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What is risk management?

Risk management, also called enterprise risk management, is the process of identifying and preventing threats to a business' capital by foreseeing their impact on the organization. Such risks can arise from various sources, such as manual errors, legacy system errors, and financial and legal complications.

what is risk management

Why does an organization need risk management software?

Apart from identifying risks to the organization, risk management software can also aid in predicting which risks are actually worth taking. If the outcome is in favor of the organization, management can deduce whether they need to drop a certain action or proceed with it. Managerial strategy is very closely connected to risk management, because the organization’s leaders need to decide how much of a risk they’re willing to take for the benefit of the company.

Some of the many industries that can benefit from risk management applications are infrastructural organizations, real estate agencies, and the IT sector.

Implementing a risk management plan

Low-code platforms are ideal if you want a customized solution for your risk management plan. You can choose the elements you need that suit your organization’s unique requirements without the hassle of configuring a solid solution that might have features you don’t need.

SOME OF THE BEST FEATURES TO HAVE IN A RISK MANAGEMENT APPLICATION ARE:
  • Regulated workflows:

    Across the vast IT environment, automated workflows allow you to streamline various aspects of risk management, such as calculating the amount of allowed risk.

  • Easily accessible reports:

    Get all your data stored in the form of reports that can be used to analyze budgets, costs, and other information.

  • Dashboards:

    All reports and statistical data are now visible to you on a single customized dashboard. Set priorities and gather information at a glance.

  • Security and compliance:

    Eliminate security risks with industry frameworks such as SOC 2, CCPA, GDPR, ISO, and PCI.

  • Integrations:

    Streamline the connections between multiple applications whenever needed.

The future of risk managementwith Zoho Creator

The future of risk management software will include technological advancements and increasing AI implementation. As potential risks also become more progressive, low-code platforms are sure to follow in their footsteps in order to manage tomorrow’s risks.

Zoho Creator offers many features that are ideal for risk management applications—with the added bonus of being able to customize them to your personalized requirements.

We offer features like:

Compliance

Zoho has earned ISO/IEC 27001:2013 certification for applications, systems, people, technology, and processes. ISO/IEC 27701, ISO/IEC 27017, ISO/IEC 27018, SOC 2+ and HIPAA are just some of the security standards and compliances available.

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API integration

Zoho Creator’s integration capabilities support over 600+ services from different verticals, including CRM, accounting, ecommerce, ITSM, and project management.

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Application management

From user controls to compliance checks, configure and control every stage of your application lifecycle with ease on Zoho Creator.

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Multiplatform capabilities and cloud infrastructure

Deploy and access your applications on multiple platforms, including the web, iOS, Android, and iPadOS. Our servers are also housed at geographically isolated data centers with best-in-class backup for quick disaster recovery.

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Security

Our security components include:

  • Organizational security
  • Physical security
  • Infrastructure security
  • Data security
  • Identity and access control
  • Operational security
  • Responsible disclosures
  • Customer controls for security
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"We now have complete control of our risk and claims processes as well as the outstanding payables and receivables from our clients, all in a single database."

- Rohit Bhatt, Tata Projects

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Frequently Asked Questions

Why is risk management important?

With threats increasing on all sides, risk management is a necessary part of any organization, now more than ever. Companies can now ensure that their businesses don't suffer large impacts or losses by reassessing risk exposure and identifying their risk tolerance.

What are some of the industries that will find value in risk management software?

Some of the major industries that can benefit from custom risk management solutions are:

  • Construction
  • Real estate
  • Infrastructure companies
  • IT environments
  • Organizational safety

How does Zoho Creator help with risk management?

Zoho Creator is a low-code platform that enables users to build custom applications. You can create a custom risk management solution according to whatever needs your organization or business use case may have.

Who uses risk management software in Zoho Creator?

One of India’s leading infrastructure companies, Tata Projects, has developed their own custom risk management/assessment software using Zoho Creator. Read their case study to learn more.