Enterprise Risk Management (ERM) Software

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.

ERM software:

  • 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.

Read More: Compare 2021’s Best ERM Software  

Jenna Phipps
Jenna Phipps is a contributor for websites such as Webopedia.com and Enterprise Storage Forum. She writes about information technology security, networking, and data storage. Jenna lives in Nashville, TN.

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