Risk Management Software (RMS) is enterprise software designed to help businesses manage and ultimately reduce risk. impact of risks. RMS can use existing operations data or work on a predictive basis using future projections, to help organizations better manage and improve the quality of their data while identifying and minimizing the effect of potential risks. There are different types of RMS, all of which can be categorized based on the criteria for which an organization is looking to use the software. RMS can be broadly classified based on the industry in which they can be used, such as banking or energy and utilities. It can also be divided into more specific categories, for example, the extent of risk covered, for example from compliance risk (ensuring that the business complies with all legislation that covers its practices), to risk operational (e.g. system failures) or financial. .Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay The usefulness of these types of tools in today's workplace climate goes beyond "risk reduction." When software is available to help an organization better manage its data and assure both the business and customers of the quality of the data, this lends itself to a range of benefits for the business. As previously stated, RMS can be used to stay on top of compliance with regulations that not only govern the world of accounting, such as Sarbanes-Oxley, or ensure successful audits (internal and external), but also those that govern the wider world. world, for example, environmental compliance for things like emissions monitoring and reporting. RMS can help assess the risks normally associated with data and identify any issues for the business. This data collection also helps organizations make better and faster decisions, by allowing data to be organized more efficiently and more easily accessible. For example, evaluating possible future outcomes is a way an organization chooses to make decisions about certain business aspects, such as whether a business should grow? Many external and uncertain factors can intervene and affect the results of business decisions like this. RMS often supports Monte Carlo simulation functionality, which takes these random variables into account to provide a forecasting model that reflects these risks, meaning that the decisions an organization makes can also reflect this risk. These improvements through RMS can lead to more efficient overall data management and better quality of work, which will hopefully be reflected in performance and revenue. Although not all of these benefits are easily quantifiable, the costs of RMS are. Some RMS are available for free online, but for large companies looking to evaluate a lot of data or who have a high price to pay if the risk materializes, more advanced software can be expensive. Additionally, this license can only cover a single user, and if many people/hardware within organizations need to use the package, multiple licenses will need to be purchased. The packages are regularly updated with new features that cover the ever-increasing risks of running a business, but most often, to access them, a usershould pay to upgrade every license he owns. Beyond these initial costs, when a new RMS is introduced, staff may need training to fully understand how the interface works and how to use more complex features. We may even find that some staff members may be reluctant to adapt to new ways of managing risk or sorting data, particularly older generations who may be reluctant to accept these types of changes. Two popular business risk management software are “Risk Industrial” and “Quantum XL” packages. Risk Industrial is one of the very first RMS packages to come online, in 1987, while Quantum XL is a more recent version, in 2010. Although more established, Risk comes with a hefty price tag of £2,075, the upgrades only being free if you purchased the maintenance plan at £415 per year, while Quantum XL comes in at a much lower price of £419.95 (converted from $549.99 to current price) . current exchange rate), upgrades being £152. These costs cover a single user in perpetuity, although both plans come with substantial discounts and benefits when purchasing multi-user licenses. The license gives users access to a host of features accessible via Excel add-ins, with Quantum XL being compatible with any version of Excel 2000 (SigmaZone B, 2019), while the latest version of Risk Industrial does not is only compatible with versions released after 2007. Both packages are suitable for a wide range of industries, with Risk supporting customers from 'PWC' (accounting industry) through to 'KEWPIE', in the accounting industry. food security. Most often, employees responsible for using this type of software packages are handling this type of software for the first time. Ease of understanding is therefore crucial for the RMS to be successfully implemented within an organization. Each package has its own help tools built into the software to guide new users and offer online technical support, easily accessible through their websites if users encounter technical issues. Quantum XL also offers in-depth training courses, usually spread over several days, to familiarize yourself with specific aspects of the software, such as their “Design of Experiments (DOE)” training, which teaches users how to implement simulations of Monte Carlo to help them understand the outcomes and risks that any future projects might present. However, this training is not offered online, therefore not accessible to everyone. Although Risk does not offer in-person training, they do have software-related help files available online, as well as videos and training also available online. The training choices chosen by the packages target different customer groups, with online training potentially excluding customers who are not naturally tech savvy, while in-person training is only available to those who can afford it. attend it. Please note: this is only a sample. Get a personalized article from our expert writers now. Get a personalized essay. Price Waterhouse Cooper (PWC) was hired by Post Danmark (Denmark's national postal service), when the service wanted to ensure that calculations were correct and accurate. , in relation to the risk taken by the company, were used by insurance companies to calculate the premiums offered. PWC used a created risk model to capture all past data regarding past events at Post Danmark related to possible future risks, including.