A risk management platform (also called Governance, Risk & Compliance (GRC)) is an application that enables companies to assess and manage operational, security or regulatory compliance risk. These digital tools simplify, simplifies and automates the risk assessment process, allowing businesses to recognize and track risks as they arise. The products in this category offer various options for managing and resolving risk issues including analysis, reporting, and remediation procedures.
A well-designed risk management system should allow users to record and evaluate their current safety procedures, by storing the data in a central and structured repository. It should also permit users to design and implement risk-based corrective measures by assigning tasks to various stakeholders. It should also ensure that these corrective measures are tracked and kept up-to-date until they are completed.
In the end, it is crucial that the system is secure and adequately protects sensitive information. This is why it is crucial to scrutinize the security measures that are used by the software manufacturer and their third-party suppliers. Find out if the vendor has security compliance certifications, such as SOC 2 or ISO 27001 to provide an additional layer of assurance.
It is also crucial that the software provides users with a smooth and user-friendly experience. It should be simple and easy to use, and accessible on any device. This is especially true for mobile devices as employees are more likely not to be able of reporting dangers and other issues using an electronic tool on the on the go.