An Analysis of Risk Management Software in the Banking Industry

This research report delves into the realm of risk management software tailored for the banking sector. It critically examines three prominent software solutions: OneSoft Connect, Isometrix, and AirsWeb, evaluating their functionalities, advantages, and disadvantages. The report aims to identify the most suitable software based on criteria like cost-benefit analysis, evaluation matrix, and operational capabilities. The report provides insights into the application of risk management software in project-based management systems, emphasizing its role in mitigating potential risks within the banking industry, and offers recommendations to address the identified pitfalls, such as the need for enhanced security and the integration of additional features like accounting management. The analysis also includes a weighted scoring system and evaluation matrix to aid in the selection of the most appropriate risk management tool.

Running head: PROJECT MANAGEMENT IN INFORMATION TECHNOLOGY
Project Management in Information Technology: Project Risk Management in
Banking Industry
Name of the student:
Name of the University:

1PROJECT MANAGEMENT IN INFORMATION TECHNOLOGY
Executive Summary
This research report is focused on the roles and facilities offered by the risk
management software. Among different software the most suitable software for the
banking industry is being identified in the report based on the considered criteria. The
subscription cost and other features of the risk management software are also
elaborated in this paper.

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1. Introduction
This research report depicts the roles and commitments proposed by different
risk management software for managing various industrial risks. Based on the type of
the project and the industrial requirements the most suitable risk management software
is needed to be adopted by the project heads and the project team members. The
process of risk management is also defined as a logical development and
implementation of a crucial plan used for mitigating potential losses or uncertainty.
In order to avoid risks, protect the valuable assets and industrial exposures the
process of risk management is used by the project executives. For this specific report
the risk management program is strictly focused on banking industry. The banking
industry operates two different sectors and units such as deficit unit and surplus unit.
Both of these units are economic units and preferred by the project heads during fund
transactions. Three various risk management software are nominated for representing
this report their advantages and disadvantages are also elaborated along with cost
benefit analysis and evaluation matrix. The analysis resultants gained from this
research are illustrated in details in the report.
1.1 Aim
The aim of this research report is to identify some risk management software that
are generally used in the banking industry for secured data and fund transmission. In
order to identify the most suitable software for the banking industry the details
operational and functional advantages and disadvantages of three of the software are
elaborated in this report. After investigating their service capacity in terms of cost benefit
analysis, evaluation matrix the most suitable software will be identified.
1.2 Significance identification
Basically for the project based management system the application of risk
management software are done for highlighting its influence in a successful information
System. The general process of risk management is comprises of five steps in terms of
identification of risk, Risk analysis, prioritization of risks, risk monitoring and risk closure
(Winarso and Salim 2017). Before the expected system flow gets interrupted the project
executives should consider the possible risk sets that may occur in the banking sector
and those should be analyzed and prioritized or ranked based on their complexity.
Based on complexity proper risk mitigation strategies are also needed to be evolved by
the project managers. However in this new era of technology certain risk management
software are being implemented and those are used in practical industry. The
specification of some of this risk management software is elaborated in this research
report.
1.3 Profit form risk management
 Helps to expand the risk management process in details through analytical
models
 New regulatory landscape can be understood

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 Behavioral risk assessment become easier for governance mechanism
2. Available risk management software
Different types of risk management software are available in the competitive
market but due to their varied functional abilities different industries use different risk
management software (Ippolito, Peydró Polo and Sette 2016). Some of these risk
management software are as follows:
 OneSoft Connect
 Diligent Boards
 Blueprint OneWorls
 MasterControl Risk Analysis
 Isometrix
 ProcessGene GRC software Suite
 AirsWeb Risk Assessment
2.1 Chosen software for evaluation
For this specific research report chosen different three software systems are
mentioned below along with their details operational and functional capabilities:
2.1.1 OneSoft Connect
The OneSoft Connect risk management software is founded in 2014,
headquarter in United States. The business level risks can be easily managed and also
the day to day issues can be completely resolved with the application of this software.
2.1.2 Isometrix
The IsoMwtrix software is founded in the year of 2002, in South Africa. The
starting price of this risk management software is $34,000.00 and can be deployed in
cloud based SaaS and Web solutions (Waemustafa and Sukri 2015.). In windows
operating system, android native mobile system, Mobile iOS native systems also this
can be installed.
2.1.3 AirsWeb Risk Assessment
The AirsWeb risk assessment management software is funded in 1999
headquartered in United Kingdom offers a complete structured solution to the
consumers for managing both the qualitative and quantitative risk management.
3. Critical Review
3.1 IsoMetrix risk management software
The IsoMetrix risk management software is widely used for managing the
business risks, sustainability as well as compliance. This specific risk management
software holds the details of business performance. From the consumers service details
this risk management software is rated as 4 out of 5 (Mishra and Naidu 2016). The user

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friendly ability of the system is rated as 3.5 on 5 and the overall working capacity of this
software is rated as 3.5 out of 5. Both the online and offline businesses are supported
by this software.
3.2 OneSoft Connect risk management software
The problems with messy documentation, spreadsheet as well as apps will be
mitigated by this approach. The user friendliness, overall application support and
consumer’s services are rated respectively as 5, 5 and 4.5 out of 5 by the users. In
addition to this the starting price of the software product is $60.00 every month for
individual user.
3.3 AirsWeb risk assessment management software
The ESH of the companies become enabled and the risk management officers
can understand the hazards easily through this risk management software. The web
based quality of this software offers flexible operational approach to more than 117
countries over 30000 users. This risk management software is not offered by the direct
vendors and deployed over cloud, SaaS and web platforms successfully (Adeusi et al.
2014). For both android native and mobile iOS native this software is applicable. Not
only this but also, the required training program approached for this software are
documentation, live online, in person, Webinars etc. Both online as well as offline
business can be supported through this risk management software.
4. Evaluation criteria
4.1Evaluation methods
The criteria those have been chosen for evaluating the success of the risk
management software are as follows:
 Cost of the software
 License required for running the application of the software
 Supporting services offered by the software to the banking sector
 Training program offered by the company
 Process of task management operating system
 Support as well as training programs
 Operating platform
The details of these above mentioned criteria for each of three different software
are illustrated below:
4.2 Advantages Vs disadvantages analysis
Advantages Disadvantages
The price offered by the software match
the quality according to the set price
This system is flexible, the interface is
simple and offers great values to the users
Data may be lost from the system due to
lack of security features.
For this specific role, the service providers
are not responsible rather the companies

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are responsible to add on theses features.
4.3 Cost benefit analysis
Onesoft Connect
 For 3 users the trials is free
 For 50 numbers of users the price is $6 per user
 For more than 50 users a full time enterprise integration program is
offered in the price range of $15 per month
Competitors offered price Offers
Entrée One time license is offered by the pricing
model
The price is starting from $4995.00
eSign Genie Gives opportunities for free trial
The subscription price ranges from $8.00
per month and no credit cards are needed
SimplyBook.me Freemium and subscription details also
offers free trials to the users
On the other hand, OneSoft Connect Risk management software also offers
subscription plan for the users which almost 99% software gives (Adeusi et al. 2014).
Though, it gives free trials for the consumers but does not have Freemium plan like
some of the risk management software.
5. Weighted scoring selected suitable methods for managing risks
5.1 Weighting for each of the criteria
Criteria Weighting or each of the criteria
License of the project 20%
Cost of the project 22%
Services and support offers 15%
Task management approaches 30%
Agile project management 40%
Offered operating system 12%
Platform 18%
Project reporting technique 26%
Notification and issues tracking capacity 30%
5.2 Evaluation matrix
Criteria Minor Medium Significant Catastrophic
License of the Moderate Low Extreme High

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project
Cost of the
project
Moderate Extreme High Low
Services and
support offers
Moderate Extreme High Low
Task
management
approaches
High Low Extreme High
Agile project
management
Moderate Extreme High Low
Offered
operating
system
Extreme High Low Moderate
Platform Moderate Extreme High Low
Project reporting
technique
High Moderate Extreme low
Notification and
issues tracking
capacity
Moderate Extreme High Low
5.3 Software evaluation
Software evaluation OneSoft Connect AirsWeb Risk
Assessments
IsoMetrix
Criteria Weighting Rating score Rating score Rating score
License of
the project
20% 4 4.5 3 4 3 5
Cost of the
project
22% 4 4.5 4 3 5 3
Services
and support
offers
15% 4 4 5 5 3 3
Task
managemen
t
approaches
30% 4 5 5 5 3 4
Agile
project
managemen
t
40% 5 5 3 4 3 5
Offered
operating
system
12% 5 5 3.5 5 5 3
Platform 18% 4 4.5 2.5 5 5 3
Project
reporting
26% 5 4 4 4 3 5

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technique
Notification
and issues
tracking
capacity
30% 4 5 4 5 5 3
5.4 Justification for the chosen criteria
This subscription pricing model offers free trials and no such credit cards are
required. The range of pricing are offered based upon the number of users and the
number of users. Among the mentioned software the chosen best suited software for
the banking sector is OneSoft Connect risk management software and the profits given
by the software are discussed in te above section.
6. Discussion
From the above gathered features and functionalities of the risk management
software OneSoft Connect it has been found that, this ERP risk management software
helps to manage the customer Relational management of the company and also will
protect the valuable assets of the banking industry (Lord and Washington 2018). This
software is extremely user friendly and the task management solution offers by the
software is beneficial from the business and users provider’s perspectives.
Figure 1: overall rating of the OneSoft Connect risk management software
6.1 Resultant
It helps to manage all the past business records with essential quality assurance
and collaborative approaches as well. With the application task management system all
the functional operation can be collaborated with the company server. The subscriber
companies who will take services from OneSoft Connect will be able to new business
opportunities and also can identify the risks at the very initiation phase (McNeil, Frey
and Embrechts 2015). Moreover, it can be said that this application has the capability to
grab ore number of consumers at a time. Once the bank will connect its database
system to this risk management software all the past data and other details will be

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available to the system operators. The features that are available for this specific
chosen risk management software are as follows:
 It has the ability to manage its assets
 HR management capability
 CRM
 Easy purchase offered
Figure 2: overall rating of the OneSoft Connect risk management software review
6.2 Problems and pitfalls
However there are some features that are required but does not offered by the
OneSoft Connect risk management software. Though, in case of banking sector
accounting management system is very much necessary to keep the financial
information secured from the external attackers but it fails to offer this system facility to
the consumers (Winarso and Salim 2017). Apart from this, another major issue
associated to this software is it lags financial management, warehouse management
and supply chain management system.
6.3 Recommendations
In order to mitigate the commercial and functional pitfalls the followings are the
recommendations offered:
Security connection: Though, this software enough secured but still some
addition security features are needed to be incorporated by the developers such as
encryption, firewall support etc. It is expected that if proper encryption and decryption
mechanism are offered to the system the no other unwanted and unauthenticated users
will be able to access information from the server.

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Accounting management system: While working for the banking sector it is
mandatory for the system developers to adopt proper accounting capacity to avoid
unwanted financial record access. It will increase the Supply Chain Management (SCM)
system of the system.

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