Risk management
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Several software packages can be used in risk management. They include; RiskView, Analytic Solver, OneSoft Connect, Optical SmartStart, among others. This software is one of the vital parts of any business. It has quite a several benefits to any organization. Firstly, it identifies and classifies business risks, takes proper measures based on the risk, and evades the risk by suggesting a suitable risk management strategy. Also, it gives automated risk reports. This enables the user to act and prevent the associated risk. The software is accurate and relevant in that it provides data in real-time to allow easy view by managers who, in turn, works accordingly. By use of the software, organizations data is well secured with password protection. Thus it increases reliability. Lastly, the software provides real-time data recording, which makes it easy to record and update data related to risk management.
The various software has a difference in both appearance and operation procedures. The different companies produce a different product for marketing purposes and also for different user experiences. The similarity of the various packages is that they all perform a similar task, and they have the same features of risk analysis and management. Both RiskView and Analytic Solver use spreadsheets for data analysis and use the cloud for storage of data for safety purposes.
There is a lot of risks linked to creating high-quality software that needs to be carefully managed. This calls for the use of automated risk management tools as they contain modules for data collection, analysis, and output. The computerized tool used must be compatible with hardware and software that the organization uses. These tools have structures that gather information, either textually or graphically, about the system under study. It then identifies assets and values them as it provides the management with the awareness of the need for security. These assets may include; information, equipment, inventories, personnel, income, and others. The tool then proceeds to threat and vulnerability assessments, in these phases, potential threats are evaluated and their vulnerability as well. The relative effectiveness of controls and safeguards in place are addressed in this phase. They include the security of the software, administration, hardware, physical facilities, and environmental facilities. After these analyses, the output is evaluated, and the users are taken through the system to familiarize with it (Fraser & Simkins, 2016).
RiskView solution is one of the risk management software; it delivers deep insight into critical consumer behaviour. It enables a business to evaluate customers’ stability, ability, and willingness to repay support, strengthen lending compliance, and mitigate risk. It also maximizes predictive power; by using its sources, the information obtained helps to predict one’s credit decisions. RiskView solutions help a business to expand market reach while minimizing risk exposure. It delivers easy-to-use decision tools that help to grow a strong customer base. This software offers consumer data behavioural attributes that are easy to read and make a conclusion. It also helps in modelling attributes for internal risk assessment. This software is beneficial for any business or organization due to its performance (“RiskView™ | LexisNexis Risk Solutions,” 2020).
Refences
Fraser, J. R., & Simkins, B. J. (2016). The challenges of and solutions for implementing enterprise risk management. Business horizons, 59(6), 689-698.
RiskView™ | LexisNexis Risk Solutions. (2020). Retrieved 12 April 2020, from https://risk.lexisnexis.com/products/riskview
Best Risk Management Software | 2020 Reviews of the Most Popular Tools & Systems. (2020). Retrieved 12 April 2020, from https://www.capterra.com/risk-management-software/