Risk Management Software & Preferred Option

This report discusses the various risk management software solutions available in the market and provides a detailed analysis of each. It also identifies the preferred option and provides recommendations for organizations.

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Project Management & Information Technology
Risk Management
4/15/2019

Project Management & Information Technology
Table of Contents
Introduction...........................................................................................................................................2
Risk Management Software & Preferred Option...................................................................................2
Software: nTask.................................................................................................................................2
Resolver.............................................................................................................................................3
TimeCamp.........................................................................................................................................3
Integrum............................................................................................................................................4
Qualys...............................................................................................................................................4
Preferred Option................................................................................................................................5
Report Outline.......................................................................................................................................5
Introduction/Overview.......................................................................................................................5
Purpose..............................................................................................................................................5
Project Management Area.................................................................................................................5
Associated Software Solutions..........................................................................................................6
Preferred Option................................................................................................................................6
Detailed Analysis...............................................................................................................................6
Recommendations & Conclusion......................................................................................................6
Conclusion.............................................................................................................................................6
References.............................................................................................................................................7
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Introduction
Project Management is one of the necessary disciplines that cover numerous knowledge areas
and concepts. Risk management is one such knowledge areas that come under the domain of
project management. There may be various risks that may emerge in the projects that may
have certain impact on the project resources and the progress. With the developments in
technology, there are several software solutions that have been developed which may be used
for risk planning, analysis, control, and treatment (Dey and Kinch, 2010). The report covers
the details of such software solutions and also includes the recommended option out of all.
Risk Management Software & Preferred Option
Software: nTask
It is necessary that the risk management software that is deployed in the organization is not
complex and has the ability to control and treat the risks. In case of the enhanced complexity
of the software solution, it will not be possible for the organization to achieve its purpose and
the risk management activities will not be adequately carried out.
One such risk management software solutions, that is easy to use and deploy and also come
with rich set of features is nTask. There are several features and benefits that are incorporated
in the software solution which are as listed below.
 Enhanced risk reporting: The risks that are logged through the tool are mapped with a
risk owner so that the tracking and control of the risk can be done with ease. The risk
reporting features of the tool provide benefits to the agile teams.
 Visibility: Risk management process is not restricted to the identification of the risks.
However, it is necessary that the risks can be tracked and controlled as per the
situation. The tool allows tracking the risks and assessing the associated probability
and impact levels to control the same (Ntaskmanager, 2019).
 Risk Impact: There are advanced analytical tools integrated in the software solution to
understand the impact of the risks involved.
 Risk matrix: Automated risk matrix is generated through the tool which allows
assessing the risks and its associated parameters.
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Resolver
Risk management is one of the processes that require extensive planning to achieve
successful results. Planning is an essential activity that plays a significant role in all the
project tasks and activities. However, its role is extremely significant in the case of risk
management. Resolver is one of the tools that focus on early planning for risk identification
and assessment. There are several features and benefits that are incorporated in the software
solution which are as listed below.
 Data-driven approach is used for the purpose of risk planning and assessment that
provides successful results to the users.
 The users get the ability to visualize the data associated with the process of risk
management and also carry out flexible reporting (Resolver, 2019).
 Real-time accessibility is ensured with the aid of risk management and handling.
 Incident management is one of the features integrated in the software to facilitate easy
handling of the incidents.
 Risk scoring algorithms are integrated in the software to make sure that risk analysis
is easily carried out.
 There is an option to retrieve the risks and share with the risk inventory.
TimeCamp
It has been witnessed that there are certain vulnerabilities that remain in the organization and
its technical components that are utilized by the malicious entities to give shape to certain
form of the risks. These vulnerabilities are usually not given due diligence as it is believed
that they will not cause any harm. TimeCamp is one risk management software solution that
keeps a track of the vulnerabilities involved and work on them to provide the users with the
ability to avoid and prevent the risks associated with them. There are several features and
benefits that are incorporated in the software solution which are as listed below.
 The software keeps a track of the project budget for all the projects running in the
organization. The variance in the costs is continuously tracked to avoid the risks of
budget overrun.
 The risk management software keeps a track of the project schedule for all the
projects running in the organization. The variance in the costs is continuously
tracked to avoid the risks of schedule overrun (Timecamp, 2019).
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 The Project Managers and leaders are provided with the ability to keep a track of the
risks and determine the probability of the completion of the project. There may be
certain conditions that may be identified preventing the projects to meet their
determined objectives. Such conditions are identified and worked upon in the
software solution.
Integrum
The project risks can emerge during any of the project stages and it becomes essential that
these risks are avoided and controlled at all times. There is also health and safety issues that
are common in the business firms and these can be controlled with the aid of the risk
management software solution. There are several features and benefits that are incorporated
in the software solution which are as listed below.
 There are advanced features, such as incident management and document
management integrated in the software that makes sure that the compliance towards
the specific regulations and standards is maintained at all times.
 There is a great degree of customization present in the software solution that can
incorporate the needs and demands of all the business organizations
(Integrumsystems, 2019).
 The use of advanced technology is reflected from the features included in the
software. Business intelligence techniques, such as data analytics and warehousing are
included in the software for risk identification and assessment.
Qualys
The scope of one project differs from the other project and there are specific vulnerabilities
associated with each of these projects.
The risk management software solution is one of the advanced solutions available in the
market as it comes with the features as malware detection, vulnerability scanning, and
various others. There are several features and benefits that are incorporated in the software
solution which are as listed below.
 There are numerous malicious codes and algorithms that have been developed which
may attack the information and data sets. The malware threats and attacks may take
place on the system that may have a significant impact on the project areas and
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information sets. The software solution provides the ability to identify and detect the
malware codes (Qualys, 2019).
 Host scanning is performed by the tool to keep a track of the vulnerabilities present in
various business areas and provide protection from the same.
 There is advanced search functionality implemented in the system to search for
specific threats and attacks.
Preferred Option
There is numerous risk management software solutions identified and described in the
sections above. Each of these software solutions come with their own set of features and
benefits.
The preferred option out of all these solutions is nTask. The risk management software is
chosen above the rest because it comes with an adequate mix of features, technology, and
user interface. There is rich user interface included in the software solution that provides the
users with the ease of usage. Also, the different options are integrated with each other so that
the users can get the ability to plan, identify, and treat the risks associated with the projects
and the organizations.
The other software solutions also have abundant feature set; however, nTask provides a
wholesome solution for managing and treating the risks.
Report Outline
Introduction/Overview
It is the section in which the report shall provide a brief discussion on the theme being
discussed. The details about project management and the area that will be discussed shall be
introduced here.
Purpose
The section shall cover the purpose of the report.
Project Management Area
In this section, the project management area under discussion shall be covered in terms of its
definition and details.
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Associated Software Solutions
The various software solutions available in the market shall be listed and described in this
section along with the details of the features and benefits of each.
Preferred Option
The preferred option must be described over here and the justification for the same must also
be included.
Detailed Analysis
The benefits and features of the selected software may be explained using the diagrams and
figures.
Recommendations & Conclusion
The recommendations and a brief conclusion on the tool to be used and its associated features
shall be included in this section of the report.
Conclusion
Project management is one of the disciplines that have become extremely significant for the
projects that are carried out in the present times. This is because there are numerous projects
that simultaneously run in a business environment and the management of all of these
projects may become complicated for the project managers and leaders (Indelicato, 2016).
Risk management is one of the critical areas under project management. There may be
various risks that may emerge in the projects that may have certain impact on the project
resources and the progress. There are software solutions and applications developed that may
be used to treat the risks (Wang, Wu and Wang, 2013). The selection of these applications
must be done on the basis of the needs of the organization.
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References
Dey, P. and Kinch, J. (2010). Risk management in information technology projects.
International Journal of Risk Assessment and Management, 9(3), p.311.
Indelicato, G. (2016). Agile for Project Managers. Project Management Journal, 47(1),
pp.e4-e4.
Integrumsystems (2019). Home Page - Integrum. [online] Integrum. Available at:
https://www.integrumsystems.com/ [Accessed 15 Apr. 2019].
Ntaskmanager (2019). nTask - Free Online Task & Project Management Software for Teams.
[online] nTask. Available at: https://www.ntaskmanager.com/ [Accessed 15 Apr. 2019].
Qualys (2019). Information Security and Compliance | Qualys, Inc.. [online] Qualys.com.
Available at: https://www.qualys.com/ [Accessed 15 Apr. 2019].
Resolver (2019). Integrated Risk Management (IRM) Software | Resolver. [online] Resolver.
Available at: https://www.resolver.com/ [Accessed 15 Apr. 2019].
Timecamp (2019). Free Time Tracking Software - TimeCamp. [online] Timecamp.com.
Available at: https://www.timecamp.com/ [Accessed 15 Apr. 2019].
Wang, W., Wu, J. and Wang, D. (2013). The Risk Management Framework of Aero-Product
Development Based on PMBOK. Applied Mechanics and Materials, 380-384, pp.4637-4642.
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