IT risk management software protects business data against all risks associated with the use of software and hardware. This type of software is used to identify, assess, and mitigate IT risks across all business entities of a company. IT risk management solutions also help companies ensure the security and privacy of customer or supplier data. Organizations use IT risk management to comply with governmental regulations and internal policies related to data security. This type of software is implemented by IT departments and can be used by all employees. IT risk management can be deployed as part of a broader governance, risk, and compliance system.
IT risk management systems need to consolidate data from multiple sources and integrate with solutions for IT infrastructure, IT management, and security. When deployed as a standalone product, IT risk management software integrates with governance, risk, and compliance software and other risk management software.
To qualify for inclusion in the IT Risk Management category, a product must:
- Provide tools to identify, assess, and classify IT risks
- Deliver scoring and ranking methods to track risk severity
- Include standard templates for audits and other IT risk processes
- Provide workflows to manage IT risk plans and tasks
- Create IT risk tests such as vulnerability and penetration
- Monitor the performance of the IT risk management activities
- Include reports and documents for compliance purposes
