The ultimate guide to enterprise risk management (ERM) software

A successful risk management system will keep your business aligned, prevent costly mistakes, promote ethical behaviours, and improve your profitability. 

However, NC State University found less than a third of organisations have a complete enterprise risk management process. 

For small businesses, risk can be managed on spreadsheets. Yet as businesses grow, evolve and merge, manually tracking risks and opportunities on spreadsheets and random, siloed documents is not a sustainable process. 

Not only does a manual risk management system make collecting, assessing, evaluating and treating risk a time- and energy-consuming process, issues and mistakes start slipping through the cracks at an alarming rate. 

Enter: ERM software. 

What does ERM stand for? 

ERM stands for "Enterprise risk management."

A company's ERM provides a live single view of risks, opportunities and vulnerabilities. That means everything from incidents which occurred two weeks ago and are being treated (and why they happened in the first place) to assessments of the residual and inherent risks of a business change request. 

Image: Qualsys ERM sends data to and from different levels of the organisation to ensure collaboration, communication and critical thinking. 

The benefits of using Qualsys ERM software

1) Traceable, rich risk data inventory: Feed live data from systems, employee feedback, environmental triggers etc. into your central risk management system. 

2) Collaborative analysis: Apply your risk treatment methodology in the ERM - this could be RAG statuses, CVSS scoring etc.  

3) Defensible risk evaluation process: Reduce legal risk and demonstrate ethical, critical thinking of complex business decisions. Use workflows, electronic signatures and audit trails to protect your business in the face of litigation. 

4) Proactive, pre-emptive company culture: Protect and improve your reputation. No more nasty surprises during audits. 

Image: Qualsys ERM process - Complex, but not complicated 

Features to look for in an ERM software

Your enterprise risk management system needs to be adapted to meet your risk assessment process.

This includes key risk management features such as: 

• ISO 31010 risk assessment techniques 
• HACCP, FMEA, cause and effect, delphi and cost benefit analysis 
• Apply control framework: COSO, COBIT, ISO 31000, ISO 14971
• Risk assessment storage
• Activate a risk treatment plan 
• Unique identifiers
• Risk traceability controls
• Risk record links 
• Configurable risk assessment process 
• Flexible risk categories with related processes e.g. Strategic risk, compliance, operational, reputation risk
• Risk assessment approval workflows / peer reviews
• Risk suggestion tool 
• Risk record clone 

These days, however, your enterprise risk management system needs to go beyond providing a framework for your risk assessment process. 

Your enterprise risk management system needs to be integrated with the business. For example, ISO 9001:2015 mentions risk in every clause:

Data needs to feed into your risk identification process. The assessment and treatment process then needs to flow throughout your organisation to drive positive change and transformation. 

Here are a few features which are also included in the Qualsys ERM software: 

Business intelligence  Document, policy and procedure management Flexible workflows  Audit and inspection management  System integration with finance, CRM etc.  Incident management  Quality events  Customer feedback - positive and complaints  Management review meetings  Competency and training records management  Flexible risk assessment tool Equipment and asset register  Supplier register  Supplier portals

Implement an ERM: Start by finding an ERM software tool  

Qualsys is the UK's preferred software tool for larger enterprises. Comprehensive ERM features coupled with an expert service means you have a world-class risk management methodology setup within weeks. 

Watch ERM by Qualsys in action here: https://get.eqms.co.uk/enterprise-risk-management-software/