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The Best 6 Free and Open-Source Risk Management Software


The Best 6 Free and Open-Source Risk Management Software

Companies and organizations keep a keen eye on challenges and resolutions, whether that be regarding their digital presence by catering to customers worldwide or securing their data and minimizing the risk. Organizations struggle with the risk factor pretty much as they can’t sometimes assess or control the risk due to uncertainty and couldn't identify the magnitude of the risk which might become detrimental for their business. 

Still, it is believed that the risks can't be controlled hundred percent however, there exists software that guides and assists companies in certain ways by which they can gauge the intensity of the risks assigned or inform the parties to take steps to overcome and minimize the overall impact. Risk management is a gigantic concern that leaves a huge negative impact if not catered timely. 

Therefore, companies invest in powerful software like risk management, which enables them to gauge, judge, measure, and avoid the risks that can damage the business's reputation and profitability. Companies buy invest in risk management software as it is a powerful tool that helps them to identify the risks that are associated with their highly secured information, resources, and assets. 

The risk management software easily monitors and tracks the risks and alerts the organizations and businesses and it helps to identify risks under scrutiny and avoid them before it harms the entire processes of the organization. 

The software provides real-time information about the changes linked with the internal and external factors and prepares the businesses to predict risks. 

The risk management software enables companies and organizations tasks to get automated with minimized human efforts and errors, which results in taking timely decisions to be accurate and relevant for saving business reputation and profitability. 

Companies also benefit from it as the risk management software stores data with password protection and facilitate role-based access and helps to assure companies that back-ups are regularly automated, and the confidential information has not been tampered with. Companies work effortlessly to ensure and safeguard their presence in the market and strong positive reputation; thus, the software helps in notifying the risks in advance so the appropriate actions are taken to avoid harm along with the generation of real-time reports by which it could be seen whether the stakes are managed effectively or not. Having such information empowers companies to take timely decisions which can protect the company and sort out the risks whether internally or externally.

Here at LinuxAPT, we shall look into the best, free and open-source risk management software that empowers and enables the companies and organizations to take actions according to the risks beforehand, making it easy to survive in the cutthroat competition and be ahead in business in terms of reputation and profitability.


Main Features of Risk Management Software includes:

  • Diagnosing Risks: The risk management software you choose should help you discover the risks that include any financial threats, legal problems, or any other external factor negatively impacting your business.
  • Risk Prioritization: Risk prioritization feature in a risk management software would allow you to address the right issue at the right time.
  • Alerts/Notifications: The risk management software you select should allow you to configure alerts so that you receive notifications in case of any emergency, critical event, or failure of any mission.
  • Compliance Management: The risk management software should ensure that all the business processes running within the organization meet the industry compliance requirements and standards.
  • Document Management: The risk management software you choose should enable you to build a repository of documents allowing easy knowledge sharing within the organization's employees. 
  • Auditing: Auditing features in risk management software would help you track the status of the risks and the effective measures taken to avoid those risks to ensure accurate results.
  • Dashboard: The risk management software you choose should include a dashboard that allows you to view key risk indicators (KRIs), helping you to identify the risks at a glance and monitor the effects of your risk management efforts.
  • Reporting: The risk management software you select should allow you to generate customized reports as per your preferences.


1. SearchInform Risk Monitor

SearchInform is a free and open-source risk management software that enables companies to withstand the impact of risks before the hit as it helps companies to monitor and take actions according to risks which save company reputation and inform beforehand to secure data and profitability.

The fascinating features incorporated in this software are Reporting & Statistics, Reporting & Analytics, Reputational Risk Management, Risk Alerts, and notifications, Risk Analytics, Risk Assessment capability, Risk Reporting, Risk Scoring, Security Auditing, Operational Risk Management, Policy Management, Real-Time Monitoring, Real-Time Reporting, Alerts & Notifications, Audit Management, Compliance Management, Dashboard, Data Visualization, IT Risk Management, Incident Management, Internal Controls Management, Legal Risk Management, and the list goes on.

Get started now for Free at https://searchinform.com/products/try-for-free/?product=rm


2. Essential ERM

Essential ERM is yet another powerful risk management software that assists companies in gauging, identifying, and predicting the risks before the real impact which minimizes the risks overall protecting the data of companies, and securing the brand reputations and revenues.

The powerful features incorporated in this super software are as follows, Risk Reporting, Risk Scoring, Third-Party Integrations, Workflow Management, Internal Controls Management, Legal Risk, Mobile Access, Operational Risk Management, Predictive Analytics, Reminders, Reporting & Statistics, Reputational Risk Management, Risk Alerts, Risk Analytics, Risk Assessment, Dashboard facility, Data Visualization, Document Management, IT Risk Management, API capability, Activity Tracking, Alerts and Escalation, Alerts & Notifications, Audit Management, and the list goes on.

Get started now for Free at https://info.gartnerdigitalmarkets.com/tracker-networks-gdm-lp/?category=ERM&utm_source=GetApp


3. GOAT Risk

GOAT Risk is another risk management software consisting of fascinating benefits and features that guide businesses and contribute to their brand reputation and prepare companies to take particular actions to minimize the impact of the foreseen risks.

The amazing features included in this open-source risk management software has Audit Trail, Business Process Control, Corrective and Preventive Actions (CAPA), Customizable Templates, Dashboard Creation, Data Visualization, IT Risk Management, Incident Management, Internal Controls Management, Legal Risk Management, Mobile Access, Monitoring, Operational Risk Management, Performance Metrics, Real-Time Monitoring, Real-Time Reporting, Reminders and notifications, Reporting & Statistics, Reporting and Analytics, Reputational Risk Management, Response Management, Risk Alerts, Risk Analytics, Risk Assessment, Risk Reporting, Risk Scoring, Task Management, Workflow Management, Activity Dashboard, Activity Tracking, Alerts & Escalation, Alerts and Notifications, Assessment Management, and the list never ends.

Get started for Free at https://app.goatrisksolutions.com/profile/register


4. Camms.Risk

The features incorporated in this software has an endless list like Audit Trail, Communications Management, Compliance Management, Compliance Tracking, Controls Audit, Corrective and Preventive Actions (CAPA), Customizable Fields, Customizable Templates, Dashboard Creation, Disaster Recovery, Environmental Compliance, Exceptions Management, FDA Compliance, HIPAA Compliant, Hazardous Materials Management, ISO Compliance, Activity Dashboard, Alerts/Notifications, Archiving & Retention, Audit Management, IT Incident Management, IT Risk Management, Incident Management, Incident Reporting, Industrial Safety Management, Inspection Management, Internal Controls Management, Investigation Management, KRI (Key Risk Indicator) Monitoring, Legal Risk Management, Mobile Access, Monitoring, OSHA Compliance, OSHA Recordkeeping, Occupational Health Management, On-Call Scheduling, Operational Risk Management, Policy Management, Process & Workflow Automation, Reporting & Analytics, Reputational Risk Management, and many more down the list.

Sign up now for demo at https://cammsgroup.com/demo/


5. Sofvie

Sofvie is a powerful open-source risk management software that offers online and offline features from which companies benefit big time by getting to know the risks beforehand and taking actions timely to minimize risks and reduce the severity of the accidents by keeping the business intact.

The features included in this software are as follows, Reporting, Statistics and Analytics, Reputational Risk Management, Response Management, Risk Alerts, Risk Analytics, Risk Assessment, Risk Management, Risk Reporting, Risk Scoring, Safety Incident Management, Safety Management, Subject Profiles, Supplier Quality Control, Task Management, Training Management, Employee Directory, Equipment Management, Exceptions Management, File Sharing, Forms Management, Hazardous Materials Management, ISO Compliance, IT Incident Management, IT Risk Management, Incident Management, Incident Reporting, Industrial Safety Management, Inspection Management, Internal Controls Management, Investigation Management, Issue Management, Knowledge Management, Legal Risk Management, and many more down the list.

Sign up now to get started with a demo at https://sofvie.com/demo-request


6. Open Source Risk Engine

Open Source Risk Engine (ORE) is a free and open source risk management software based on QuantLib and provided under the Modified BSD License. You can easily customize the code and use it as standalone software or integrate it with a commercially licensed software. It is a versatile risk management solution that includes some advanced features that allow you to manage risks effectively and save your business from financial disasters. Being an open source risk management software, it is absolutely free to download but you may need to pay your technical team for customizing and deploying it to make it work as per your business logic.

it's features includes, In-depth risk analytics features and value adjustments (XVAs), Provides interfaces for trade/market data and system configuration, Includes easy to use application launchers in Excel, LibreOffice, Python, and Jupyter, Provides comprehensive test suites that help in planning and implementing effective risk management strategies and Includes different examples that demonstrate typical use cases for better understanding.

Get started now https://www.opensourcerisk.org/


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Conclusion

This article covers the best, free and open-source risk management software that assists companies to build their brand reputation,assess risks before their detrimental impacts, and guide companies to take timely actions to minimize the impact and secure all the data, resources, and assets. it includes SearchInform Risk Monitor, Essential ERM, GOAT Risk, Camms.Risk, Sofvie and Open Source Risk Engine respectively. 


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