Enterprise risk management software helps businesses prepare for a variety of risks that they encounter by analyzing business data and then ranking those risks so they can be addressed by security teams. Enterprise risk management takes a proactive approach to identifying the risks that all companies face: posing potential scenarios and analyzing third-party vendor partnerships, hiring plans, finances, security, websites, and even employees.
- Makes regular financial and security predictions based on current business data and risk status
- Assesses network and infrastructure security threats
- Helps businesses prepare for breaches, ransomware attacks, and web server downtime
- Monitors and tracks progress of all business projects so that enterprises can see how likely they are to succeed and if they run any risk of failing
- Regularly reports on financial status and performance so enterprises know their monetary standing and any risk of losing revenue
ERM software uses the following information to build a digital framework that ranks these risks by the level of threat that they pose and then tracks risks those risks over time:
- Company financial data
- Information on sales leads
- Assessments of projects risks provided by team and department leads
- Network and threat intelligence
- Employee mobile device use
- On-premises office security
- Storage systems, both cloud and physical servers
With a 2020 valuation of approximately $31 billion, the global Enterprise Governance, Risk Management, and Compliance market will more than double by 2027 to over $71 billion.
Key features of enterprise risk management software
- Threat and vulnerability analysis identifies physical and technical vulnerabilities and ranks the likelihood of those threats for enterprises.
- Compliance management monitors company resources for compliance with statutory regulations and enterprise-specific policies.
- Vendor and third-party risk management tracks possible vulnerabilities that come from working with third-party software and vendors.
- Modeling and forecasting creates scenarios based on financial data and estimates financial performance and revenue.
- IT governance and security help security teams to accomplish company goals and comply with IT regulations.
- Incident management prepares people, processes, and technology in advance for problems or threats that can negatively impact the enterprise.
- Audit management automates and streamlines auditing processes by reviewing, approving, and scheduling audits.
- Financial reporting features help enterprises reduce inaccurate financial data and silos within the company.
- Policy management improves creation and availability of enterprise policies.
- Notifications streamline the alerting process for IT security teams and enterprise managers.
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