EPM5700 Project Management and IT: Risk Management Software Report

This report evaluates various risk management software solutions used in project management, focusing on nTask, Resolver, and TimeCamp. It outlines the significance of risk management, lists and describes available software, and establishes criteria for evaluation, including stakeholder, risk, quality, communication, and cost management. The report includes an evaluation matrix, justification of weighting criteria, and a discussion of the results, identifying Resolver as a particularly effective tool. It also addresses problems and pitfalls associated with risk management software and provides recommendations for effective implementation. Desklib provides access to this and many more solved assignments.

Running head: RISK MANAGEMENT SOFTWARES
RISK MANAGEMENT SOFTWARES
Name of Student
Name of University
Author’s Note

1RISK MANAGEMENT SOFTWARES
Executive summary
It could be difficult for various organizations to apply a particular risk management
strategy that is standard in nature; this strategy must be even across all the projects.Some
practices that can be followed for the purpose of effective project management include planning,
identifying, analyzing, responding, monitoring and controlling.Projects as well as the risks
inherited by them might different in various ways including impact and scope. As a result, in real
life practice, it could be difficult for various organizations to apply a particular risk management
strategy

2RISK MANAGEMENT SOFTWARES
Table of Contents
Aims.....................................................................................................................................3
Introduction..........................................................................................................................3
Significance of the investigation.........................................................................................4
Listing and description of softwares....................................................................................4
Software selection for evaluation........................................................................................5
Critical review of the three softwares..................................................................................6
Criteria for evaluation..........................................................................................................6
Discussion on weighting for each criteria...........................................................................7
Setting up evaluation matrix................................................................................................7
Justification of weighting criteria for each software...........................................................8
Results..................................................................................................................................8
Problems and pitfalls...........................................................................................................9
Recommendations..............................................................................................................10
References..........................................................................................................................11

3RISK MANAGEMENT SOFTWARES
Aims
The main aim of this particular report is to discuss regarding various softwares that can
be utilized for the purpose of project risk management (Wesselink, Warner and Syed 2015). The
softwares that are selected for this particular report includes nTask, resolver, TimeCamp,
Integrum, Qualys, CURA, Blueprint OneWorld, ADAudit Plus, Diligent Boards, Optimal
SmartStart. Various projects have various types of risks; similarly these softwares that have been
selected for this particular project serve different functions in different type of project.
Introduction
Most of the businesses have a particular strategy that can be utilized for the purpose of
risk management. This strategy can be used for ensuring the success of project management.
According to various studies, around 86 percent of organizations reported in the usage of risk
management practices (Thuy, Pinter and Van Staveren2015). Projects as well as the risks
inherited by them might different in various ways including impact and scope. Hence in real life
practice, it could be difficult for various organizations to apply a particular risk management
strategy that is standard in nature; this strategy must be even across all the projects. Carrying out
risk management in an effective manner involves carrying out various steps, and considering the
project life cycles (Van Staveren2018). Some practices that can be followed for the purpose of
effective project management include planning, identifying, analyzing, responding, monitoring
and controlling. If these steps are carried out in an efficient manner, the project has high chances
to be successful.

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Significance of the investigation
The investigation that would be carried out in this particular report includes identifying
various softwares that are used for the purpose of risk management (Brinkn2017).
Thisinvestigation helps in gaining knowledge regarding the best software that could be used by
various organizations for carrying out risk management. This assignment selects ten softwares
that are best in this field, for further analysis, three among all the softwares are selected and at
last, one software is recommended along with genuine reasons.
Listing and description of softwares
nTask: The software that have been used along with their description nTask is one of the
best risk management software. It prevents the process to be clunky (Bessis2015). It aggravates
the ability to access various harmful risks instead of simplifying the process of risk management.
The strongest suit which elevates the software named nTask to a high pedestals than their fellow
contenders.
Resolver: Resolver focuses on risk planning as well as preparation. It helps in early
planning of the risk identification.
Time Camp: Time camp is a time tracking tool which is made in order to assist teams in
the delivery of projects in time, users are also allowed to conduct risk assessment along with
special features of built in for multiple facets of the workflow (Hopkin2018).
Integrum: Integrum is built for the purpose of health as well as safety management of any
organization. This software is the winner for the purpose of most configurable system on the
market.

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Qualys: Qualys is considered among the most advances project risk management tools
which offers vulnerability scanning, remediation tracking and malware detection.
CURA: CURA provides various companies with the supervision of every risk, in the
accordance with the project risk’s impacts as well as probability (Glendonand Clarke2015).
Blueprint one world: this software helps organizations in centralizing as well as
simplifying the process in order to remain complaint with the local legislation. It also helps in
centralizing its corporate data.
ADAuddit Plus:ADAuddit Plus is a software tool that helps in providing real-time alerts
along with providing over 200 reports.
Diligent Boards: Diligent Boards has been the leading solution for securely creating,
distributing, and collaborating on board meeting books and materials (McNeil, Freyand
Embrechts2015).
Optimal SmartStart: Optimal SmartStartautomates the process of capturing inherent,
residual and target risk evaluations
Software selection for evaluation
The softwares that have been selected for evaluation include nTask, Resolver and
TimeCamp. These softwares have been selected for the evaluation because they aim in serving
various purposes that are not usually served by other softwares (Aven2016). Some unique
benefits that are served by these softwares include detecting financial risks, providing the
advantage of prioritizing the risks, providing some strategies for the purpose of mitigating the
risks, determination of impacts of the risks, providing risk matrix and many more
(Sadgrove2016). The evaluation of these softwares is carried out in the later part of this report.

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Critical review of the three softwares
nTaSK has been detected as the best software for the purpose of project risk management
because it provides with various benefits like easy visibility, determining risk impact, preparing
risk matrix, proficient risk reporting and many more (Ho, Zheng, and Yildiz 2015). Resolver is
also among the bets because it helps in carrying out effective risk assessment, flexible as well as
custom reporting, real-time accessibility and insight. Time camp is the best because it helps in
determining the financial risk as well, it helps in curbing project failure and many more
(Bromiley, McShane and Nair 2015). nTask provides with benefits like reporting proficient risk,
easy visibility, determining the risk impact and preparing a risk matrix, these benefits re nit
usually provided by other softwares. Resolver helps by providing various unique benefits that are
not provided by other softwares like preparing an effective assessment and carrying out incident
management TimeCamp helps in demining financial risk as well (Hillsonand Murray-Webster,
2017). Financial risk is not detected by any other software. nTask help in determining the
impacts of the risk, other softwares helps in detecting the risk but they do not help in determining
the impacts of risks. Resolver help in prioritizing which is not usually supported by other
software, this helps in determining which risk should be treated first (Chanceand Brooks2015).
TimeCamp helps in curbing project failure which helps in carrying out risk management in an
effective manner.
Criteria for evaluation
Some criteria have been set for the purpose of evaluating the softwares, these criteria
include these criteria help in determining the values of the softwares or the extent to which they
help a particular project on achieving the goals (Olson and Wu 2015). It also helps in making

7RISK MANAGEMENT SOFTWARES
decisions on which software is best among all the. The criteria that are set include their
helpfulness in the process of stakeholder management, risk management, quality management,
communication management and cost management.
Discussion on weighting for each criteria
The softwares that have been selected for this assignment are evaluated on the basis of
various criteria. These criteria have been divided into four parts, A, B, C, and D. A includes the
points which provides the most value (Cole, Giné and Vickery2017). The software that provides
the most value, in a specific criteria is marked as A, the second most values criteria is marked as
B, the third one is marked as C and last one is marked as D.
Setting up evaluation matrix
nTask Resolver TimeCamp
stakeholder management A C A
risk management B B A
quality management A C C
communication management C D B
cost management D A B
Table 1: evaluation matrix
(Source: Haimes2015)
Justification of weighting criteria for each software
The weight age has been provided to various criteria, the risk management is considered
to have the most weight because this software must serve the basic purpose, which is risk

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management (Sadgrove2016). The quality management is considered to have the second amount
of weight age because the quality management is the top most priority of a particular project.
Cost management has the third priority in providing the weight age of the evaluation; this is
because the cost management is considered as one of the important aspects of the evaluation. If
the cost exceeds beyond the expectations, it would be harmful for the entire project (Aven2016).
Stakeholder management is also considered as criteria for evaluation because the coordination
among stakeholders is very important otherwise it results in disagreements and compromises
within a project. Communication management is considered as particular criteria for the
evaluation because it helps in maintaining clear communication among the members as well as
stakeholders. This is important because it avoids various issues among the members.
Results
From the evaluation carried out above, it has been derived that the software that can be
considered as the best is Resolver; this software has been detected as the best one because this
particular software aims primarily on the aspect of risk planning as well as preparation
(Sadgrove2016). This provides early planning of the identification of risks; this is provided into
various stages when the project objectives as well as regulatory requirements are still into the
process. This software includes a set of various consolidated products; these products are specific
to various organizations of all the sizes and from all the industries (Bromiley, McShane and Nair
2015). The organizations that use this software are provided with various benefits, these benefits
include providing effective assessment, flexible as well as the custom reporting, accessibility of
real time as well as sight, management of incidents, prioritizing the analysis of risks, rapid risk
retrieval and management of risk response (Hillsonand Murray-Webster2017). These advantages

9RISK MANAGEMENT SOFTWARES
help an organization in carrying out proper risk management and hence help them in executing
the projects in an effective manner.
Problems and pitfalls
Besides providing various advantages, the risk management software also have various
challenges and pitfalls, these problems are as follows
Failure of utilizing proper risk metrics: VaR is known to be a very popular risk metric but
it can only inform regarding the greatest loss that can be expected by the organization at a
particular confidence level (Chanceand Brooks2015). VaR tells the organization nothing
regarding distribution of the losses that usually exceed the VaR. this would provide suggestions
to the application but it does not provide any guarantee to the success of the risk management.
Along with this, the effectiveness of the implementation of VaR depends on liquidity of the
financial market. In case, the market is liquid in nature, then the daily VaR measures will lose its
meaning (Olsonand Wu2015). This happens because, in case a firm sits on a portfolio which
cannot be traded, a daily VaR measures is not considered as a particular measure of risk for the
portfolio because the firm would be stuck along with the portfolio for a long period of time.
Mismeasurement of various known risks: sometimes, risk management software make
numerous mistakes during the assessment of the probability or the overall size of losses. In a
similar manner, they could utilize the wrong distribution (Cole, Ginéand Vickery2017). In
various organizations, they might estimate the propoer distribution that is associated with every
position, but the correlation between various positions might be mismeasured. Mismeasurement
of various risks that are known is usually a common issue in the practice of risk management.

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Recommendations
In order to carry out risk management process in an effective manner with the help of risk
management software various steps that could be undertaken are as follows
Creating a risk library for the company: after the company’s risks have been analyzed,
the company must begin to create a particular risk library of their own. Risk library deliveres the
framework for the process of risk assessment (Haimes2015). It also helps in summarizing as well
as defining in a particular repository, the risk to which the company has been exposed. Library
would help in facilitating discussions of various risks along with their definitions, it also
promotes consistency as well as a culture of the risk awareness.
Assess risk potential as well as impact: the risk appetite is usually based on the evaluation
of tradeoff among the return and risk (Hillsonand Murray-Webster2017). Assessing financial
impact as well as likelihood of the risks might result in management with determining if the
company has been operating along with its stated risk appetite and must accept, reduce or reject
the risks.

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References
Aven, T., 2016. Risk assessment and risk management: Review of recent advances on their
foundation. European Journal of Operational Research, 253(1), pp.1-13.
Bessis, J., 2015. Risk management in banking. John Wiley & Sons.
Brink, C.H., 2017. Measuring political risk: risks to foreign investment. Routledge.
Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., 2015. Enterprise risk management:
Review, critique, and research directions. Long range planning, 48(4), pp.265-276.
Chance, D.M. and Brooks, R., 2015. Introduction to derivatives and risk management. Cengage
Learning.
Cole, S., Giné, X. and Vickery, J., 2017. How does risk management influence production
decisions? Evidence from a field experiment. The Review of Financial Studies, 30(6), pp.1935-
1970.
Glendon, A.I. and Clarke, S., 2015. Human safety and risk management: A psychological
perspective. Crc Press.
Haimes, Y.Y., 2015. Risk modeling, assessment, and management. John Wiley & Sons.
Hillson, D. and Murray-Webster, R., 2017. Understanding and managing risk attitude.
Routledge.
Ho, W., Zheng, T., Yildiz, H. and Talluri, S., 2015. Supply chain risk management: a literature
review. International Journal of Production Research, 53(16), pp.5031-5069.
Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.