What risk software is best?
We often get asked ’what software should we be using for risk management?’ and the unfortunate fact is there are many products out there which claim to be the best, but actually do nothing to help organisations deal with risk and uncertainty. Here are some things to consider.
Does the software use qualitative scales, 1-5 scores, or colours to assess risk? These have many flaws and cannot objectively or justifiably be used to support decision-making. The software is no more than a glorified spreadsheet.
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.