Top 10 Best Operational Risk Management Software
If your organization wants to go a step further in the management of its operational risks, you must have a technological tool that allows you to be more efficient in this process and generate more value.
In this special, you will learn about 10 software for managing this type of risk. We share detailed information about each one so that you can make the best decision for your organization.
Why use risk management software?
Having operational risk management software represents significant advantages for organizations of any industry and size, as it helps simplify each stage of the management process—namely, the identification, assessment, control, and monitoring of operational risks to which they are exposed and that could affect their operations, continuity, and reputation.
These risks can arise from various factors: human resources, processes, technology, infrastructure, or external events. Thanks to the use of software, it becomes much easier to identify these risks and implement strategies, controls, and action plans to prevent and mitigate them, avoiding significant impacts and financial or reputational losses.
In this regard, some of the advantages of having operational risk management software include:
- Greater management efficiency.
- Reduction of financial losses.
- Regulatory compliance.
- Improved visibility, traceability, and control of risks.
- Timely and better-informed decision-making.
- Protection of the company’s image and reputation.
- Creation and strengthening of a risk culture.
Among the main features that this software should have, it is important to highlight: ease of use, scalability, continuous updates of functionalities, process automation, security, and the generation of useful reports and analyses that help managers make timely decisions for the benefit and continuity of the organization.
Below, discover 10 operational risk management software solutions, along with their main advantages and disadvantages, which could be the technological tool your organization is looking for.
10 Operational Risk Management Software in 2025
The 10 software we will describe here is part of the list of the best operational risk management software presented by G2, an enterprise software review platform, during the first quarter of 2025.
- Pirani
- Protecht
- Strike Graph
- Fusion framework system
- Hyperproof
- Ncontracts
- Aclaimant
- Pulse
- Analytica
- Logicgate Risk Cloud
1. Pirani, we make risk management simple
Pirani is a Colombian company founded in 2010 that has established itself as a leader in operational risk management in Latin America. Its software is renowned for its ability to facilitate the identification, assessment, and mitigation of risks.
Pirani's software has become a go-to tool for companies in various sectors and countries to manage their operational risks simply and effectively.
It is distinguished by its adaptability to national and international regulations and standards, ensuring compliance for all types of organizations. This helps prevent potential losses and penalties while decentralizing operational risk management and fostering an effective risk culture that involves all personnel in the process.
Currently, ORM is used by companies in the financial, insurance, technology, food, transportation, and logistics sectors, among others.
Advantages of Pirani ORM
- Ease of Use: ORM is easy to configure, easy to use, and easy to manage.
- Adaptability: It adapts to the operational risk management methodology used by companies.
- Centralized Information: All management activities are traceable in one place, with backups and secure access.
- Application Integration: Seamlessly integrates with other applications.
- Artificial Intelligence: With ChatGPT integration, the tool suggests risks based on the industry and desired process.
- Event Reporting: All staff can report operational risk events anytime and from anywhere using their mobile devices.
- Customizable Reports: Create tailored reports according to the organization's needs, such as a report on processes, materialized risks, and action plans within a specific timeframe. This facilitates timely decision-making.
- Constant Evolution: ORM continuously incorporates new and improved features to meet user needs and enhance their risk management experience.
- Creation of Customizable Workflows: The new ORM module functionality allows organizations to tailor workflows to their specific needs.
Disadvantages of Pirani ORM
- Graphical reports: Currently, the tool does not have a graphical reporting flow at the action plan levels.
Success story
Tical, a Costa Rican company dedicated to land cargo transportation, came to Pirani with the problem of not quantifying the results of inherent and residual risks. For this reason, they decided to work with the COSO methodology, which they started with Pirani, who helped them to solve their corporate problems and optimize their human risk management processes. Click here to learn more about Tical's success story.
Plans and Pricing
Pirani ORM offers a Free Plan for unlimited time. It has different plans and prices to suit the needs of users: Starter Plan (3,314 USD per year), Basic Plan (7,650 USD per year), and Enterprise Plan (according to the needs of your company).
2. Protecht
Track record
Protecht is an Australian company with more than 20 years in the market, specializing in risk management, compliance, and audit solutions. Its software is used by organizations in various sectors, including finance, health, and government.
Pros
- Comprehensive Functionality: Offers a full range of risk management tools, from identification to mitigation.
- Advanced Reporting: Provides detailed and customized reports that facilitate decision making.
- Technical Support: Excellent technical support and training for users.
Cons
- Complexity: The breadth of functionality can be overwhelming for new users.
- Cost: You should request a demo so that a consultant can inform you about the costs of the tool.
3. Strike Graph
Track record
Strike Graph is a relatively new solution on the market, founded in 2019. However, it has quickly gained recognition for its innovative approach to risk management and compliance.
Pros
- Innovation: Modern and agile approach to risk management.
- Automation: High automation of processes, reducing manual workload.
- Ease of Use: User-friendly and easy-to-use interface.
Cons
- Track record: As a young company, it may not have the same strength as established competitors.
- Support: Some technical support limitations are due to its size.
Plans and Pricing
Strike Graph offers flexible plans starting at around $200 per month per user, with customization options based on the organization's needs.
4. Fusion Framework System
Track record
Fusion Risk Management, founded in 2006, offers the Fusion Framework System, a comprehensive operational risk management platform that is widely used in various industries.
Pros
- Scalability: Highly scalable, suitable for both small businesses and large corporations.
- Integration: Integrates with a wide variety of existing systems and tools.
- Comprehensive Functionalities: Provides a comprehensive solution for risk management and business continuity.
Cons
- Learning Curve: This can be complex to implement and master.
Plans and Pricing
Fusion Framework System offers a demo that must be requested through a form on their website. Their plans and pricing are available upon request.
5. Hyperproof
Track record
Founded in 2018, Hyperproof has quickly stood out in the market for its focus on risk management and compliance. Its platform is used by companies from different industries to improve their risk posture.
Pros
- Ease of Use: Modern and easy-to-use interface.
- Automation: High capacity to automate repetitive tasks.
- Visibility: Provides complete visibility of risks and compliance in real time.
Cons
- Limited Functionality: Some advanced features may not be available in all plans.
- Support: Technical support may be limited for the most basic plans.
Plans and Pricing
Hyperproof offers several plans, with prices starting at $300 per month per user. More advanced plans include additional features and better support.
6. Ncontracts
Track record
Ncontracts, founded in 2009, is a company that offers complete risk management and compliance solutions, especially oriented to financial institutions. Its software is widely recognized in the banking industry.
Pros
- Specialization: Strong focus on the financial sector.
- Comprehensive Functionalities: Advanced tools for risk and compliance management.
- Technical Support: Excellent support and training for users.
Cons
- Cost: Pricing can be high, especially for small financial institutions.
- Learning Curve: This can be complex to implement and use initially.
Plans and Pricing
Ncontracts offers customized pricing based on customer needs, with a base cost of around $500 per month per user.
7. Aclaimant
Track record
Aclaimant is a platform founded in 2013 that specializes in risk and claims management. Its innovative approach has been adopted by companies in various industries.
Pros
- Innovation: Modern, user-centric approach.
- Automation: High process automation capabilities.
- Ease of Use: Intuitive and user-friendly interface.
Cons
- Limited Functionalities: This may lack some advanced functionalities present in more established competitors.
- Support: Technical support may be limited for basic plans.
Plans and Pricing
Aclaimant offers a demo that must be requested through a form on their website. Their plans and pricing are available upon request.
8. Pulse
Track record
Pulse Technology, founded in 2004, provides risk and compliance management solutions for various industries. Its Pulse platform is known for its robustness and functionality.
Pros
- Scalability: Suitable for companies of all sizes.
- Integration: Integrates well with other systems and tools.
- Complete functionality: Provides a comprehensive solution for risk and compliance management.
Cons
- Learning Curve: Can be complex to implement and use.
Cost: Pricing can be high for small businesses.
Plans and Pricing
Pulse offers customized plans, starting at $400 per month per user.
9. Analytica
Track record
Analytica is a software company that specializes in analytics and risk management solutions. Founded in 1996, it has a strong track record and is known for its focus on data-driven decision-making.
Pros
- Advanced Analytics: Advanced data analysis and modeling tools.Customization: Highly customizable to customer needs.
- Scalability: Suitable for companies of all sizes.
Cons
- Complexity: Can be complex to implement and use.
- Cost: Pricing can be high for small businesses.
Plans and Pricing
Analytica offers a free version, as well as customized plans with prices starting at $500 per month per user.
10. LogicGate Risk Cloud
Track record
LogicGate, founded in 2015, offers the Risk Cloud, an innovative platform for risk and compliance management. Its modular approach allows companies to customize the solution to their specific needs.
Pros
- Modularity: Allows companies to customize the platform according to their needs.
- Automation: High process automation capabilities.
- Ease of Use: Modern and user-friendly interface.
Cons
- Learning Curve: May require time to master all its functionalities.
- Cost: Can be expensive for small businesses.
Plans and Pricing
LogicGate Risk Cloud offers a customized demo, which must be requested through a form on their website. Prices vary according to the functionalities and licenses required by each organization.
Conclusions
Choosing the right operational risk management software is crucial for any organization. The ten software products reviewed here offer a wide range of features and benefits, but it is important to consider the track record, advantages, disadvantages and pricing of each to make an informed decision. Evaluating your organization's specific needs and comparing these options will allow you to select the tool that best suits your requirements.
Which of these caught your attention the most?
Remember that in Pirani, you can create your free account with all the functionalities we offer or schedule a meeting to learn more about how we can help you simplify risk management in your organization.
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