Best Risk Intelligence Software - Page 4

Risk intelligence software consolidates risk data from various external sources to give organizations greater insight into the full scope of their organizational risk profile. These external data sources may include traditional news media, social media, the dark web, regulatory filings, and more.

Risk intelligence software is primarily used by risk officers but is also leveraged by corporate communications teams to respond to incidents that threaten an organization’s reputation.

Many risk intelligence tools provide peer benchmarking capabilities to measure risk performance against competitors and within industries. This software collects data and alerts organizations to the changing external risks in real time. It may also be used in some circumstances to inform responses to natural or man-made emergencies.

However, its more common use case is in strategic risk management planning and crisis communication. Risk intelligence products would not be the sole emergency management software or critical event management (CEM) platform used to respond to immediate physical safety threats.

While risk intelligence software falls under risk management, it differs from other solutions like enterprise risk management (ERM) software, which includes auditing and broader risk assessments. Unlike operational risk management software, which primarily analyzes internal data, risk intelligence relies on external sources. It also stands apart from third-party and supplier risk management software, which evaluates external business risks, while risk intelligence assesses an organization's overall risk profile using external data.

Risk intelligence may be confused with threat intelligence software. as threat intelligence software provides organizations with information related to the newest forms of cyber threats like zero-day attacks, new forms of malware, and exploits. However, threat intelligence is firmly in the cybersecurity space, whereas risk intelligence considers a wider set of threats.

To qualify for inclusion in the Risk Intelligence category, a product must:

• Gather information from external sources such as news media, social media, regulatory filings, the dark web, etc.
• Send real-time alerts about changes to an organization’s risk profile
• Categorize and prioritize risks
• Provide risk analysis tools and risk scoring