Compare Riskonnect Active Risk Manager (ARM) vs. vRisk

Riskonnect’s Active Risk Manager is a robust risk management solution that empowers organizations to oversee risks comprehensively, from individual projects to enterprise-wide portfolios. It visualizes complex risk interdependencies and helps prioritize risk mitigation strategies to minimize adverse impacts on project goals. By aggregating risk information, the software uncovers trends and emerging risks, promoting proactive decision-making and risk reduction. The platform includes tools such as dashboards, heat maps, bowtie analysis, and schedule/cost impact evaluations to support detailed risk assessments. Active Risk Manager also facilitates seamless collaboration among project teams, providing role-based data visibility and ensuring security compliance. It optimizes contingency budgeting by forecasting resource needs accurately, preventing both under- and over-allocation. With automated risk lifecycle management and integration capabilities via APIs, it fits easily into existing enterprise ecosystems. Additionally, it complies with global industry standards and offers flexible hosting options, making it adaptable to various regulatory and operational requirements.

Start by defining your objectives clearly. Next, identify the potential risks associated with those objectives. After that, assess and prioritize these risks based on their potential impact and likelihood. Evaluate them against your established risk tolerance levels to understand which ones require immediate attention. Subsequently, determine appropriate responses to each identified risk and implement those strategies effectively. Ensure that you communicate and consult with relevant stakeholders throughout this process. Continuously monitor the situation and seek opportunities for improvement over time. Once you have compiled the risks into a risk register, positioning them on a heat map becomes straightforward! Just select the risk code and drag it to the corresponding location on the heat map. The X and Y axis values will be recorded automatically for your convenience. Additionally, you can easily reposition risks within the risk heat map or matrix by simply dragging and dropping them to their new spots. The Risk Heat Map, also known as the Risk Matrix, features a streamlined design that can be utilized during board briefings or meetings of the enterprise risk management committee. This solution is built with remarkable flexibility, offering various display options to suit different needs. You can create and customize multiple heat maps, each incorporating distinct filtering criteria or visual attributes, to better align with your specific requirements. This level of customization allows for a more tailored approach to risk management that can adapt to evolving organizational needs.