey on risk management, 13% of respondent organizations were already practicing collaborative risk management from the frontlines, with 46% already planning to do the same. According to the respondents, the clear reason for the decision to involve the frontline is that it helps them improve anticipation and mitigation of risk. It’s a key move to support them for the long-term survival of the organization.
Keeping track of reported risks and their respective countermeasures is essential in maintaining an effective risk management program. You need to keep every action in check to prevent a catastrophic impact on your operations. In light of this, equipping your team with technology that helps accelerate the business while also adhering to strict inspection standards is crucial.
Through SafetyCulture, one of the best risk management tools in the world, firms can rely on a powerful risk register tool to transform their risk management program into one that fosters collaboration and engagement with the entire organization. Try the SafetyCulture risk register software for free and see how it can help you build a collaborative culture and make sure you are on top of it all—every time.
