Risk management
Risk management

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Free course

Risk management

6 Risk systems and tools

There are a variety of risk tools on the market that help support communication; these range in price from pennies to many millions of pounds. Organisations like Gartner offer a summary of ‘the best’ tools available, but these will often focus on ‘GRC system’. GRC, or Governance, Risk and Compliance, are tools that look to bring together, under one umbrella, all risks, controls, assurance and incident information. The choice of tool will depend on the size and complexity of your organisation and the number of users.

The common requirements vary from a simple database in which to store risk, to more integrated systems where risk, controls and assurance activities are linked. Some of the more advanced tools even link to operating and Enterprise Resource Planning (ERP) systems and thereby provide ‘real time’ control monitoring.

That said the basic requirements for any of these tools are common and should include:

  • ease of data entry
  • ease of data extraction and reporting
  • ability to link one risk to many root causes, many controls and many mitigation actions
  • ability to link one consequence, root cause and one control to many risks
  • ability to present visually (including charts and graphs).

Many organisations find that one tool cannot meet all of their needs and therefore use separate software specifically designed for a particular solution. This section only gives a brief overview into system tools and anyone interested in this area should undertake their own research before deciding on a particular approach to risk systems and tools.

RM_1

Take your learning further371

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses372.

If you are new to university level study, we offer two introductory routes to our qualifications. Find out Where to take your learning next?373 You could either choose to start with an Access courses374or an open box module, which allows you to count your previous learning towards an Open University qualification.

Not ready for University study then browse over 1000 free courses on OpenLearn375 and sign up to our newsletter376 to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371