Operational Risk Management Software

Create risk registers.

Riskonnect’s operational risk management software lets you build risk registers based on business unit, geography, or risk type. Use prebuilt templates and frameworks to capture and assess cybersecurity, operational, strategic, compliance, and project risk. Classify risks by category and impact level, assign ownership, and manage approval workflows and escalation paths. Enhance your risk assessments by integrating key risk indicators (KRIs) for deeper insights into emerging trends and threats.

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Conduct risk assessments.

Facilitate regular risk assessments to assess each risk’s potential impact and likelihood. Staff receive notifications when risk assessments are due, and they complete the details via online forms. This continuous monitoring of risk levels enables firms to run reports on risk exposure, enabling them to address escalating risk levels quickly and implement the necessary controls.

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Operate within your risk appetite and tolerance levels.

Operational risk and safety management software solutions align risk monitoring and remediation activities with your defined risk appetite and tolerance thresholds. Automated alerts notify you when risk levels relating to internal and external events are near or exceed thresholds, so you can implement corrective actions before issues escalate.

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Implement risk-aligned controls.

Modern operational risk management software facilitates the mapping of operational risks to controls. It aligns processes with COSO, ISO 31000, SOX, and other regulations and standards.

Single controls can be used across multiple risk categories, reducing duplication and providing clearer visibility into overall risk exposure.

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Develop risk mitigation strategies.

An operational risk management tool ensures controls are effective through checks, testing, and clear escalation paths. The software allows you to implement risk mitigation workflows and fully document every prevention step. The platform automatically notifies risk owners and stakeholders, helping them address risks before they escalate and keeping teams aligned.

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Gain visibility into enterprise-wide risks.

Operational risk management software delivers a comprehensive overview of potential risks across business units, functions, and locations. Customizable dashboards and visualizations make it easy for stakeholders to interpret complex data quickly, enabling leaders to make faster, more confident decisions.

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Streamline compliance.

Operational risk software centralizes compliance requirements, policies, and procedures, helping you meet obligations, minimize risk, and avoid fines and penalties. It also automates regulatory change management, allowing your organisation to stay compliant.

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Manage third-party risk effectively.

Operational risk management tools let you track suppliers, assess the risks they pose, and monitor their performance in real time. Automate vendor risk assessments, speed up onboarding, and create audit-ready records for all third-party relationships and supply chain risks.

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Capture and resolve incidents.

Operational risk management platforms equip teams to log and manage operational, health and safety, IT, or compliance-related incidents. Intuitive forms and automated workflows guide each case to resolution. Staff can attach key evidence, including documents and images, directly to the incident record. Automatic notifications keep stakeholders informed of incident status, resolution progress, and outstanding actions in real time.

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Automate the internal audit process.

Software for operational risk management lets you plan and schedule your internal audits, ensuring efficiency. Create forms with the relevant fields based on your audit criteria and internal processes, and capture and report on the results. Systematically assess the effectiveness of your governance practices, identify control gaps, and take corrective action. Automated workflows, standardized assessments, and integrated data sources reduce audit prep time and produce reliable audit trails.

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Align risk with strategy.

Operational risk management software solutions support the development, execution, and monitoring of strategic plans and the risks that could impact them. They help firms break complex initiatives into actionable tasks with defined accountability, enabling smarter, calculated risk-taking. Software allows you to promptly address risks that could derail your strategy, supporting your long-term goals and improving decision-making.

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