Riskonnect product overview
Riskonnect is a cloud-based integrated risk management software solution that provides visibility to reduce risk, increase efficiency, and improve organizational performance. It has capabilities for compliance management, risk management information systems, enterprise risk management, and audit management.
Riskonnect’s enterprise risk management software empowers organizations to anticipate, assess, mitigate, and monitor every form of risk from every corner of the organization. It brings together all related data in one place for a complete view of risks, how they relate, and the cumulative impact on the organization.
The solution allows companies to apply a structured, proactive, and continuous process within the organization to better understand the risk landscape and make intelligent decisions to effectively capitalize on opportunities. More than 900 businesses across six continents use Riskonnect’s unique risk-correlation technology to gain previously unattainable insights that deliver better business outcomes. Riskonnect has more than 500 risk management experts in the Americas, Europe, and Asia.
Pros of Riskonnect
- The software eliminates surprises by mapping risks to visually show how they interrelate.
- It prioritizes actions and shows the magnitude of each risk so organizations can focus their response.
Cons of Riskonnect
- Some users commented that the software’s implementation is cumbersome.
Breakdown of core features
Risk management information systems (RMIS)
Riskonnect’s risk management information system gives unprecedented insight into risks so users can make informed decisions faster. It seamlessly consolidates data from multiple sources, automates routine processes, and uses analytics to turn complicated information into actionable intelligence. It has a user-friendly platform that tackles daily risk management challenges with better data, faster analytics, and smarter insights.
The solution communicates risk status, including customizable KRIs and KPIs, through highly visual dashboards. It provides heat maps that display a visual representation of the assessed risks so companies can communicate the most and least concerning risks to the organization.
Reporting and analytics
The software combines analytics with intuitive and flexible report design tools so users can make decisions around their risk data. It includes more than 100 templates for standard reports and builds reports around the company’s needs through an intuitive drag-and-drop interface. The software also converts complex data into meaningful, highly interactive charts and graphs. Users can set the system to automatically generate and share reports based on a calendar date or specific event.
Third-party risk management
Riskconnect collates vendor information, such as agreements, contracts, policies, and access credentials to efficiently monitor vendors throughout the entire relationship. The software tracks everything that relates to third-party suppliers in real-time. It also compiles important details and documentation for third parties, like vendors and channel partners. Furthermore, it automates workflows to save time and improve reliability.
(Last updated on 02/02/2022 by Liz Laurente-Ticong)