Operational Risk Management (ORM) software helps organizations identify, assess, mitigate, and monitor operational risks within their business operations. It provides self-assessment tools for documenting risks and recording risk controls, along with analytical techniques like risk scoring and matrices for assessing those risks. ORM software also supports risk mitigation by offering tools to reduce the likelihood and impact of risks. This software also helps track incidents and determine appropriate responsibilities and remedies when operational losses occur.
Key Features & Capabilities of Operational Risk Management Software
Risk Assessment Matrix: ORM software includes risk assessment tools, such as a matrix for evaluating and documenting risks, helping users assess risk levels, urgency, and mitigation actions.
Operational Dashboards, Reports, and Analytics: ORM software centralizes risk data and provides customizable dashboards, analytics, and report generation to support data-driven decision-making and enhance risk awareness. Dashboards and analytics can also incorporate data from Quality Management Systems (QMS), offering a holistic view of operational risks and quality standards compliance.
Regulatory Compliance Tools: ORM solutions offer tools with real-time updates on regulatory changes, links to specific regulations, and project management features to track compliance progress. When paired with compliance management software, ORM tools can further strengthen an organization’s ability to stay up-to-date with regulatory changes and ensure compliance across all operational areas.
Project Management Capabilities: ORM software includes project management features for identifying, documenting, and mitigating risks, along with task assignment and progress tracking to ensure effective risk resolution.
Integrations: Operational risk management software supports a variety of application integrations, particularly with tools such as third party risk management software and incident management software to enable the centralization of risk data, and streamline overall risk management.
Top 10 Operational Risk Management (ORM) Software
Top 10 Operational Risk Management (ORM) Software sorted by Wheelhouse Score.
Onspring is a no-code, cyber security risk management platform for people-powered business automation. Onspring provides you with a single platform that connects your entire enterprise. Onspring was founded by Chad Kreimendahl and Chris Pantaenius in 2010 when they realized that the software company...
NAVEX One is a holistic GRC platform that provides enterprises with a 360-degree perspective of their risk management and compliance programs. NAVEX One integrates GRC data intelligence to improve employee compliance, manage third-party risk, and automate risk and compliance procedures, resulting in...
AuditBoard is a comprehensive risk management platform that automates and connects audit, compliance, and risk management processes. It enables enterprises to improve efficiency, collaborate more effectively, and give real-time insights thanks to sophisticated automation features. AuditBoard's cloud...
VComply is a complete compliance management software designed to help enterprises of all sizes streamline and automate compliance operations. It centralizes risk, policy, and audit management, providing a versatile solution that is compatible with a variety of regulatory frameworks. VComply enables ...
Resolver is an expansive Governance, Risk, and Compliance (GRC) platform that enables businesses to proactively manage risks, assure compliance, and boost resilience. Resolver accelerates GRC procedures across multiple sectors by combining risk assessments, compliance management, internal audits, an...
Camms is a comprehensive compliance management platform that enables businesses to manage governance, risk, and compliance effectively. Camms is designed to be adaptable to different regulatory requirements, assisting teams in streamlining operations, identifying risks, and achieving compliance acro...
Archer is a complete Integrated Risk Management (IRM) platform that helps organizations detect, assess, and manage risks across several domains. Archer supports cloud, on-premises, and hybrid environments, providing the flexibility to meet a wide range of operating requirements, as well as individua...
Ideagen is a comprehensive quality management platform that enables enterprises to improve compliance and operational performance. Ideagen provides modular solutions for document control, risk assessment, and workflow automation, allowing businesses to centralize processes, increase quality assuranc...
Diligent One (formerly HighBond) is a comprehensive GRC platform that provides AI-powered risk analytics and insights by combining data from over 100 prominent third-party providers, allowing executives to make more informed decisions. The platform includes apps for boards and governance, risk and s...
Intellect is a highly adaptable Quality Management System (QMS) that helps firms comply with FDA, ISO, and other global standards. Intellect's no-code solution enables the rapid deployment of tailored apps and workflows for audit management, CAPA, change management, and other purposes. It is designe...
