Best Enterprise Risk Management (ERM) Software
Enterprise risk management (ERM) software helps businesses mitigate financial, legal, strategic, and operational risks by defining, implementing, and monitoring organization-wide risk management strategies. These tools organize and evaluate risk information, track incidents, and provide capabilities for measuring risk factors and ensuring compliance with policies and regulations. ERM's core objective is to mitigate fraud, waste, and negligence, fulfilling a fiduciary duty for the board and leadership.
Enterprise risk management companies build products to support organization-wide risk practices consistent with industry frameworks such as COSO ERM and ISO 31000. These solutions centralize risk information, enable repeatable risk assessment and prioritization, help define and monitor risk appetite and tolerance, and deliver enterprise-level reporting and dashboards for executive insight. They may also include governance workflows to assign risk ownership, track mitigation actions over time, and ensure continuous monitoring and oversight of risks that may affect strategic, financial, operational, and compliance objectives. ERM software helps senior leaders, risk and compliance teams, and business unit owners identify, assess, and manage organizational risks aligned with strategic objectives and board oversight.
To qualify for inclusion in the Enterprise Risk Management (ERM) category, a product must:
- Centralize and manage enterprise-wide risks across multiple domains, like financial, legal, strategic, operational, etc., in a unified risk register
- Enable enterprise risk assessments and prioritization, including scoring and visualization such as heat maps
- Align risks to business objectives and support configurable risk thresholds, customizable risk frameworks, or tolerance levels
- Provide executive-level reporting or dashboards on enterprise risk posture
- Support ongoing governance workflows, including risk ownership, mitigation tracking, and periodic review
ERM software should not be confused with cybersecurity tools, which focus narrowly on digital security and privacy risks. It also differs from security compliance tools, such as those in the Security Compliance category, which help organizations document adherence to security frameworks and pass audits. ERM software often integrates with environmental, quality, and safety management solutions and aligns governance, risk, and compliance functions to provide broader organizational insights. It also differs from operational risk management (ORM) as ORM focuses on identifying and reducing risks from human behavior, inconsistent processes, technology issues, or external events, while ERM governs risk across the entire organization.
Insights from G2 Reviews on ERM SoftwareAccording to G2 review data, users highlight the value of centralized risk tracking, strong audit and compliance workflows, and the ability to communicate risk across business units. Reviewers also note that integrated GRC capabilities help maintain organizational integrity and prevent costly operational or legal incidents.
Featured Enterprise Risk Management (ERM) Software At A Glance
G2 takes pride in showing unbiased reviews on user satisfaction in our ratings and reports. We do not allow paid placements in any of our ratings, rankings, or reports. Learn about our scoring methodologies.
Optro (Formerly AuditBoard) is a GRC software solution that helps enterprises manage audit, risk, and compliance workflows through an agentic system of action. By using GRC-trained AI, centralizing di
2,986 Twitter followers
Workiva Inc. (NYSE:WK) is on a mission to power transparent reporting for a better world. We build and deliver the world’s leading regulatory, financial, and ESG reporting solutions to meet stakeholde
Workiva is a platform designed for real-time collaboration, allowing multiple users to work on the same document simultaneously and automatically updating data across linked documents. Reviewers frequently mention the platform's real-time collaboration features, automated linking system, and the ability to centralize data and maintain real-time version control as key benefits. Reviewers experienced a steep learning curve for new users, high pricing for smaller companies, and issues with data processing speeds and initial setup complexity.
5,302 Twitter followers
Sprinto is the world's first Autonomous Trust Platform, detecting change across your posture, determining what's at risk, and acting across compliance, vendor risk, AI governance, and more, so your or
13,308 Twitter followers
ServiceNow Integrated Risk Management (IRM) is an enterprise governance, risk, and compliance (GRC) solution designed to unify and elevate risk, compliance, and resilience management across the enterp
53,697 Twitter followers
LogicGate is the Leading AI GRC Platform for the Enterprise, providing the flexibility, scalability, and intuitive automations that empower leaders to be more effective. The Risk Cloud platform offers
841 Twitter followers
SAP Risk Management is a comprehensive enterprise risk management (ERM) solution designed to help organizations identify, assess, analyze, and monitor risks that could impact business value and reputa
297,265 Twitter followers
Ncontracts is a leading provider of SaaS-based risk management and compliance solutions for financial services companies. Our GRC solutions help more than 5,000 banks, credit unions, mortgage compa
Ncontracts is a risk management and compliance tool that provides data validation, error detection, and vendor risk management, along with features for document collection, compliance management, and vendor management. Reviewers appreciate the peace of mind Ncontracts provides by ensuring legal compliance, its ability to store contracts and risk ratings in one place, and its unique managed service where a team of experts handles document collection. Users mentioned that the user experience could be improved as there are too many clicks for simple tasks, the user interface feels outdated, and the setup and implementation process can be difficult and time-consuming.
1,803 Twitter followers
Hyperproof is a modern, AI-powered GRC platform that empowers IT, security, and compliance teams to manage controls at scale, integrate their risk operations, and build trust with customers. With Hype
Hyperproof is a compliance management tool that allows streamlined logging of requests, tracking of audit evidence, and integration with other workflows. Reviewers appreciate Hyperproof's ability to centralize and automate compliance management, its integration with tools like Jira and Slack, and its feature of reusing evidence across multiple frameworks. Reviewers experienced issues with downloading attachments, found the interface unintuitive for new users, and reported that the dashboard features could be more customizable.
192 Twitter followers
OpenPages is an AI-powered, easy-to-use, and highly scalable GRC management solution that runs on any cloud and centralizes siloed risk management functions into a single environment. OpenPages lays
708,744 Twitter followers
Pirani is a comprehensive GRC (Governance, Risk, and Compliance) and Audit management platform designed to streamline risk management for organizations of all sizes. This innovative solution addresses
Resolver gathers all risk data and analyzes it in context—revealing the true business impact within every risk. Our Risk Intelligence Platform traces the extended implications of all types of risks —w
4,979 Twitter followers
SAI360's GRC Platform brings together ethics, governance, risk, and compliance management for a more powerful perspective. Leverage the most connected platform and industry-leading content to manage r
2,052 Twitter followers
Onspring is an award-winning GRC process automation and reporting software. Our SaaS platform is known for its flexibility and ease of use for end-users and administrators. Simple, no-code, drag-
Onspring is a GRC platform that allows customization without coding, automates workflows, tracks risks, and centralizes evidence. Users frequently mention the high level of customization, the ability to manage workflows, create and share reports, and the outstanding customer support. Reviewers experienced a steep learning curve due to the platform’s flexibility, some modules require additional configuration, and interface updates occasionally require retraining for end users.
377 Twitter followers
The smartest way to manage GRC Risk management, security, continuity, audit and compliance: We take care of making your business stronger, while you dedicate yourself to making it bigger. Global
846 Twitter followers
Decision Focus is a no-code Governance, Risk, and Compliance (GRC) software solution designed to assist organisations in navigating complex regulatory landscapes, managing risks, and achieving complia
Learn More About Enterprise Risk Management (ERM) Software
What are GRC Platforms?
Governance, risk management, and compliance (GRC) platforms aim to provide all or most of the features required to manage various types of risk and compliance that may impact the operations of a company. This type of software is used across multiple departments, from HR and accounting to IT and logistics. Each department faces specific risks, such as privacy and security for IT, supplier risk for logistics, or financial fraud for accounting. To address these challenges, companies need to stay up to date with all related laws and regulations enforced by local, national, and international authorities. A more proactive way to deal with risk is to implement industry standards and internal policies that regulate business operations and aim to prevent problems before they happen.
To implement and monitor regulations, standards, and policies, companies require a single data repository for compliance information and an integrated system to define workflows and audits at the company level.
Key Benefits of GRC Platforms
- Reduces costs of noncompliance, which are direct (such as fines or penalties) or indirect (lost revenue)
- Enforces regulations and internal policies to mitigate risks and limit their negative impact on the company
- Improves alignment across the company as well as externally, to ensure that employees and business partners comply with regulations and policies
- Keeps compliance data up to date which is particularly difficult for global companies that need to comply with changing national and international regulations
Why Use GRC Platforms?
Companies may choose between using separate systems for various types of risk and compliance or adopting GRC platforms to centralize compliance management.
Compliance with laws, standards, and internal policies — Depending on their industry and type of activity, companies may need to comply with all kinds of laws and industry standards. Additionally, companies may define their own rules that are implemented and enforced internally or across their partner networks. To manage all the information about regulations, standards, and policies as well as the procedures to ensure compliance, companies need a single data repository and an integrated system.
Risk mitigation — To deal with risks, companies need to know what challenges they may be facing and how to address them. Identifying risks and their potential impact on the company help businesses prepare in advance and avoid major disruptions.
Brand protection — Compliance isn’t only about following regulations. Compliance violations such as data breaches also impact the reputation of the business. Customers and partners avoid buying from or working with companies that are repeatedly breaking the law or failing to comply with industry standards.
Who Uses GRC Platforms?
All employees benefit directly or indirectly from using GRC platforms. While this type of software is used mostly internally, partners may also use it to access compliance information and submit audit results.
Compliance officers — Compliance officers and managers are responsible for defining and implementing processes and workflows that ensure compliance with any regulations related to the operations of the company. They also monitor enforcement and identify opportunities for improvement to prevent noncompliance and mitigate risk.
Department managers — Each department needs to comply with different regulations and managers need to be aware of which laws and standards apply to their team.
Executives — Executives use GRC platforms to define internal policies, find regulatory information related to their department, and monitor the enforcement of laws and policies.
Kinds of GRC Platforms
GRC suites — GRC suites are made of multiple software products that are used in various combinations. Each of them usually specialize in one or a few of the main GRC features, such as policy management, regulatory change management, compliance learning, or risk management. Companies using GRC suites may choose to implement all or only some of the components mentioned above, with the option to scale up (add new components) or scale down (remove components). The main benefit of GRC suites is that they provide better integration between the components of the suite and are developed and supported by the same vendor.
Best-of-breed GRC software — This type of software provides multiple modules for GRC that are delivered as part of a single product and cannot be sold and used separately. Best-of-breed GRC software is highly beneficial to mid-market companies that don’t need advanced features to manage risk and compliance.
GRC Platforms Features
GRC platforms include most or all of the features described below, either as modules of a single integrated system or as separate products that are part of a suite.
Regulatory change management — Regulatory information changes constantly and companies need to ensure that they comply with the most recent changes. GRC platforms gather compliance data from multiple sources and provide users with the latest updates that may impact their work.
Policy management — Companies use internal policies to define and implement their own rules that are not covered by laws and regulations. A few examples are social media policies and procedures to deal with inappropriate behavior in the workplace.
Risk management — Noncompliance is only one of the many risks that businesses have to deal with. Other important risks are business disruptions caused by unforeseen events such as natural phenomena, pandemics, or economic downturns. While risks cannot be completely avoided, companies should prepare by defining contingency plans and procedures to react quickly.
Audit management — Companies need to review the procedures and workflows they put in place to ensure compliance. Audits are generally performed regularly (monthly or yearly) to monitor how internal policies and regulations are enforced across the company. Also, audits are conducted when the business is impacted by exceptional situations such as mergers and acquisitions or major market changes.
Risk and compliance reporting — Reporting and analytics are critical to monitor compliance and identify risks. In some cases such as highly regulated industries, dashboards providing real-time information are essential to help companies react quickly. Compliance data also helps businesses identify opportunities for improvement of workflows and procedures.
Third-party and supplier risk management — Companies working with suppliers and contractors need to protect themselves from any risky or illegal activities performed by their partners. A few examples are privacy breaches or money laundering which may not directly impact the company but may damage its brand.
Other Features of GRC Platforms: Crisis management, Learning, Recovery plans, Regulatory certifications, Risk methodology
Potential Issues with GRC Platforms
Complexity — As vendors try to cover multiple types of compliance, they either acquire and develop new tools that aren’t always fully integrated with their core offering. Even when all functionality is delivered on the same platform, the multitude of modules and their features make GRC platforms difficult to use.
Price — Complicated software is also expensive to buy and maintain. GRC suites are expensive when companies use most or all of their components. While best-of-breed GRC software is more affordable, companies adopting it overspend because they are obligated to purchase the whole software rather than only investing in he features that they need. Also, since GRC platforms aren’t always delivered in the cloud, companies may need to invest in IT infrastructure and personnel to host and maintain the software.
What is the best enterprise risk management platform for startups?
Based on expert G2 reviews, these are some of the best Enterprise Risk Management platforms for startups:
These ERM platforms offer a balance of affordability, ease of use, and features that can support growth strategies at any scale.
Which ERM software is best for financial services?
Selecting the best ERM software for financial services depends on your business size, specific needs, and features that you want to achieve your goals. Here are some of G2's top contenders, each excelling in different areas:
- LogicGate Risk Cloud: is a flexible ERM software with customizable workflows and advanced risk quantification. Ideal for financial organizations seeking automation and scalability
- Scrut Automation: is a leanding compliance automation platform designed for fast-growing businesses looking to streamline security, risk and compliance without disrupting operations.
- Camms GRC: offers strong ERM solutions, with Quantivate specifically tailored for banks and Camms known for ease of use and strong GRC capabilities
- MetricStream: leverages AI for predictive risk analytics and scenario modeling, with deep support for industry-specific compliance and ideal for large enteprises with complex risk profiles.
