According to a study 86% of the companies implement risk management software inside their organisation.
Identify what are the potential risks that are going to occur for a project is a hectic and time-consuming job for project managers as they are already full with other tasks. With the growth in number of projects a company takes, the number of intended risks also increases. The managers using simple and static approach are tend to not identify these risks and hence face issues in the project.
Risk Management Software
Risk Management Software is a very useful tool for the companies which need to identify, monitor, assess and resolve occurring issues in their projects. This specialized software helps detect, evaluate, track, and address various risks that could potentially hamper a company’s business goals, operational effectiveness, and financial security.
Through a methodical examination and ranking of these risks, the software enables companies to proactively handle and decrease their influence on day-to-day activities. This makes Risk Management Software a crucial element in ensuring business continuity, preserving the company’s reputation, and mitigating the adverse effects of unforeseen events.
The software equips organizations with the necessary resources and knowledge to anticipate, comprehend, and adjust to these constantly changing challenges. Utilizing advanced algorithms, data analytics, and artificial intelligence, the software can analyse large volumes of data, uncovering patterns, trends, and potential threats that might otherwise remain unnoticed.
Here are top 7 free and open source risk management tools:
- Open Source Risk Engine
The Open Source Risk Engine (ORE) is a risk management software that is both free and open source. It is built on the QuantLib platform and made available under the Modified BSD License. This software offers flexibility, allowing you to tailor the code to suit your needs. You have the option to use it as a standalone application or integrate it with commercially licensed software. ORE is a powerful risk management solution equipped with advanced features to effectively handle risks and safeguard your business from financial crises. As an open source software, it can be downloaded at no cost, but you may need to incur expenses for customizing and deploying it according to your specific business requirements through your technical team.
- SimpleRisk
SimpleRisk is a freely available, open source software that offers Governance, Risk Management, and Compliance (GRC) capabilities. With SimpleRisk, you can effectively navigate risks associated with evolving government regulations and financial matters. This software was specifically designed to assist companies in managing their GRC programs with a systematic and reliable approach, ensuring minimal errors. You can download SimpleRisk at no cost and easily customize it to align with your unique business preferences.
- Eramba
Eramba is an enterprise-level Governance, Risk, and Compliance (GRC) solution available for free as an open source software. It offers easy configuration, customization, and user-friendly interface. Eramba supports various aspects of risk management, compliance, incident management, internal control testing, policy reviews, and online assessments. By utilizing Eramba, organizations can identify and tackle risks effectively. The community version of the software is completely free to use. However, for access to regular updates and core team support, an enterprise version is available, which requires a flat yearly fee.
- RA Risk Coverage
Eramba is an enterprise-level Governance, Risk, and Compliance (GRC) solution available for free as an open source software. It offers easy configuration, customization, and user-friendly interface. Eramba supports various aspects of risk management, compliance, incident management, internal control testing, policy reviews, and online assessments. By utilizing Eramba, organizations can identify and tackle risks effectively. The community version of the software is completely free to use. However, for access to regular updates and core team support, an enterprise version is available, which requires a flat yearly fee.
- PTA Professional
PTA Professional is a risk management software available as open source and free to use. Developed with Practical Threat Analysis calculative technology, it empowers users to construct practical threat models and conduct quantitative risk assessments for intricate systems. This software is specifically designed to handle both operational and security risks effectively.
- OpenVAS
OpenVAS is a risk management software that comes as an open source and is available for free. It is designed to scan system vulnerabilities. The software offers extensive capabilities, including unauthenticated and authenticated testing, to ensure that both high and low-level protocols within the organization are thoroughly examined. Additionally, OpenVAS employs an internal programming language to execute vulnerability tests, optimizing performance for large-scale scans.
- Project Risk Manager
Project Risk Manager is a flexible risk management tool that enables you to detect, assess, and address risks associated with your organization’s projects. It facilitates efficient planning, management, and execution of projects while minimizing exposure to potential harm. The software offers both an open source version, which is not free, and a cloud-based free version with limited features, restricted to 5 users.