Risk Management Software helps different industry players, identify, assess, mitigate risk and manage losses before they happen. This can be done through tracking the status of various projects and involving different key players in the process through notifications. Once data is keyed in the software various assessment criteria is used to access the risk. Resources are then allocated to key areas. Managers can set up various controls and test them to ensure that they are effective. Data visualizations help present reports to the people who matter the most and they can take immediate action. With an objective risk assessment software you can identify high impact risks and allocate managers and other resources before it spreads to other areas. This helps companies evade massive losses and reputation. Engaging of all stakeholders evolved in the planning process can only be possible with the software. It also enables communication between different departments since all data is housed on one easy to access platform. Organizations can create configurable risk libraries that detect vulnerabilities across various business platforms. Top management has access to heat maps, risk control matrices, risk summaries among other customizable reports. The software ensures that an organization is operating efficiently by minimizing resource wastage. You can also keep track of various compliance regulations both in-house and statutory.