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Modern organizations face many IT risks in different ways. One of the most popular IT risks is cyber-attacks, which threaten data integrity and operational continuity.
Another is regulatory non-compliance, which can result in hefty fines and reputational damage. There are system failures that disrupt business processes, leading to financial losses.
One way to mitigate these threats is through effective IT risk management (ITRM ). ITRM helps ensure business resilience and stakeholder trust. It safeguards sensitive data stored in SaaS, maintains service availability, and ensures vendor compliance.
With robust ITRM practices, you will protect your digital assets, maintain operational efficiency, and foster customer confidence. However, managing IT risks manually is harder, and that is where IT risk management software comes in.
Proper ITRM software and strategies empower you to proactively identify, assess, and mitigate IT risks, turning potential threats into opportunities to strengthen your business infrastructure. Read on to find the six best IT risk management software.
TL;DR
- Modern organizations face various IT risks, including cyber-attacks and regulatory non-compliance, necessitating effective IT risk management (ITRM).
- ITRM software automates identifying, assessing, and mitigating IT risks, enhancing operational efficiency and protecting digital assets.
- Top ITRM software includes CloudEagle, Splunk, Drata, Hyperproof, Diligent, and Corporater, each offering unique risk management features.
- CloudEagle stands out for its extensive SaaS management capabilities, automated workflows, and real-time threat intelligence.
- Implementing ITRM software is crucial for modern organizations because it helps ensure business continuity, regulatory compliance, and overall security posture.
What Is IT Risk Management?
IT risk management guards your business from insider and outsider threats. It involves systematic processes to identify, assess, and mitigate potential IT-related dangers, which can range from human error to cyberattacks to system failures.
By implementing IT risk management, you proactively protect your data, maintain operational continuity, and ensure regulatory compliance. This helps you avoid potential issues, preserving your company's reputation and financial stability.
What Is an IT Risk Management Software and Why Do Organizations Need It?
IT risk management software is a specialized tool that helps organizations automatically identify, assess, and mitigate potential IT-related threats.
ITRM software streamlines the process of protecting your digital assets and maintaining operational integrity. Here are five reasons why your organization needs it:
Threat detection: The software continuously monitors your systems, instantly alerting you to unauthorized activities. This rapid response capability allows you to address potential threats before they escalate.
Real-time data management: You gain access to up-to-the-minute information on IT risks, enabling informed decision-making and timely risk mitigation strategies.
Risk identification: The software systematically identifies and categorizes all potential risks, ensuring no threat goes unnoticed. This approach strengthens your overall data security posture.
Streamlined integration: IT risk management tools easily integrate with your existing systems, eliminating the need for complex manual programming and reducing the likelihood of human error.
Enhanced efficiency: By automating many risk management processes, the software saves time and resources, allowing your team to focus on strategic initiatives rather than routine risk assessments.
Top 6 IT Risk Management Softwares
1. CloudEagle
CloudEagle is an SaaS management and access governance platform with IT risk management solutions for IT and security teams. This platform helps streamline how you manage, govern, and renew your SaaS applications and keep your portfolio secure.
With CloudEagle, you can transform your IT management and governance into a streamlined, efficient process while simultaneously reducing your software expenses by 10-30% through managed risks.
The platform's core strength lies in its extensive network of over 500 direct integrations. These connections provide unparalleled visibility into all your applications, licenses, spending, and vendors.
This 360-degree view ensures that no aspect of your SaaS portfolio goes unnoticed or unmanaged, significantly reducing IT risks associated with shadow IT and unauthorized software usage.
CloudEagle goes beyond mere visibility by empowering your teams with no-code, Slack-enabled workflows.
These workflows automate crucial processes like employee onboarding and offboarding, access reviews, license harvesting, and renewals.
By automating these tasks, you can significantly reduce manual effort and minimize the potential for human errors, both of which are critical in effective IT risk management.
CloudEagle also helps streamline your identity and access management processes. It automates user provisioning and deprovisioning across your SaaS applications, ensuring employee access aligns with their roles and employment status.
This feature is crucial for maintaining security, reducing access-related risks, and optimizing license usage across your organization.
Key Features
Application visibility: CloudEagle provides a complete view of your entire SaaS stack, automatically discovering all applications in use across your organization, including shadow IT.
This feature gives insights into app usage patterns, user adoption rates, and overall software utilization.
Such visibility is crucial for IT risk management as it allows you to make data-driven decisions about which apps to keep, consolidate, or eliminate.
Consequently, you can optimize resource allocation, enhance cost efficiency, and reduce the risks associated with unnecessary or duplicate applications.
Automated compliance assurance: Staying compliant with various regulatory frameworks becomes significantly easier with CloudEagle.
The platform provides detailed compliance information for your apps, indicating which specific frameworks they align with. As an app adheres to more compliance frameworks, its risk score improves.
This feature helps your team ensure regulatory alignment across your SaaS portfolio, reducing the risk of non-compliance penalties and reputational damage.
Real-time threat intelligence: CloudEagle actively tracks and aggregates news related to your IT, keeping you informed about potential security risks.
It provides up-to-the-minute updates on ransomware, data breaches, patches, and security vulnerabilities. Each app receives a risk score based on this event analysis, helping you prioritize your security process effectively.
This real-time threat intelligence is crucial for proactive IT risk management, allowing you to address potential issues before they escalate.
Request management: IT admins gain the power to override stalled requests with CloudEagle's bypass feature. This ensures uninterrupted access provisioning, preventing delays caused by bottlenecks or unforeseen circumstances.
You can configure workflows for specific roles and departments, automatically provide access to new employees, and simplify deprovisioning when they leave.
This flexibility keeps your operations smooth and secure, minimizing the risks of inappropriate access rights.
Contract management: CloudEagle simplifies contract management and renewals, ensuring you never miss an important deadline. The platform provides a centralized repository for all your SaaS contracts, complete with renewal dates and critical terms.
Its AI-powered metadata extraction tool helps extract critical details from contracts, and you can use filters to quickly find what you need.
One case study that proves the platform is effective is how CloudEagle helped Aira to centralize its SaaS contracts and invoices.
According to Troy Otilio, the CEO of Aira, “CloudEagle was the right choice for us. “We got a centralized view of all the SaaS contracts, and the team doesn’t have to chase behind employees’ inboxes anymore.”
With reminders set at 30, 60, and 90 days before renewals, you can plan better deals and avoid extra costs.
Managing renewals directly through Slack further streamlines the process, helping you avoid potential risks associated with lapsed or unfavorable contracts.
License management: CloudEagle makes it easy to monitor and control software licenses across your organization. The platform's license reclamation workflows automate the process of identifying and reclaiming underutilized licenses, saving you time and money.
You can set up auto-deprovisioning rules based on usage thresholds, and the system will automatically flag low-usage applications. This feature lets you quickly spot opportunities to reclaim and reassign licenses to active users.
By efficiently managing your licenses and achieving recurring savings through usage-based adjustments, you can significantly reduce the financial risks associated with over-licensing or non-compliance.
App catalog: CloudEagle offers a user-friendly self-service app catalog for your employees. This feature allows team members to request access to approved SaaS applications quickly and easily.
The process helps reduce IT workload, speeds up software provisioning, and ensures compliance with company policies.
From an IT risk management perspective, this controlled access to approved applications helps maintain security standards and reduces the likelihood of employees resorting to unauthorized software.
Pros
- Cost-effective: CloudEagle offers a more budget-friendly option without compromising on essential features compared to other ITRM softwares.
- Intuitive interface: CloudEagle boasts a user-friendly, easy-to-navigate interface. You don't need to be a tech expert to use it effectively, and this makes it accessible to different team members involved in IT risk management.
- Automated workflows: The platform's no-code, Slack-enabled workflows automate many time-consuming tasks. This automation saves time and reduces the risk of errors in critical processes like onboarding, offboarding, and access reviews to enhance overall IT risk management efficiency.
Pricing
- Starter - $2000/month.
- Growth - $3000/month.
- Enterprise - $4000/month.
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2. Splunk
Splunk is an ITRM platform that specializes in real-time data analysis and monitoring. It excels at collecting, indexing, and analyzing vast amounts of machine-generated data from various sources across your IT infrastructure.
By leveraging advanced analytics and machine learning, Splunk provides deep insights into your organization's IT risks, security threats, and operational issues.
Key Features
Real-time data monitoring: Splunk continuously collects and analyzes data from your entire IT stack to enable you to detect anomalies, security breaches, and performance issues as they occur.
Customizable dashboards and alerts: Splunk has highly customizable dashboards that allow you to visualize your IT risk sector at a glance. You can set up personalized alerts based on specific risk thresholds.
Automated incident response: t can automatically trigger predefined actions when certain conditions are met.
Log management: Splunk collects, stores, and analyses log data from different sources. This feature is crucial for compliance, auditing, and forensic investigations.
Pros
- Scalability: Splunk can handle massive volumes of data, which makes it suitable for organizations of all sizes.
- Strong integration capabilities: Splunk offers extensive integration options with other IT and security tools.
- User-friendly interface: Despite its powerful capabilities, Splunk maintains a relatively intuitive interface.
Pricing
Customized pricing.
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3. Drata
Drata is a cutting-edge security and compliance automation platform that provides IT risk management. It continuously monitors your security controls, collects evidence, and streamlines compliance workflows to ensure audit readiness.
This tool helps you reduce costs and time spent on annual audits while enhancing your overall security posture. Drata supports many frameworks, including SOC 2, ISO 27001, HIPAA, GDPR, and many others, making it versatile for various compliance needs.
Key Features
Compliance monitoring: Drata vigilantly tracks data quality and promptly alerts you to violations or misuse.
Data governance: The platform ensures robust user access management, data lineage tracking, and data encryption.
Workflow management: Drata helps you create new or optimize existing workflows to efficiently handle IT support tickets and services.
Pros
- Seamless migration: Quick implementation with dedicated onboarding support.
- Intuitive interface: Clear dashboards and helpful email notifications.
- Comprehensive framework support: Covers multiple compliance standards.
- Continuous monitoring: Real-time tracking of security controls.
Pricing
Customized pricing.
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4. Hyperproof
Hyperproof is a security compliance management platform designed to empower your compliance, risk, and security teams.
It enables you to efficiently manage and automate growing compliance workloads, seamlessly add new frameworks as your company expands, and foster easy collaboration across teams.
Trusted by industry leaders like Motorola, Instacart, and Fortinet, Hyperproof streamlines your security and compliance efforts.
Key Features
Data loss prevention: Securely stores data on-premise or in cloud databases.
Sensitive data compliance: Supports various regulatory standards, including PII, GDPR, HIPAA, and PCI.
Risk identification: Detects various risk factors across technology use, human elements, and external threats.
Risk classification: Categorizes risks based on type, severity, and custom criteria.
Pros
- User-friendly interface with intuitive navigation and a helpful dashboard.
- Regular updates ensure continuous platform improvement.
- Significant time and resource savings during audit processes.
- Facilitates easy tracking of company-wide compliance status.
Pricing
Customized pricing.
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5. Diligent
Diligent offers enterprise risk management (ERM) software that optimizes performance, accelerates growth, and monitors risks across your organization.
This platform integrates advanced analytics that continuously evolves with your business, ensuring you stay ahead of potential threats and make data-driven decisions.
Key Features
Data-driven decision making: Aligns leadership on organization-wide risks, enabling quick action.
Proactive risk neutralization: Utilizes ACL Analytics for early threat detection and mitigation.
Customizable ERM program: Tailors to your organization's risk appetite and industry standards.
Efficiency maximization: Provides real-time insights and one-click reports for stakeholder analysis.
Pros
- Cost-effective solution for comprehensive risk management.
- User-friendly interface enhances ease of use.
- Fast layout facilitates quick navigation and information access.
Pricing
Customized pricing.
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6. Corporater
Corporater is an IT risk management platform designed for medium and large organizations. It aligns your GRC activities with strategic objectives and performance goals, creating a unified approach to risk management.
By interconnecting people, processes, and data, Corporater uses a single centralized system to foster transparency and accountability across all organizational levels.
This tool supports various GRC programs, including AML, ESG, and policy management, while offering integrated solutions for governance, performance, risk, and compliance (GPRC).
Key Features
Enterprise risk management: Holistic approach to identifying and managing risks.
Policy management: Streamlines creation, distribution, and enforcement of policies.
Operational risk management: Identifies and mitigates risks in day-to-day operations.
Business continuity management: Ensures critical business functions during disruptions.
Third-party risk management: Assesses and monitors risks associated with external partners.
Pros
- Cost-effective solution for comprehensive risk management needs.
- Integrates multiple GRC aspects for a unified approach.
- Customizable to various regulatory frameworks and compliance requirements.
- Provides clear visibility into business performance and strategy health.
- Enables tracking of both inherent and residual risk values.
Pricing
Customized pricing.
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Conclusion
IT risk management software is crucial for automatically safeguarding your organization's digital assets and reputation.
By implementing these tools, you proactively identify, assess, and mitigate potential threats, ensuring business continuity and compliance.
Among the options reviewed, CloudEagle stands out as the best alternative due to its comprehensive features, user-friendly interface, and cost-effectiveness.
It offers unparalleled visibility into your SaaS stack, automates crucial processes, and provides real-time threat intelligence.
Don't leave your IT security to chance. Take action now to protect your organization from evolving digital risks. Book a demo with CloudEagle today and experience firsthand how it can transform your IT risk management strategy, streamline operations, and drive significant cost savings.
Frequently Asked Questions
1. What are the three major types of IT risks?
The main IT risks are security risks (e.g., cyberattacks), operational risks (e.g., system failures), and strategic risks (e.g., tech obsolescence). Each threatens your organization's digital infrastructure and operations in its own ways.
2. What are the components of IT risk management?
IT risk management involves four key steps: risk identification, assessment, mitigation, and monitoring. These components work together to create a comprehensive strategy for managing and reducing IT-related threats to your organization.
3. What are the main features to look for in an IT risk management tool?
Key features include real-time monitoring, risk assessment capabilities, automated compliance management, customizable dashboards, and integration with existing systems. These ensure effective, organization-wide risk management and informed decision-making.
