Enterprise Risk Management (ERM) software is a key component in cybersecurity and protecting your data. In simple terms, ERM helps minimize financial, strategic, and operational risks. Without ERM, your business lies susceptible to data breaches which often go undetected until it’s far too late.
Now that you understand the importance of ERM, you’ll need to find software that is the right fit for you and your business. To make your decision easier, here are six key features to look out for:
- Scalable automation
As your business grows, so do the risks. You’ll need to expand your ERM software simultaneously, and it is crucial to find software that can do just that to avoid the issue of finding a new software when your business outgrows a smaller software.
- Versatile range of services
ERM software should also accommodate growing needs. Expanding your business may require higher-level security and greater flexibility in terms of functionality. Another essential feature in risk management is prioritization, which ranks vulnerabilities according to level of risk. This helps your organization distribute resources more efficiently. Thinking of all the features needed will help you find a more sustainable solution.
- Extensive risk analytics
Finding a system that identifies risks is not enough, and it is crucial to find one that generates holistic reports to save time on analyzing the data manually. While extensive, such reports may also reflect data that is beneficial to organizational performance and future expansion.
- High security
Security is undoubtedly the most important factor when choosing an ERM software and defining the compliance standards for your business is the key. Make sure to understand the current and possible future requirements to protect your data.
Without a doubt, cost is always a huge factor in every decision. ERM software costs vary widely, and you might even be asking why you should pay to use such software when free versions exist. While free software saves on costs, they come at the expense of time and expertise, often being slow and requiring extra supervision to operate effectively.
- Customer service
You might have staff trained in operating ERM software, but there is always the chance that you might need external help if anything goes awry. That’s where customer support comes in. You’ll want to look for providers with knowledgeable operators who can help with anything from basic setup instruction to more complex issues like mitigating data breaches.
Choosing ERM software can be a daunting task, but creating a cost-benefit analysis with the above features is a good way to find the right fit for your business. The Vulcan Free platform plays a key role in cyber risk management by prioritizing risks for more efficient remediation.