9 Best Risk Management Software: Free and Paid

Risk management is identifying risks, assessing them for their probability and impact, developing their response plan, and monitoring and controlling them through the project life cycle.

Risk management is crucial for a project; it can make a project or operation successful or fail. It provides teams with the necessary tools to execute the project with the least obstacles.

Risk management reduces risks and ensures the success of projects.

What are some important benefits of risk management?

Increase the chance of project success
Increase team morale
High performance of work
High product quality
Reduce or minimize business liability

These days, medium to large-size organizations use risk management to avoid losses and increase the chance of success. They use risk management software to manage risks in their business.

Risk management software helps companies to implement risk management processes.

Risk management software provides a platform and framework to help your organization find risks. Tools like Acumen Risk, monday.com, nTaskManager, and M-Risk are great solutions.

To effectively manage risk, you need an established system where project risk management software comes into play.

This article will discuss some well-known and reliable project risk management software.

9 Best Project Risk Management Software

Here’s the list of the 9 best project risk management software we will cover in this post.

Acumen Risk – This project management software offers a unique system to assist teams in identifying and reducing project risks.
Pims Risk – Pims Risk is a cloud-based risk management tool for businesses of all sizes to manage risks effectively.
Graphite Risk Management – Graphite is extensive, and we love it because this Risk tool can manage any level of risk, low or high.
Opture Risk – Opture does not only assist teams with risk management processes, they offer an intuitive and easy-to-use customizable dashboard.
M-Risk – this is also a leading risk management solution for business. M-Risk uses unique high-tech to help businesses manage environmental and health performance to minimize risk.
Risk Ledger – Unlike any risk management platform, Risk Ledger offers tools to run and manage cyber-security-related risks.
monday.com – monday.com is an effective project and risk management software that’s also practical to use. It offers risk management solutions like risk registers, cost tracking, risk assessment, etc.
PYX4 Risk – It is a quality operational risk management tool designed to manage and control risk in organizations.
nTaskManager – nTaskManager, offers intuitive project and risk management solutions for businesses of all sizes. You can identify, analyze and mitigate risks with “Risk Ledgers.”

Let’s go over these 9 risk management solutions.

#1. Acumen Risk Management

Acumen Risk is one of the best risk management software that uses unique and world-class technology to help companies manage and reduce business risks. This software accurately predicts the true cost and scope of uncertain work.

Why do we love this risk management software?

Acumen Risk helps factors risk in schedules for complex projects with huge risk events. It is an integrated schedule and risk analysis software.

This software is powerful and can analyze project activities at once.

It uses machine learning and behavioral analysis to identify risks, prioritize them and provide actionable intelligence.

You can perform sensitivity analysis using a tornado diagram and run a Monte Carlo simulation to find the chances of completing the project under different scenarios.

Key Features of Acumen software

IT Risk Management
Audit Management
Mobile Access
Audit Management and Control
Seamless Dashboard
Operational Risk Management
Risk Assessment
Risk Scoring
Risk Reporting
Alerts and Notifications

Pros of Acumen

Acumen can track risks and threats across all aspects of your company or business.
Acumen can be easily accessed on the web or using its mobile application.
You receive custom risk assessment reports.
You receive a well-made and customizable dashboard for risk and threat management.
Seamless integration with third-party tools such as Slack and Google Analytics
Schedule ongoing risk assessments.
Monitor issues and opportunities.

Cons of Acumen

Acumen isn’t suitable for freelancers. Mostly best for medium-sized to large enterprises.
Only available on the web.
No free plan or free trial is available.
No monthly subscription.
Doesn’t have an extensive API system.
No activity dashboard.

Acumen Risk Pricing Plans

The Deltek Acumen Risk Management Software Costs $8,062.50 when writing this post, and here’s the breakdown of the software pricing:

Software Licence: $6,450.00 ($6,127.50 online price)

Annual Software Maintenance: $1,935.00 ($1,935.00 online price)

Bringing it to a total of $8,385.00 ($8,062.50 online).

Click here to check the Acumen Risk Management Software here!

#2. PIMS Risk

Pims Risk is a powerful risk management software for companies. This tool offers a unique system to log, manage, and communicate risks in a company.

It is a cloud-based software that’s designed for businesses of all sizes. Unlike Acumen, this software is suitable for freelancers and small businesses.

It consists of a suite of project support tools specifically designed for companies managing projects with possible risks.

Pims helps teams and project managers identify, measure, and treat risk property. You can add, edit, and retrieve risks easily. You can assign risk owners, create and update risk register, track its history, download reports, etc.

You can identify more risks with context analysis and then develop response plans.

Key Features of Pims Risk

Exploit opportunities
Reduce or minimize threats
Communicate risks and “Lift” functionality
Live Matrix
Statistics
Charts and reports
Risk plan
Communication and control
Configurable
Activity dashboard
Audit trail

Pros of Pims Risk

Risk and threat assessments
Statistical analysis
Pims enable project managers to review project performance for risk assessment
Actionable analytics and great CPV reports
This software allows businesses to store patient details securely.
Allows companies to track and manage batch release statutes.
Add attachments, notes, files, or documents.

Cons of Pims Risk

Weak API connection
No compliance tracking
No ad how reporting/assessments
No Bayesian analysis
Reports are not customizable
No free trial or free version is available

Skyland Pims Risk Pricing

The Skyland Pims Risk pricing is not available publicly, but you can contact the vendor to know the price.

#3. Graphite Risk Management

Graphite Risk Management is a risk management tool that effectively manages critical risks. It provides operational risk management support and expertise to promote cost-effective project management for companies.

Graphite specializes in delivering specialized risk training programs designed through an in-house experience.

You can create automated workflows, risk classifications, and rescreens based on business rules to identify and manage risks.

This platform assesses risks and determines the level of comfort. It is a one-stop insurance solution to help companies and teams get the right coverage without spending more than they should.

Why do I love this software as one of the best Risk Management tools?

Graphite Risk Management develops scalable claims to fulfill the needs of insured entities. It is committed to providing world-class service for all its clients.

They put all their efforts into mitigating employment costs and risk management.

Key Features of the Graphite Risk Management Software

Access controls and permissions
Seamless API connections
Calendar management
Agile methodologies
Customizable fields
Task management
Risk management
Time tracking
Workflow management
Real time data
Reporting and project tracking

Pros of Graphite Risk Management

Graphite is flexible to use
Provides over 50 usable templates for teams
Awesome for freelancers and small businesses
Data visualization
IT Risk Management
Operational Risk Management
Seamless API automation
Graphite Risk software comes with both mobile and desktop applications
Graphite Risk Management offers a customizable structure for boards, workspaces, folders, and items.
Forms and incident management
Legal risk management.
Pretty inexpensive compared to other project and risk management software out there.

Cons of Graphite Risk Management Software

No activity dashboard
No alerts/escalation
Reports are not customizable
No real time reporting
No risk alerts
No policy management
No free plan

Graphite Risk Pricing

Note: to access Graphite’s pricing plans, you must complete a form on their website to schedule a call. On this free 15 minute call, they’ll collect data on your specific company and devise a plan to improve it.

Here’s the basic plan:

Basic Plan ($47/Month): You receive all the risk management features in the software.

#4. Opture Risk Management

Opture Risk Management software is an easy-to-use and flexible tool that helps teams identify, evaluate, analyze, and monitor risks. It helps project managers streamline processes related to risk, risk mapping, etc.

The Opture software program is designed to map a complete risk management process that involves identification, assessment, analysis, reporting, and monitoring. This is cloud-based software, so you can access this platform from anywhere.

What more do I love about this risk management software?

The Opture is a leading system provider in the areas of Enterprise RM.

Opture is also the first provider of software solutions for simulated-based planning (SBP). This helps perform a complete profit and loss assessment.

Users who have used Opture risk management software have reported that the software is intuitive and easy to use. The user interface of the Opture software can be individually customized for different users.

Your team gets the tailored dashboards and risk workflows for your projects.

Key Features of Opture

Enterprise risk management
Integrated fund risk management
Legal risk management
Risk compliance
Alerts and notifications
Business process control
Increased data quality
Easy-to-use interface
Operational risk management
Compliance management
Available in web, android, and iPhone/iPad versions
Offers 24/7 live support
Exceptions risk management

Pros of Opture

Opture offers a very easy-to-use dashboard
Effective reputational risk management
This software allows custom workflows
Helps businesses to streamline processes relating to risk assessments
You receive efficient compliance tracking
Allows team members to administer data protection centrally
Access to security risk management
Exceptions risk management
With this software, you recieve professional risk reports
Established RM models
Logically structured processes
Affordable prices for entry level

Cons of Opture

No free plan available
No API
No activity tracking
No data visualization
No IT Risk management
No policy management

Opture Risk Management Pricing

Opture Risk Management software starts at a one-time fee of $1,500 per user and comes with a free trial.

#5. M-Risk

M-Risk is one of the oldest risk management software in Latin America. It is a software solution that offers risk management features to large teams.

This platform establishes a centralized system for a better approach to risk and threat management. It lets you record, sort, and manage all your risks and compliance documents with a simple dashboard.

This tool can assess and track specific risks and actions in different projects and is designed for medium to large-scale businesses.

M-Risk management also allows you to identify and prioritize challenges and threats.

What more do we love about this awesome risk management software?

This software specifically assists companies in managing risks and ensuring compliance using advanced end-to-end technology. M-Risk utilizes environmental, health, and safety performance to minimize and reduce threats or risks.

Key Features of M-Risk Management

Environmental and health performance
Stakeholders
Risk management
Compliance management
ESG reports
Mobile applications
Audit management
Incident management
Activity tracking and activity dashboard
Audit management
Customizable reports
Document storage and management
Forms management
Real time notifications and data
Risk assessment
Training management

Pros of M-Risk Management:

With M-Risk, you can see real time visualization of data concerning each project.
You also get a geographical visualization of indicators.
You also get unlimited access to collaborators or consultants.
You get a specialized team as per your company’s solution.
Custom changes within applications to suit clients.
Good for freelancers and businesses of all sizes.
It provides users with email/help/FAQ/forum/chat support options.
Training options are available in person, live online, with documentation and videos.

Cons of M-Risk Management

No API
No employee management features
No free plan is available, but there’s a free trial
No webinar training

M-Risk Pricing

M-Risk offers a monthly flat rate; you must contact them for this.

#6. Risk Ledger

One thing I love about Risk Ledger is that it is suitable for businesses of all sizes, from freelancers to large enterprises.

This software provides the necessary features and tools to respond to cyber-security-related risks. When it comes to innovation, Risk Ledger can’t be left behind.

It gives you real-time information about your security and helps you scale supplier coverage.

Risk Ledger helps teams with risk management by bringing data, systems, and processes into one dashboard. This software includes compliance management, customizable reports, real-time data, IT risk management, and many more.

Key Features of Risk Ledger

IT risk management
Activity tracking
Compliance management
Legal risk management
Reporting and analytics
Portal risk management
Real time updates and data
Risk reporting
Risk assessment and risk Scoring
Vendor management
Supplier management
Data visualization
Alerts and notifications

Pros of Risk Ledger

Easy-to-use dashboard
Allows teams to view and manage risk workflows visually
With Risk Ledger’s unique model, users can build a supply chain map.
Identify risk concentration
Perfect for freelancers and businesses of all sizes
Allows users to review supplier information
Great support
A great solution for compliance management
It has a free plan and a free trial
The subscription model of pricing

Cons of Risk Ledger

Dashboards can’t be custom made
No documents storage capacity
No incident management
Templates are not customizable
No risk alerts
Task management is also not available

Risk Ledger Pricing

Risk ledger software is completely free for suppliers. For clients looking to use Risk Ledger to connect with suppliers, there’s a monthly subscription fee. You can contact them here for pricing details.

#7. monday.com

monday.com is a project management software that offers great risk management features. It includes resource management, time tracking, task management, reporting, etc.

It offers one of the best UI for project and risk management software.

With this software, you can clearly manage action plans, identify possible risks, and seamlessly reduce these risks. It allows users to calculate project risks even before they arise.

You can assess, track, and reduce these risks with real-time data.

What’s even more awesome about monday.com as a risk management software?

It includes a “Risk Register” to record and update project risks and their responses.

It simply provides a suite of tools for project and risk management.

Users can access risk management templates to help them register and monitor risks efficiently.

Key Features of monday.com

Program risk register
IDs and categories
Status
Impact and probability
Probability risk features
Assign risk owner
Risk management plan
360 degree feedback
Activity tracking and dashboard
Advertisements management
Asset library
Budget management
Campaign planning
Commission and compensation management
Cost tracking
Data import/export

Cons of monday.com

No assessment management
No legal risk management
No IT risk management
No real time analytics by
Operational risk management is also absent.

monday.com Pricing:

Individual (free forever for up to two seats): Up to three boards, unlimited docs, 200+ templates, over 20 column types, up to two (2) team members, iOS and Android apps.

Basic plan ($8/Seat/Month): Includes everything in the individual plan plus unlimited free viewers, unlimited items, 5 GB file storage, prioritized support, and a dashboard based on 1 board.

Standard plan ($10/Seat/Month) – Most Popular: This plan includes everything in the Basic plan plus Timeline and GANTT charts, calendar view, guest access, up to 250 automation per month, 250 actions per month, a dashboard that combines up to 5 boards.

Pro plan ($16/Seat/Month): You get everything included in the Standard plan plus Private boards and docs, chart view, time tracking, formula column, dependency column, up to 250,000 actions per month, 250,000 actions (integrations), a dashboard that combines up to ten boards.

Enterprise (contact for pricing): Includes everything in the Pro plan plus wiki enterprise-scale automation and integrations, enterprise-grade security and governance, advanced reporting and analytics, multi-level permissions, tailored onboarding, premium support, and the ability to create a dashboard that combines up to 50 boards.

Click here to visit monday.com

#8. PYX4 Risk

PYX4 Risk is risk management software designed to manage a project or business risk easily. It is a cloud-based solution for teams to detect operational risks and threats.

This software assists users in selecting and organizing the most relevant risks in a project.

It saves time, reduces hidden costs, and allows you to optimize your processes and control risks.

It offers features like an activity dashboard, audit management, audit dashboard, and workflow management.

Other Key Features of PYX4

Risk assessment
Risk alerts
Compliance management
Custom workflows
Audit trail
Alerts and notifications
Customizable dashboard
Risk analytics
Workflow management
Document management
Web access available

Pros of PYX4

This software is cloud-based software this it can be accessed anywhere
Teams can assess financial risks in real time
PYX4 Risk allows users to securely share information on enterprise risk
Team managers can evaluate risk factors based on project events
Suitable for small to large enterprises
Evaluates potential impact or threats on operations structure
Free plan and free trial available
Subscription model

Cons of PYX4 Risk

Not suitable for freelancers
No customizable reports and templates
No compliance management
No IT risk management
No risk reporting
No data visualization
No Android and iPad versions

PYX4 Risk Pricing

PYX4 offers a subscription model that comes with a free plan and a subscription model. The free trial is a 14-day trial for new users only.

Contact support for PYX4 Risk for pricing plans.

Let’s move to the last best risk management software.

#9. nTask Manager

nTaskManager is a free task, project, and risk management software designed to help teams by providing all the tools needed for effective project risk management.

This software helps you easily identify project risks, assign risk owners, and monitor risks.

This platform allows teams to access risk, financial summary, task management, and issue tracking. It self-generates the risk matrix that provides a tubular summary of risks.

What’s one thing I love about nTaskManager as a Risk Management Software?

You can easily assign risk owners and analyze risk matrices.

It allows users to identify and document all the risks to prepare themselves in the best way. You can also create extremely customizable risk matrices with visual matrix graphs.

Key Features of nTask Manager

Risk Matrix Chart
Risk Impact
Risk assessment graph
Risk collaboration
Search and filters
Custom categorization
GANTT charts
Task management
Kanban board
Time tracking
Meeting management
Issue tracking
Risk management

Pros of nTaskManager

nTask allows users to manage files, meetings, and tasks with ease
Tasks are easily created and managed through easy collaboration
Users can track time and review timesheets
Effective risk management
Risk detection and risk forecasting
Suitable for businesses of all sizes, from freelancers to large enterprises

Cons of nTask manager

API connection is weak
No client portal
No workflow management

nTask Pricing for Pro Project Tracking

Free Forever Plan: Unlimited workspaces, tasks, and to-do lists meeting management, time tracking, timesheets, docs, link sharing, Google & Outlook calendar, 24/7 support.

Premium ($3/month): All included in the Free plan PLUS Project management, advanced filters, Gantt chart, Kanban boards, workflows, financial management, onboarding demo call, and two-factor authentication.

Business ($8/month): All included in the Premium plan PLUS custom fields, 10 GB file storage, custom filters, risk management, advanced reporting, and priority support.

Enterprise (Contact): All included in the Business plan PLUS dedicated account manager, custom onboarding, training program, SSO.

Click here to visit nTask

Which One is the Most Popular Risk Management Tool?

Risk management is a broad area; therefore, you must spend ample time looking for the perfect risk management tool for your project or organization.

Risk is a critical part of project and business operations, so companies put much effort and budgeting into effective risk management.

You can use risk management software to manage or reduce risk in your project or company.

Here are our top 5 choices for the best risk management software:

Acumen Risk
Graphite Risk Management
M-Risk
Risk Ledger
Monday.com

Finally, how can risk management be improved?

The level of risk every business face varies.

The first step to minimizing risk is to begin with a plan. Creating a risk management plan can help businesses understand possible risks and how to tackle them.

Use risk management software to automate and improve your company’s risk management processes.

Risk assessment reports should be made, which include recommendations to improve or minimize risks observed.

Some links in this post are affiliate links, and I will earn a commission if you purchase after clicking. Please understand that I recommend these resources because they are useful, not just because of the commissions I make. Please do not purchase unless you feel you need the materials to achieve your goals. Read the disclaimer.