Enterprise risk management (ERM) software helps organizations identify, mitigate, and address the risks involved in businesses. It protects against a range of risks, including cybersecurity threats, digital vulnerabilities, and evolving compliance requirements.

Choosing the right risk management software program involves considering factors such as data management and security, governance, risk and compliance (GRC), risk monitoring and reporting, and customization and scalability.

Geekflare has researched and compiled the best ERM software based on key features such as security, regulations, scalability, and compliance.

OneTrust

OneTrust

Best Overall

Geekflare rating score 4.2 out of 5
4.2
|
  • Risk Visualization
    Advanced
  • Compliance
    Ethics program management
  • User Interface
    Modern
Custom Pricing
Free Trial
Get OneTrust

About OneTrust

OneTrust is a holistic ERM solution that specializes in facilitating visibility and automation across various regulations like GRC, ESG, and compliance. Founded in 2016, this Atlanta-based solution provides four components to safeguard against potential risks.

OneTrust specializes in GRC and security modules for organizations to make informed decisions, improve compliance, and maintain security policies.

OneTrust offers features such as automated third-party risk assessments, risk data and external risk ratings, centralized management of cybersecurity incidents, and automated compliance certificates.

Integration

Third-party native integrations with Adobe, Amazon S3, Salesforce, – ServiceNow, and Microsoft Dynamics

OneTrust Pricing

OneTrust offers two pricing options: Large enterprise pricing, which is available upon request, and a Growing business plan, which includes a 1st free month and additional costs for add-ons.

OneTrust Features

  • Key feature

    The incident and breach response solution undertakes over 300+ breach laws to respond to the incidents.

  • Key feature

    Internal audit management allows businesses to schedule audits, recurring evidence request tasks, and track audit status in real-time.

  • Key feature

    Real-time ESG reporting on data and workflows to give transparency to the team and stakeholders.

  • Key feature

    AI governance solution to assess and monitor the risks associated with the use of artificial intelligence.

  • Key feature

    Automated risk assessment and control gap reports for third-party vendors & systems.

OneTrust Pros/Cons

  • Advantage

    A unified platform for data storage and categorization

  • Advantage

    Provides compliance across various global regulations like GDPR, ISO 27701, HIPAA, PCI DSS, SOX, etc.

  • Advantage

    Free demo available on request

  • Disadvantage

    Cluttered interface with so many tools at your disposal

  • Disadvantage

    Steep learning curve

Diligent

Diligent

Best for Board Governance and Compliance

Geekflare rating score 4.5 out of 5
4.5
|
  • Risk Visualization
    Strategic risk mapping templates
  • Compliance
    Centralized compliance monitoring
  • User Interface
    AI-powered
Custom Pricing
Demo Available
Get Diligent

About Diligent

Diligent is a comprehensive risk management solution on the list that unifies all the GRC and board management activities—all in one place. This ERM software, started back in 2001, currently serves more than 1 million users across 23,000 organizations.

Diligent offers board and governance management, enterprise risk management, IT compliance, ESG, audit management, and third-party management features. It provides improved visibility and helps teams to identify, assess, consolidate, and remediate risks effectively.

Integrations

Ingrates with compliance, IT risk management solutions, and third-party risk management solutions, including Oracle, JIRA, Athena, SAP, etc.

Diligent Pricing

Diligent offers a tiered pricing structure on request.

Diligent Features

  • Key feature

    Diligent provides a board management portal for conducting meetings, approving documentation, and managing materials across various locations.

  • Key feature

    The internal audit management system generates reports and provides insights on risks, security breaches, and key business metrics.

  • Key feature

    Third-party managers use AI to detect negative reviews, watchlist sanctions, and generate reports associated with third-party relationships.

  • Key feature

    The policy manager automates and manages the key policies associated with the industry. It also lets users manage access to these policies and documents.

  • Key feature

    Certified by CDP, GRESB, GRI, SASB, and DJSI, Diligent produces sustainability reports with over 70,000 emission factors for calculating emissions.

Diligent Pros/Cons

  • Advantage

    24/7 customer support through phone and tickets

  • Advantage

    Easy-to-use interface

  • Advantage

    Secured collaboration across boards and external members on sensitive documents

  • Disadvantage

    Limited customization and flexibility

  • Disadvantage

    Pricey for small and medium businesses

LogicGate Risk Cloud

LogicGate Risk Cloud

Best for Risk Management

Geekflare rating score 4.8 out of 5
4.8
|
  • Risk Visualization
    Interactive real-time risk mapping
  • Compliance
    Automated compliance management
  • User Interface
    Modern
Custom Pricing
Demo Available
Get LogicGate Risk Cloud

About LogicGate Risk Cloud

LogicGate is regarded as the leader in risk management by The Forrester Wave, as it caters to almost every GRC use case. Powered by Risk Cloud, a no-code cloud-based platform that enterprises use to string various ERM solutions like cyber risk management, internal audit, data privacy, and third-party management together.

LogicGate caters to various industries like software, fintech, telecom, banking, healthcare, and utilities.

Integrations

Integrates with tools like Slack, JIRA, Google Drive, DocuSign, and BI tools like Microsoft BI.

LogicGate Pricing

Users can buy individual GRC programs from LogicGate, and the license cost is per user.

LogicGate Risk Cloud Features

  • Key feature

    Cyber risk assessment automates and manages the evidence collection and reminders and identifies assets at risk.

  • Key feature

    It offers a unified platform for measuring and tracking ESG initiatives and assigns scores based on ISO 26000 Guidelines.

  • Key feature

    Third-party risk management enables organizations to launch risk management programs and collaborate with vendors.

  • Key feature

    Organizations can run internal audit programs to document auditable entities, risks, controls, testing, and findings.

  • Key feature

    Open AI integration accelerates policy writing and review. It automates and sorts the policy for the existing and new employees.

LogicGate Risk Cloud Pros/Cons

  • Advantage

    User-friendly, No-code interface

  • Advantage

    Unified and centralized view of assets, risks, and cyber controls

  • Advantage

    Access to over 35 GRC applications, on-demand

  • Disadvantage

    Limited reporting features

  • Disadvantage

    No free trial

MetricStream

MetricStream

Best for Governance, Risk, and Compliance

Geekflare rating score 4.0 out of 5
4.0
|
  • Risk Visualization
    Real-time risk intelligence dashboard
  • Compliance
    Proactively compliance tracking
  • User Interface
    Steep learning curve
Custom Pricing
Demo Available
Get MetricStream

About MetricStream

MetricStream, established in 1999, is renowned for its cyber risk management solutions. These solutions assist in automating cybersecurity, governance, risk, and compliance processes.

MetricStream stands out for its wide array of features, including incident and case management, operational risk, compliance, policy management, third-party risks, IT operations, etc.

MetricStream’s automated data collection and reporting capabilities assist businesses in mitigating risks, performing ESG analysis, analyzing regulatory changes, and optimizing processes.

Integrations

MetricStream supports API and REST API integration

MetricStream Pricing

Pricing plans are available upon request only.

MetricStream Features

  • Key feature

    Cyber risk quantification quantifies the cyber risks within the enterprises in monetary value so that they can be prioritized.

  • Key feature

    It offers real-time visibility into IT and cyber risk posture to automate cyber governance and monitor vendors for security risks.

  • Key feature

    MetricStream uses AI/ML to perform internal audits to document, manage, and assess risks across the organization.

  • Key feature

    Users can access the policies through the centralized interface and leverage an NLP-based policy widget to search for relevant policies based on intent.

  • Key feature

    Get a real-time view of third-party and fourth-party information, including bank details, spending, ongoing assessments, contracts, country, issues, and certifications.

MetricStream Pros/Cons

  • Advantage

    AI-powered GRC that uses genAI and language models to give insights into existing GRC

  • Advantage

    Mobile-friendly platform for SOX compliance

  • Advantage

    Supports various frameworks like CCPA, HIPAA, PCI DSS, COSO, and ISO

  • Disadvantage

    Overwhelming for the new users

  • Disadvantage

    Only API integration is available

Camms

Camms

Best Agile and Scalable GRC Software

Geekflare rating score 4.5 out of 5
4.5
|
  • Risk Visualization
    Visual risk assessment dashboard
  • Compliance
    Automated GRC
  • User Interface
    User-friendly and intuitive
Custom Pricing
Demo Available
Get Camms

About Camms

Camms, founded in 1996, offers an agile ERM solution that links risk to business objectives in a single platform. It provides an integrated cloud-based approach for various functions, including operational, cybersecurity, third-party risks, regulatory compliance, audits, and ESG programs.

Camms caters to a wide range of industries like aerospace, education, pharmaceuticals, healthcare, legal, manufacturing, government, and others.

Integrations

REST API integration with every IT ecosystem

Camms Pricing

Camms pricing plans are only available on request.

Camms Features

  • Key feature

    The workplace health & safety feature measures the risks, performs incident management, and tracks safety incidents across the organization.

  • Key feature

    Operational resilience and BCM solutions help organizations prepare for unforeseen events by performing impact assessments.

  • Key feature

    Flexible workflow engine that creates certain conditions for different assessments and uses dashboards to assess different risks.

  • Key feature

    Ability to create short and large, complex workflows based on variables and scenarios.

  • Key feature

    Custom-built templates that allow organizations to build performance management assessments with custom elements.

Camms Pros/Cons

  • Advantage

    Wide range of education and training materials

  • Advantage

    User-friendly mobile app

  • Advantage

    Easy-to-navigate and customizable dashboard

  • Disadvantage

    Hidden pricing

  • Disadvantage

    Does not include various insights in reports

Riskonnect

Riskonnect

Best for Integrated Risk Management

Geekflare rating score 4.2 out of 5
4.2
|
  • Risk Visualization
    Built-in dashboards
  • Compliance
    Regulatory change management
  • User Interface
    Sleek and modern
Custom Pricing
Demo Available
Get Riskonnect

About Riskonnect

Riskonnect is an integrated risk management platform best known for managing risk within and outside an organization. Founded in 2007, it largely focuses on features like ESG, GRC, business continuity, and insurable risk.

Riskonnect enables organizations to understand the relationship between risks, dependencies, and vulnerabilities.

Integrations

API integration (REST and Simple Access Object Protocol)

Riskonnect Pricing

Pricing plans for Riskonnect are available upon request.

Riskonnect Features

  • Key feature

    The emergency notification system sends targeted notifications to the right person during the time of crisis.

  • Key feature

    Risk analytics software offers built-in dashboards representing data visualization and industry insights.

  • Key feature

    Risk register that maintains a workflow of risks and tools for bowtie cause-and-effect analysis.

  • Key feature

    Threat intelligence systems monitor threats in real-time in the form of heat maps.

Riskonnect Pros/Cons

  • Advantage

    Dedicated vendor portal

  • Advantage

    Active risk manager for calculating risks at every level

  • Advantage

    Storyboard-driven dashboards for performing audits

  • Disadvantage

    Limited integration options

  • Disadvantage

    Steep learning curve

Resolver

Resolver

Best for Incident and Case Management

Geekflare rating score 4.0 out of 5
4.0
|
  • Risk Visualization
    Advanced heat maps
  • Compliance
    Regulatory Compliance
  • User Interface
    User-friendly
Custom Pricing
Demo Available
Get Resolver

About Resolver

Resolver is an integrated risk management solution that uses automated workflows to identify, measure, and mitigate risks. Founded in 2000, this Ontario-based ERM software specializes in risk assessment across compliance, audits, incidents, and threats to translate into a quantifiable business metric.

Resolver automated workflow is best for large firms that have vast regulation and compliance needs.

Integrations

Custom integrations via core API, Webhook, and Workato

Resolver Pricing

Pricing plans for Resolver are available upon request.

Resolver Features

  • Key feature

    Automated alert system that notifies the assignees instantly and eliminates the delay in incident management.

  • Key feature

    BCM software anticipates disruptions and identifies the high-risk areas to create a plan and track the performance in advance.

  • Key feature

    The compliance management system tracks and verifies the vendors and compares them using a standard framework.

  • Key feature

    Resolver offers pre-made templates that assess the vulnerabilities and security risks within an organization.

  • Key feature

    The automated reporting feature transforms complex data into more measurable risk committee dashboards, reports, and heat maps.

Resolver Pros/Cons

  • Advantage

    Robust automation process

  • Advantage

    User-friendly mobile app

  • Advantage

    24/7 customer support

  • Disadvantage

    Integration is time-consuming

  • Disadvantage

    No transparency in pricing

SpiraPlan

SpiraPlan

Best for Agile Project Management

Geekflare rating score 4.2 out of 5
4.2
|
  • Risk Visualization
    Agile-focused, effective visuals
  • Compliance
    SSO based compliance
  • User Interface
    Intuitive
$2,181.49/year
Free Trial
Get SpiraPlan

About SpiraPlan

SpiraPlan is one of the top choices for software companies and Agile teams. This project planning program gives a 360-degree view of your projects by combining Enterprise Agile Planning, Program, and Risk Management with Quality Engineering.

The risk management system helps identify, analyze, treat, and monitor risks within the team and seek solutions for the risks.

Integrations

IDE integration

SpiraPlan Pricing

SpiraPlan offers a pay-per-user pricing model, with two options available depending on whether it is cloud-based or on-premise.

– Cloud plan starts at $2,181.49/year for 3 users.

– On-premise version starts at $1,958.99/year for 3 users

SpiraPlan Features

  • Key feature

    SpiraPlan offers tools for software development risks, including Scrum boards, sprint planning, and burndown charts.

  • Key feature

    The release management feature includes the list of all the released versions of the software and divides them into sprints.

  • Key feature

    The QA testing feature uses the pass/fail filter and records bugs automatically instead of manually documenting them.

  • Key feature

    SpiraPlan offers a comprehensive report with metrics like open incidents, risk summary, and execution status. The report is available in various formats, such as MS Word, MS Excel, HTML, Adobe Acrobat, and MS Project.

  • Key feature

    Their planning board eases collaboration among the software teams, enabling them to update the status in real-time and break up features into tasks.

SpiraPlan Pros/Cons

  • Advantage

    Supports all operating systems and mobile devices

  • Advantage

    Comprehensive tutorials and online support

  • Advantage

    Drag-and-drop dashboard interface

  • Disadvantage

    Users may face technical glitches

  • Disadvantage

    Limited mobile device functionality

AuditBoard

AuditBoard

Best for Audit Management

Geekflare rating score 4.5 out of 5
4.5
|
  • Risk Visualization
    Visual risk insights with heap maps
  • Compliance
    Centralized and automated
  • User Interface
    AI-powered
Custom Pricing
Demo Available
Get AuditBoard

About AuditBoard

AuditBoard was founded in 2014 and caters to the needs of enterprises with its ERM functionalities along with compliance and audit management. Its USP lies in real-time collaboration tools that unify the teams and ensure smooth workflow.

AuditBoard gives a single view of risk, EGS, and compliance data to streamline business continuity management activities.

Integrations

Integrates with Slack, Asana, AWS, HubSpot, Snowflake, etc.

AuditBoard Pricing

Pricing is available on request.

AuditBoard Features

  • Key feature

    The internal audit management tool offers a no-code automated solution with real-time monitoring of your audits.

  • Key feature

    Automated evidence collection feature that pulls out the data from the source system without the need for coding.

  • Key feature

    Perform third-party vendor assessments using the pre-build templates and compare them based on a score.

  • Key feature

    AuditBoard offers a dedicated IT risk management feature for identifying emerging threats and monitoring them in real-time.

  • Key feature

    Transparency and visibility into various data collection and streamlined ESG management in a single platform.

AuditBoard Pros/Cons

  • Advantage

    Automated ESG and auditing workflows

  • Advantage

    Intuitive platform

  • Advantage

    Real-time data processing

  • Disadvantage

    No pricing details

  • Disadvantage

    Not customizable

Secureframe

Secureframe

Best for Compliance Automation

Geekflare rating score 4.8 out of 5
4.8
|
  • Risk Visualization
    AI visibility automation tools
  • Compliance
    Automated compliance
  • User Interface
    AI-powered
Custom Pricing
Demo Available
Get Secureframe

About Secureframe

Secureframe is more of a compliance management tool that comes with AI capabilities. It uses automated workflows to manage security, risk, and compliance within an organization. Its highlight feature includes a risk register that evaluates the risk treatment, assigns owners, gains visibility, and ensures accountability.

Secureframe also offers key functionalities like Automated evidence collection, continuous monitoring, and risk management—all in one place.

Integrations

200+ native integrations with apps like AWS, Google Drive, Slack, GitHub, and Asana

Secureframe Pricing

Secureframe offers four pricing options: Essentials, Growth, Premium, and Enterprises, with the pricing available upon request and the option to start with a demo.

Secureframe Features

  • Key feature

    End-to-end automated risk management that provides inherent score, justification, and residual risk scores.

  • Key feature

    Secureframe deploys and tracks the employee training modules for compliance like SOC 2, HIPAA, PCI DSS, and GDPR.

  • Key feature

    Admins can assign personnel for compliance tasks, track incomplete tasks, send reminders, and re-assign.

  • Key feature

    Users can leverage pre-made templates or create compliance tests to maintain compliance programs and track the status of tests.

  • Key feature

    It allows you to create a trust center that gives customers and prospects visibility into security frameworks. The trust center can be customized to suit the brand’s style.

Secureframe Pros/Cons

  • Advantage

    Automated compliance management

  • Advantage

    Supports major compliance frameworks including SOC 2, PCI DSS, FTC, GDPR, HIPAA, CCPA

  • Advantage

    API integration capabilities

  • Disadvantage

    Some workflows are manual

  • Disadvantage

    Hidden pricing

LogicManager

LogicManager

Best with Consulting Support

Geekflare rating score 4.8 out of 5
4.8
|
  • Risk Visualization
    Visual risk assessment templates
  • Compliance
    Regulatory change management
  • User Interface
    User-friendly
Custom Pricing
Demo Available
Get LogicManager

About LogicManager

LogicManager, founded in 2005, is an enterprise risk management software that helps businesses identify, mitigate, and report risks across operational silos. It combines software with consultancy services to connect businesses with advisory analysts and provide training on risk management practices.

Features include IT and cybersecurity risk assessments, third-party risk management, regulatory compliance efforts, business continuity management, internal auditing, and financial controls.

Integrations

Integrates with 500+ applications, including Office 365, Slack, Dropbox, PowerBI, etc.

LogicManager Pricing

Pricing is available on request.

LogicManager Features

  • Key feature

    Centralized platform for managing and mitigating the risks, creating the risk models, and automating stakeholder-related tasks.

  • Key feature

    In-depth analysis of risks using various visualizations, such as dashboards, heat maps, and built-in risk metrics.

  • Key feature

    AI and ML-based Document Risk Analyzer that identifies the risks associated with a shared business document without even opening it.

  • Key feature

    Ability to build and manage policy programs with a risk-based approach to ensure a streamlined incident management program.

  • Key feature

    Identifies the industry-specific risks so that users can find the root cause quickly.

LogicManager Pros/Cons

  • Advantage

    No-code template-based approach

  • Advantage

    One-click compliance

  • Advantage

    AI, ML, and automation tools for risk management

  • Disadvantage

    Less customization features

  • Disadvantage

    Document and editing could be improved

Mitratech Integrum

Mitratech Integrum

Best for Environmental, Health, and Safety Management

Geekflare rating score 4.2 out of 5
4.2
|
  • Risk Visualization
    Detailed visualization dashboard 
  • Compliance
    360-degree automated GRC
  • User Interface
    Steep learning curve
Custom Pricing
Demo Available
Get Mitratech Integrum

About Mitratech Integrum

Mitratech Integrum is a fully integrated risk management ERM software that is best known for its QHSE, compliance, incident, and risk management — an all-in-one application.

Mitratech Integrum has over 1,50,000 users across 200 countries, catering to almost any industry sector. It specializes in Health, Safety, and Environment (HSE) management tools that ensure workplace safety and regulatory compliance.

Integrations

Real-time integration with systems like SAP, PeopleSoft, Oracle, Mincom, ERP systems, Trim and Microsoft SharePoint

Mitratech Integrum Pricing

Pricing is available on request.

Mitratech Integrum Features

  • Key feature

    Third-party risk management helps detect, mitigate, and assess compliance risk, regulatory scrutiny, and financial risk and penalties.

  • Key feature

    RegAdvisor, a regulatory compliance management software, is tailored for the finance software and updates with policies and compliance in real-time.

  • Key feature

    360-degree automated GRC platform that creates an AI-enabled workflow (no-coded) with powerful dashboard capabilities.

  • Key feature

    It offers internal audit templates for conducting compliance audits and inspection management.

  • Key feature

    This ERM software uses the framework ISO45001 and undertakes tasks like managing employee health, conducting health assessments, and driving wellness programs.

Integrum Pros/Cons

  • Advantage

    Drag-and-drop template for creating workflow

  • Advantage

    User-friendly mobile app

  • Advantage

    Automated emails and notifications

  • Disadvantage

    No free trial

  • Disadvantage

    Limited integration with tools like SharePoint, SAP, and Oracle

StandardFusion

StandardFusion

Best for Information Security and Compliance

Geekflare rating score 4.5 out of 5
4.5
|
  • Risk Visualization
    Heat maps and dashboard
  • Compliance
    Comprehensive compliance monitoring
  • User Interface
    User-friendly
Custom Pricing
Demo Available
Get StandardFusion

About StandardFusion

StandardFusion is an integrated GRC platform founded in 2014. It caters to a variety of industries and offers features like risk management, audit management, compliance management & automation, privacy management, and more.

StandardFusion USP lies in the integration between risk management activities and real-time data.

Integrations

Integrates with JIRA, Slack, PowerBI, GitLab, Confluence, SecurityScorecard, and others

StandardFusion Pricing

Pricing is available on request.

StandardFusion Features

  • Key feature

    StandardFusion offers a modular approach that allows users to customize their risk profiles according to the solution.

  • Key feature

    Users can assess their risk using the quantitative and qualitative risk methodologies or create their own assessments.

  • Key feature

    It offers a comprehensive view of your data and how it can be leveraged for risk and compliance programs.

  • Key feature

    The audit platform evaluates the internal and external audit status, provides access to evidence, and gives the status in real-time.

  • Key feature

    Vendor assessment and management through pre-built questionnaires helps identify the right vendors and third-party risks.

StandardFusion Pros/Cons

  • Advantage

    Free trial

  • Advantage

    Customizable interface

  • Advantage

    Offers compliance with various frameworks, including SOC2, HIPAA, ISO, GDPR, and NIST

  • Disadvantage

    Expensive pricing plans

  • Disadvantage

    Does not offer health & safety management

Sprinto

Sprinto

Best for Task and Project Management

Geekflare rating score 4.8 out of 5
4.8
|
  • Risk Visualization
    Real time visual risk analysis
  • Compliance
    Automated and global
  • User Interface
    Modern and user-friendly
Custom Pricing
Demo Available
Get Sprinto

About Sprinto

Sprinto is regarded as the #1 compliance management tool for enterprises that predicts, prioritizes, and mitigates the risks associated with non-compliance and new onboarding.

Sprinto is a cloud-based software for integrated risk management. It goes beyond security risks, offering features like vendor risk management, vulnerability assessment, policy management, and compliance with different frameworks.

Integrations

Sprinto integrates with 200+ apps like Oracle, Azure, Zoho, Digital Ocean, Postman, Confluence, etc.

Sprinto Pricing 

Sprinto pricing varies based on the number of employees in your organization and the specific compliance framework, such as SOC2, ISO27001, GDPR, HIPAA, etc. For pricing information, please request a quote.

Sprinto Features

  • Key feature

    Risk register allows users to add or remove risks, create custom risk treatment plans and perform system checks on the go.

  • Key feature

    IT security compliance provides a security questionnaire with ready-to-use responses and auto-response options.

  • Key feature

    Quantifies and qualifies the risks in metrics so that users can create mitigation plans to reduce risks.

  • Key feature

    Real-time vulnerability assessment and risk mitigation as they are pinpointed.

  • Key feature

    Automated security audits to identify security gaps along with monitored logs, documentation, and system snapshots to share with the stakeholders and others.

Sprinto Pros/Cons

  • Advantage

    Role-based access management

  • Advantage

    AI-based recommendations

  • Advantage

    Automated compliance workflows

  • Disadvantage

    No free trial

  • Disadvantage

    Hidden pricing

Essential ERM

Essential ERM

Best for Small and Midsize Enterprises

Geekflare rating score 4.5 out of 5
4.5
|
  • Risk Visualization
    Visual assessment tools
  • Compliance
    Integrated Risk Voting
  • User Interface
    Simplistic user interface

About Essential ERM

Essential ERM comes with various accolades from G2 as the easiest ERM software that uses enterprise risk management in tandem with strategy planning. Founded in 2009, this enterprise risk management tool caters to over 20 industries in over 55 countries.

For its affordable solution, Essential ERM is perfect for small and medium-sized enterprises looking for powerful features at low cost.

Integrations

Custom integrations via API

Essential ERM Pricing

Essential ERM Pricing offers three options: a standard plan for $299 per month or $3,588 per year, a Pro plan, and an Enterprise plan, which are available upon request.

Essential ERM Features

  • Key feature

    Dynamic bowtie assessment, a visual assessment tool, represents the causes on one side, consequences on the other, and measures in the center.

  • Key feature

    It helps organizations identify and manage ESG opportunities and browse ESG topics for specific industries.

  • Key feature

    Stakeholders can vote on risks to generate automated risk ratings to reduce groupthink and engage more users.

  • Key feature

    It offers role-based access to admins, power users, standard users, readers, and contributors for controlled risk assessment.

  • Key feature

    The ERM system comes with a custom reporting feature, custom library, and custom file exports to the external systems.

Essential ERM Pros/Cons

  • Advantage

    Affordable pricing plans

  • Advantage

    Improves organizational collaboration

  • Advantage

    Flexible on-demand reports and visualizations

  • Disadvantage

    Limited customizations for risk tolerance and risk identification

  • Disadvantage

    No custom reporting

What is ERM Software?

Enterprise Risk Management (ERM) software is a tool for identifying, assessing, monitoring, and managing risks across enterprises. It provides an actionable approach to risk management that allows organizations to prioritize and eliminate risks accordingly.  

ERM systems provide various tools and analytics for compliance, policy management, third-party risk assessment, and incident assessment. ERM software is most commonly used in healthcare, finance, technology, SaaS, and eCommerce. 

What Does ERM Software Do for Businesses?

ERM software solutions offer multitudes of benefits for small, medium, and large-sized businesses across various sectors. The benefits of ERM software for business are listed below.

  • Identifies Risks: Know all the risks associated with the organization that can affect the customers, employees, and the organization’s functioning. 
  • Assesses Risk Impact: Some ERM software gives quantitative metrics of the risk impacts and the consequences related to it. 
  • Prioritizes Risks: Businesses can prioritize their risks as highly critical, medium, low, or extremely critical and prioritize the one that needs attention. 
  • Develop Mitigation Strategies: Users can also create workflows, laying down the mitigation strategies associated with these risks. 
  • Improves Decision-Making: By prioritizing the risks, businesses can focus on important things and improve their decision-making. 
  • Enhanced Compliance: To avoid penalties and be regulated by the laws, ERM software offers compliance with various frameworks like ISO, HIPAA, GDPR, PCI DSS, and others.  
  • Monitors Risks: Organizations can monitor their risks through detailed dashboards and reports with metrics like open incidents, total risks, status of risks, etc. 

What Business Department Uses the ERM Software?

ERM software is not limited to specific business departments. 

  • Project teams and Agile IT teams use ERM software to detect vulnerabilities and compliance risks in the development stage. Tools like SpiraPlan and StandardFusion focus on IT compliance and detect the vulnerabilities associated with it. 
  • Finance teams can use the bank ERM software solutions to check for compliance, establish trust centers, and layout policies. They also check for financial fraud and potential gaps that may lead to legal fees. A solution like Essential ERM is best suited to address financial risks and impacts. 
  • HR teams also find various uses of ERM systems, such as onboarding and offboarding workflows, contract compliance, taxation, and detailed reports on the employee lifecycle. 
  • The Legal & Compliance department uses the ERM tools to monitor the necessary regulations and compliance with the laws. They can use this to create action plans and assign these tasks to the concerned person. 

How Does ERM Software Function?

Enterprise risk management systems are used by businesses for various applications and use cases. Some of the most significant functions of ERM software are listed below. 

  • Risk identification: ERM software pinpoints the risks in real-time to save businesses from potential hazards like environmental, health & wellness, legal, or human-resources risks. 
  • Data Collection: It provides a centralized repository of data from various sources, such as customer, vendor, incident, claims, and financial data. 
  • Risk Assessment: Users can assess the risks and qualify and quantify them to measure the impact of these risks on the organization.   
  • Risk Prioritization: Businesses can use this feature to prioritize and group risks together. This way, grouped risks can be divided among the departments and between the hierarchical levels in the organization. 
  • Mitigation Planning: This is the step where you roll up your sleeves and get down to tackle all the risks and handle the incidents. This allows teams to collaborate and create mitigation strategies using the necessary tools to eliminate any threats and dangers. 
  • Monitoring and Tracking: This is an answer to whether your fruits are rightly sown. ERM reporting and tracking allows you to measure the after-effects of risk strategies and mitigation plans. The platform leverages various metrics for the board members, stakeholders, and teams to analyze if they are heading in the right direction. 
  • Scenario Analysis: These ERM solutions create hypothetical scenarios for preparing businesses for different use cases like climate impacts, economic crises, sustainability, etc.  

Is ERM Software better than ERP Software?

Yes. ERM is better than ERP software in terms of the capabilities and benefits it offers to businesses. ERM is designed to identify, assess, and mitigate risks that could potentially affect an organization’s operations and objectives.

ERP, on the other hand, integrates various business processes and functions into a unified system to streamline operations and improve efficiency. While ERP enhances operational efficiency by automating business processes, ERM is dedicated to safeguarding the organization against potential risks. 

How to Choose ERM Software?

Businesses should employ certain criteria when choosing the right ERM software, which are listed below.

  • User Interface: The ERM software should offer an intuitive user interface with clear navigation tools, detailed business insights, and reports. 
  • Integration: The platform should offer wide integration capabilities, third-party, API or webhook integrations with a wide array of tools like collaboration, productivity, CRM, security manager, data management, etc. 
  • Automation: Know whether the ERM software offers automated workflow management to identify, assess, and monitor risks. This reduces the chances of errors and speeds up the testing process. 
  • Security: Security is highly coveted for businesses. Security features like compliance with framework regulations, encryptions, data security and privacy, and integration with security systems make ERM a viable choice for such businesses. 
  • Reporting: The platform should offer a robust reporting feature, with detailed insights combined with the right data. Some ERM reporting capabilities also include personalized reports, incident management, status, and risk scoring. 
  • Pricing: Compare the features with the pricing that the ERM offers. The ERM should not have hidden fees and should be transparent about the use of add-ons. You should also compare the top ERMs in the list and the features that they offer. 

Is ERM Software Cheap?

No, most ERM software is designed for enterprise businesses, meaning a hefty set of features and offerings. The pricing varies based on the number of users, features, scalability, and customization. On average, the ERM software costs between $250-$2,000 per month. 

Is ERM Software Secure? 

Yes. ERM software offers top-notch security for enterprises of all sizes. ERM software is built on multiple layers that guarantee data protection, encryption and secured frameworks for the organizations. It also offers backup and data recovery solutions that may delete the data during hazards and recover its backup. Most ERM software complies with necessary regulatory frameworks like PCI DSS, GDPR, ISO, etc.