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Risk management software – often linked closely with compliance management software – is designed to lower the overall risk and security implications faced by business enterprises
The ComputerWeekly.com website sums it up as follows: “Risk management software works by identifying the risks associated with a given set of assets and communicating these risks to the business, often through on-screen dashboards. It does this by collecting and collating data across the enterprise information technology (IT) system, and indicating where the risks lie.”
Risk management applications also help businesses to manage their IT risk by, for example, notifying them of security breaches.
The software might also remind businesses to refresh their security applications when events occur. In addition, risk management supports business continuity by identifying potential, and actual, IT breakdowns.
From an IT perspective, companies will need to spend money on linking separate systems to ensure overall risk can be seen at one central point. This involves using communications technology that can adequately link the systems together in a way that makes sense of all the risk data.
As well as the technology integration, organisations may well need to be able to put a price on their risk, so that the data can be of use. In addition, they may need to overcome the different attitudes to risk in different departments before spending on technology.
Risk management applications have traditionally dealt with the sort of risk that centres on financial risks, such as credit risk, interest-rate risk, or uncertainty in financial markets. However, the software can also cover liabilities, accidents, natural causes and disasters, as well as deliberate attacks from an adversary.
Many financial organisations, including retail and investment banks, use risk management and compliance software. The reasons for using risk systems varies from mitigating risks from financial investments, to covering security breaches and breaks in business continuity.
Apart from banking and financial services, many other key sectors use risk software. These include: IT and telecoms firms, the energy sector, government and public sector bodies, and the insurance sector.
Kill or Cura
Cura’s Enterprise Risk Management (ERM) software solutions enable organisations to better manage risk and take advantage of opportunities relating to business objectives and goals.
Cura provides a powerful and flexible framework for managing risk, allowing organisations to identify, analyse, evaluate and treat both risks and opportunities. Customers use Cura to:
• embed and integrate risk management in business processes;
• communicate risk and risk treatment widely;
• link risk management directly to decision-making;
• monitor organisational and individual performance against goals and objectives; and
• create a risk-aware culture through enforcement and accountability.