Financial risk management software gives managers the flexibility to make quick, accurate decisions while balancing the accompanying risks. In order for companies to remain viable, business owners need to avoid devastating investitures as well as any possible liability arising from regulatory non-compliance and basic operations. The best way to achieve this is through a business management risk software tool. Risk management software programs offer unique solutions for different industries, including banking and finance, communications, healthcare, insurance, manufacturing and energy.

Risk management software solutions provide frameworks that identify, quantify and monitor possible risk losses across organizational networks and then determine ways to reduce that exposure. The bigger the company, the more liability it can accrue as a whole, as well as possibly its board of directors. A good business risk management software package provides all requisite analytics to not only reduce risk but also optimize corporate efficiencies. Before investing in software for risk managers, consider the following:

1. Find risk management software solutions specialized for your industry.

2. Search for risk management software solutions that integrate with your existing network system.

3. Find a financial risk management software provider that offers premium customer support.

Action Steps
The best contacts and resources to help you get it done

Choose risk management software for business operations suited to your industry

As various industries have different risk factors, you should search for software that provides the unique analytics for your particular business industry. There are risk management software solutions for business operations that provide unique solutions for financial institutions, manufacturers, healthcare, energy and many other industries.

I recommend: Riskdata provides financial risk management solutions that include hedge funds and asset management. Syntex Solutions offers risk management software for business operations that help manufacturers comply with regulations, manage system execution and provide analytics and assessment reports. Fair Isaac provides analytics to help control healthcare costs through claims and disease management, increasing productivity and profitability. Towers Perrin offers energy risk frameworks that include AcuRisk, a risk model that allows energy companies to assess their market and operational risks.

Investigate software for risk managers that can work with your network platform

For full functionality, you want software that can work smoothly with your operating system and existing software. There are risk management software solutions compatible with Microsoft, Linux or UNIX platforms.

I recommend: Archer Technologies provides a cross-system framework that is vendor neutral and works with Microsoft 2003 servers or greater. Open Link Financial provides a highly configurable framework that operates on Linux/Unix.

Get financial risk management software with top-notch customer service

Customer support is critical to smooth software implementation, so choose a product with support that offers highly qualified technicians and excellent training.

I recommend: OpenPages offers step-by-step support for full deployment, including implementation, training and optimization as well as round-the-clock access to highly skilled engineers. AIR provides client support that includes client conferences, seminars and webinars as well as on-site training and access to quality assurance specialists and software engineers.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Take advantage of any free trials offered by risk management software programs.