Risk Assessment Tools for Risk Management and Insurance

This assignment analyzes three automated risk assessment tools: LogicGate, Audit Board, and Essential ERM. It explores their features, costs, advantages, and disadvantages. LogicGate, a cloud-based SaaS solution, offers flexibility but can be difficult to configure. Audit Board simplifies report management but may have limitations in certain business requirements. Essential ERM is user-friendly for staff onboarding but has limited customization capabilities. The assignment also discusses insurance, covering personal accidents, trip cancellations, and emergency expenses, and examines how premiums are determined based on flight destinations, distances, and economic status, highlighting that higher-risk activities result in higher premium charges. The document provides a comprehensive overview of risk assessment tools and their application in the context of insurance and financial risk management, offering valuable insights for understanding risk mitigation strategies.

Risk Management: Identifying and Assessing Risk
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Risk assessment
Risk management is the process of identifying hazards and potential risk factors that have
the probability of causing harm. Each of the three tools chosen offer a graphical representation of
risk assessment and the probability of occurrence (Avdoshin, & Pesotskaya, 2016). The tools
cost initial registration, configuration, and maintenance required by the organization. However,
the cost involved is dependent on customer requirements and the scope of the business
operations.
The first tool is LogicGate which is a cloud-based SaaS solution. It helps organizations to
automate risk and other compliance programs (Sharif, Basri, & Ali, 2014). Its advantage over the
other tools is that it has the flexibility to evolve with organizational processes because it is built
on a graphical database. LogicGate disadvantage is that it is difficult to configure and any
problem results in a documentation update.
The next tool is the Audit Board, which is a platform to transform and manage reports on
critical risks, auditing, and other industrial compliance workflows. Audit Board advantage is that
it is easy to use when uploading files and communicating with auditors. Organizations can send
requests and have discussions on the Audit Board. Its disadvantage is that sometimes it can be
difficult to run reporting modules for some business requirements (Sharif, Basri, & Ali, 2014).
The last tool in the discussion is Essential ERM software, a secure Enterprise Risk
management system tool. Its advantage in business processes is that it is easy to use and bring
onboard staff members (Avdoshin, & Pesotskaya, 2016). It can capture risks at different stages
such as pre and post-mitigation requirements during risk mitigation. The only disadvantage is

that software remains hard to use if an organization has already established methodologies
because it has limited customization capability.
Discussion
The insurance covers; personal accident, cancellation of trips, travel emergency cash,
accidental death, and disabilities, missed connections on travel, and trip extensions, which are
considered as an emergency. Each aspect is categorized depending on the destination of the
flight, distance covered by the flight and economic status. Customers with higher economic
status and long distances are usually subjected to higher premiums. Risk activities with a
likelihood of occurrence have the highest premium charges in the travel industry.
References
Avdoshin, S. M., & Pesotskaya, E. Y. (2016). Software risk management: using automated tools.
In Emerging Trends in Information Systems (pp. 85-97).
Sharif, A. M., Basri, S., & Ali, H. O. (2014). Strength and weakness of software risk assessment
tools. International Journal of Software Engineering and Its Applications, 8(3), 389-398.