Many companies in all industries can benefit from risk management tools. Risk is a natural part of business life. Some risks are unavoidable; others can be controlled or avoided. Managing these challenges requires an accurate and flexible framework that allows for rapid adaptive processes as well as adequate time to prepare and respond to unexpected events. The following article identifies four types of risk management tools:
Software as a service (SaaS) is a cloud-based application delivery model that enables companies to create applications that run on a subscription basis via the Internet. Customers can access these applications and make their own decisions based on their needs, which may include purchasing, tracking, analytics, integration, deployment, and many other key features. The greatest value of SaaS is that it provides seamless integration with internal systems, such as the supply chain management system at a supermarket chain or the corporate purchasing and supply chain systems at a hospital. When using an SaaS risk management tool, the integration of internal and external applications can be managed efficiently and effectively.
Process mapping is another risk management tool used in many businesses. Process map is a drawing of a workflow that describes the sequence of events that occur during a project. It helps managers understand which steps an employee should take in each specific work flow. A process map may be implemented using any number of different software. Microsoft Cognitive Services, Agile Analytics, Business Objects, Hadoop, etc., are some examples of popularly used process maps.
Standardfusion is a web based application developed by Yahoo! Today, more organizations are moving from traditional enterprise resource planning (ERP) models to using a Standardfusion risk management tool. Using a Standardfusion risk management tool, the employees are able to map the risks of their projects to the standard functions within the organization. Standardfusion has a number of different modules that allow managers to define custom risk functions, which can include risk evaluation, process mapping, process optimization, and usage management.
Kanban is a web based project management tool that is based on the Lean methodologies. Kanban uses the work flow visualization model to identify work flows for a project and group of tasks. The project manager creates the user interface for the team to define risks within their work flow. Work flows can be categorized according to priority, time required to complete each task, the impact on the schedule, quality requirements, and any number of other factors. Once the risk profile is defined, the project manager can create alerts that require the team to take corrective action, which often results in improved performance.
Pricing information and analysis tools are another part of a Standardfusion risk management tool. The project manager can apply standard statistical methods of risk assessment to determine pricing information. This includes variance estimation, random effects modeling, non-parametric estimators, multiple regression analysis, contingency tables, decision trees and Bayesian nets. These tools make it easy to determine pricing information from data and historical data. Project managers can use these same techniques to determine the viability of project options and cost estimates.
Kanban is a flexible project tool that can be used in a number of different ways. It provides project managers with the same kinds of tools that they would find in a comprehensive risk assessment software. It also provides additional features that make it easy for the manager to manage and monitor the organization’s activities related to the project. Kanban, along with risk assessment software such as Standardfusion and Quicken, have the same key features.
Each of these tools has its own special purpose, which is why they are important for managing organizational risk. The features mentioned above are only a few of the key features that make these tools valuable for the project manager. Risk management is a growing field, which means that there are many new and improved risk assessment software being developed all the time. When choosing a tool, though, it is important to consider whether the tools have the right features for the task at hand.
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