What risk management software?
While helping organisations strengthen their risk management arrangements we’re often asked what software do we recommend for risk management. The unfortunate fact is that there are many products out there which claim to make risk management easy, but which actually do little (if anything) to help your organisation.
We can help you avoid making an expensive purchasing mistake. If you know you need something but perhaps don’t know what you’re looking for we can help.
Here are some questions you should consider asking vendors. We can help you understand the answers to make sure that what you buy will deliver real benefits.
Does the software use qualitative scales, 1-5 scores, or colours to assess risk? These have many flaws and cannot be used to support decision-making. The software is no more than a glorified spreadsheet.
Does the software use probabilistic techniques to allow quantitative assessment of risk?
Does the software claim to be ‘best in class’? This label is commonly found within risk management, yet never comes with evidence that it’s any better than other options.
Does the software support the use of bowtie analysis for risk identification?
How does the software support different options, scenarios, and combinations of risk events?
How does the software support the link between risks and the organisation’s objectives?
Does the software produce timely, actionable information, based on good quality data, which leaders and managers can use to support their activities and decisions?
Can the software be used to determine the likely cost and schedule outcomes of projects?
Feel free to ask vendors these questions, and hopefully you won’t end up with an expensive piece of software that produces shiny reports but contributes nothing to success. If you’d like to really know what would work for your organisation get in touch and we’ll support you make the decision.