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Tips For Selecting The Right Risk Management Software Solution

Aug 17, 2007
Just like a writer requires the right words to create a spectacular story, a risk manager is also in need of the right risk management software solution to perform his duties admirably. But what does a risk manager knows about software defects or software comparisons in general?

If you're facing this problem as well, here's what you can do to arrive at the perfect conclusion and the ideal purchase:

1. Survey the market

Learn what's hot and what's not in the risk management software market. Learn what the currently bestselling system is and what's rumored to be the least helpful. Learn the average price of a risk management software solution, and that solutions are classified as high-end or low-end. You don't need a lot of facts and figures at this moment but just a general feel of the environment.

2. Prepare a budget

If you have a superior, ask him to give you the estimate maximum value that you can spend for a risk management software solution. With the knowledge you've recently gained, youll be able to tell your superior if the amount he's quoting is too little or unrealistic. If you don't have a superior and it's your decision that counts throughout, check your finances and see how much you can afford to spend.

3. Be dazzled

People in sales and marketing know how crucial making a GREAT first impression is. That's why they usually pull out all the stops in their initial presentations. Unfortunately, in their quest to overwhelm your sensibilities, not all of them will be above lying or whitewashing here and there. Prepare yourself to be dazzled but remember to take what they say with a grain of truth.

4. Only get what you need

When you get too dazzled, you might end up purchasing a risk management software solution that gives you more than what you need. Thats strictly not a bad thing, but its not a good thing either. Hence, ask yourself this question beforehand: what do you need? Your answer might be any or all of the following:

5. Quantitative Risk Assessment

When using a risk management solution, all you may have to do is enter the appropriate data, and its up to the program to produce retrospective loss data analysis, scenario analysis, or numeric or algorithmic risk weighting. To avoid buying more or less than what you need, make a list of the results you wish for the software solution to provide. Revise the list at least three times, or until youre reasonably sure youve covered all the bases.

6. How will it impact your company

If its the first time for the company to make use of a risk management solution, it may create redundant jobs or ones that will become superfluous to your needs. Thus, you also have to decide if you wish for a risk management solution with many features, but forcing you to lay off certain employees, or choose a software solution that's only able to provide basic results, but doesn't have a considerable impact on your organizational structure.

7. It it easy to install and use?

The installation is the first obstacle that you'll have to tackle. Is it easy to install? Does it come with a Wizard option that guides you step-by-step? Will all it take is a few clicks of the keyboard and a couple of hours before its ready to use, or will it need an IT specialist for the software program to be properly installed?

How easy is it to use? The risk management software solution youre about to purchase may be able to perform miracles, but what if it also needs a mathematical genius in order to operate properly? How many hours worth of training will it require before managers are sufficiently capable of using them?
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