University Project Proposal: Risk Management Software Evaluation in IT

This project proposal focuses on developing a risk management plan for implementing Enterprise Resource Planning (ERP) systems within the IT industry. The report explores the critical aspects of risk management, emphasizing the importance of identifying, assessing, and mitigating potential risks associated with ERP implementation. The study investigates various software solutions designed for risk management, including Parapet Software, Optical SmartStart, and CURA Software. The project provides a critical review of each software, outlining their features, pricing, and customer reviews. An evaluation matrix is presented to compare the software based on criteria such as price, features, user-friendliness, and key risk indicators. The report also discusses the challenges in maintaining risk management software and provides recommendations for selecting the most suitable tool for an organization. The conclusion highlights the benefits of utilizing Optical SmartStart software for effective risk management in IT projects.

Running head: PROJECT PROPOSAL
Final Report
Name of Student-
Name of University-
Author’s Note-

1PROJECT PROPOSAL
Executive Summary
This report consists of risk management plan for implementing ERP in IT industry. The details
of the risk management plan are discussed in this report. The main focus of this report is to study
the tools or the software that are used for risk management plan in an organization. There are
many software discussed by three most important software are discussed in brief and comparison
of the three software are explained in this report. There is also an evaluation matrix that helps to
study the comparison between three software.

2PROJECT PROPOSAL
Table of Contents
Aim..................................................................................................................................................3
Introduction......................................................................................................................................3
Significance.....................................................................................................................................3
Listing software...............................................................................................................................4
Software selection for evaluation....................................................................................................5
Critically Review of selected software............................................................................................5
Criteria for evaluation......................................................................................................................6
Weighting criteria for each software...............................................................................................7
Evaluation Matrix..........................................................................................................................10
Justification of weighting criteria..................................................................................................10
Discussion on results.....................................................................................................................10
Discussion of problems..................................................................................................................11
Recommendation...........................................................................................................................11
References......................................................................................................................................12

3PROJECT PROPOSAL
Aim
The main aim of this research report is implementing an Enterprise Resource Planning in
an IT industry and the ways to manage the risks related to implementation of ERP in the
industry. There are many risks associated with the implementation of ERP. This project aims to
study the risk management and the software that evaluate managing of risks in the IT industries.
Introduction
Risk management is considered as the avoidance of all the negative outcomes that are
associated with a project. For a project, good project management mainly focuses on realization
of business benefits and satisfying the project objective as well as goal of the project within the
schedules time and budget (Harrison and Lock 2017). For implementing ERP system in an IT
industry, the risks that were identified were ineffective strategic planning as well as thinking,
team skills of the project is extremely poor, inadequate Business process re-engineering, and last
but not the improper change management. For mitigating the above mentioned risks, the risk
management plan is to be established in a project (Kliem and Ludin 2019). The risks
management needs to prioritize the risks, manage the risks, as well as monitor the risks and
carrying out those evaluation, risk management software are used. This report discusses three
different risk management software for evaluating the risks in implementing ERP in an IT
industry.
Significance
Risk identification is the most important part of carrying out project management in a
organization. Identification of risks allows the project manager to create a better understanding
for leveraging the stakeholder’s influence as well as taking better decisions that are related to the

4PROJECT PROPOSAL
project (Hillson and Murray 2017). Managing the risk in a project is actually an important part
that leads the project towards project success. Planning risk management that consists of
different types of steps for ensuring removal of risks in a project. Risk management is considered
as an essence of project management that are used in a project and it helps to increase the
chances of project success.
Listing software
Selecting a software solution for evaluating the risk in a project enables the project
manager to align some particular unique need of risk management in an organization (Larson and
Gray 2017). The environment of risk keeps on changing rapidly that includes new change in
legislation, the new moves of competitor, introduction of new or updated products, advancement
in technology, automation of processes, the process of working and the changing behavior of
human. To evaluate these risk, risk management tool are needed for adjusting the elements of
framework (Kerzner and Kerzner 2017). The elements of framework includes risk tolerance,
workflows, the policies carried out and the heat maps.
There are a wide number of software solution that are used for evaluating risk
management in an organization. Some of the software that are used for risk management are
listed below:
Blueprint OneWorld
Diligent Boards
Optial SmartStart
HETIKUS Boards & Committees
audits.io

5PROJECT PROPOSAL
CURA Software
ADAudit Plus
Isolocity
KRC – Solution
Isora
BWise
Parapet
Software selection for evaluation
There are many other software solution that can be used for risk management. The three
software solution for risk management that are selected to carry out this research report are:
Parapet Software
Optical SmartStart, and
CURA Software
Critically Review of selected software
1. Parapet Software: Parapet is considered as an effective tool that mainly offers
comprehensive governance along with user friendly as well as flexible governance. The parapet
software of risk management helps an organization to have compliance as well as risk free
system. This software helps to integrate an end to end risk management by identifying risks,
controlling the risks, the assets, and evaluating the standards that are to be used in an
organization (Ittner and Michels 2017). The Parapet Software implements risks management by
auditing the risks, including compliance management, including corrective actions, managing the

6PROJECT PROPOSAL
exceptions, controlling the management internally, managing legal risks, managing operational
risk, managing the reputational risks, and finally evaluating risk assessment.
2. Optical SmartStart: The risk management and the compliance management of the
Optical SmartStart helps an organization to manage the risk effectively. This Optical software of
risk management helps an organization to enable different approaches of risks register to define
the organization risks, adds attachments that include key control of data loss and such other
events. This software is a straightforward and includes easy maintenance (Burtonshaw 2017).
The Optical software also include risk assessments that includes risks automatically assigned
relevant to the organization. The risks that are included in the organization are customizable. The
risk assessment matrix are included in risk assessment and this Optical software generates email
notifications, the escalation as well as reminders that includes incomplete risk assessment. This
software helps to define as well as analyze all the risk scenarios and underpins all the
comprehensive workflow in the organization.
3. CURA Software: This CURA software is a solution that enables the organization to
manage the risks as well as take advantage of all the opportunities that are related to the business
objectives as well as goals of organization (Aven 2016). This software provides a powerful as
well as flexible framework that manages all the risks allowing organization for identifying,
analyzing, evaluating as well as treating bot the risks and the opportunities for protecting the
brand of the organization, evaluating the stakeholder’s value and the customer’s value and
regulator’s value. CURA is used by the customers to embed as well as integrate the risks
management in the business processes and communicate the risks as well as treatment of risks.
Criteria for evaluation

7PROJECT PROPOSAL
The criteria that are set for evaluating the software are its price, the features that are
provided, the reviews that are given by the clients who have used the software and finally the
resources that the software needs for evaluation risk.
Weighting criteria for each software
Parapet Software solution: The price of the Parapet software includes a starting price of
$3.00 per month for each item evaluation (Modarres 2016). This software also gives the client to
have a free demo before subscribing for the software. The platforms that this software is
compatible are Mac iOS, it can be installed in Windows operating system, n mobile android.
This software supports cloud, SaaS as well as Web and also supports mobile iOS native.
Training can be given to the staffs by online live streaming as well as providing them with
documentation. Parapet software gives 24/7 hours of service along with online as well as
business hours.
The features that are included in the Parapet software are risk management, compliance
features, GRC features as well as Integrated Risk Management (Paul and Basu 2016). The risk
management includes auditing, compliance management, CAPA actions, exceptions
management, internal control managements, legal risk management, operational risk
management, reputational risk management, as well as risk assessment. The compliance includes
audit trail, controls on testing, environmental compliance, FDA compliance, HIPPA compliance,
ISO compliance,, and risks alerts.
On reviews, there is to particular reviews given by the customer. As this is a new
software launched, the customers have not yet provided any reviews on the software.

8PROJECT PROPOSAL
Optical SmartStart Solution: Optical SmartStart solution includes risk control based on
self-assessment. This helps to integrate modules for the organizations with the use of tools to
manage effectively all the processes included. This software also provides flexible workflow
along with reduced data duplication. This particular software includes flexible data export that
enables the optical data that can be utilized in quantitative calculation. This solution also
includes risk register that includes grant departments for authority for defining the registers
(McNeil, Frey and Embrechts 2015). The risk assessment includes risk assessment automatically
for individual in the organization. These software includes risk assessment matrix that consists
multiple matrices that has different business areas. The Optical solution generates email
notifications, escalations as well as reminders for all the incomplete risk assessment.
This software includes risk scenarios, that determines all the possible impact, the
probability, as well as the costs that are associated with the risk event and also states the
mitigation technique. The customermer who have used the software has provided four star rating
review on the software stating the advantages of the tool.
CURA Software: This software is very much flexible as it supports many methodologies
as well as frameworks associated with the organization. The software supports interactive reports
and dashboards that includes real time visibility to manage the risks (Carvalho and Rabechini
2015). This software also provides unparalleled flexibility that enables the users of the business
for configuring the system perfectly so that it matches the existing process of risk management in
the organization. All the tasks, notification as well as escalations are alerted to the user by this
software.
The solutions that are included in CURA risk management that includes standalone
applications as well as more comprehensive implementation based on this particular platform

9PROJECT PROPOSAL
(Cagliano, Grimaldi and Rafele 2015). With the implementation of CURA, the platform has
different solution included for governance as well as risk compliance requirements. The
customer reviews on the software is five star rating stating that this software is extremely user-
friendly/

10PROJECT PROPOSAL
Evaluation Matrix
Features Parapet Optical CURA
Price High Medium High
User Friendly
Platform
Yes Yes No
Provides
Compliance
Yes Yes Yes
Risk Management
Auditing
Yes Yes Yes
Integrated Risk
Management
Yes Yes Yes
Key Risk Indicators No Yes Yes
Training Yes No Yes
Figure 1: Evaluation Matric of the Software
(Source: Created by author)
Justification of weighting criteria
The weighting criteria that are measured for the above stated software are the price, the
features that are provided, and the reviews that are given by the customers who have used the
software and are also based on the resources that are included in the software.
Discussion on results

11PROJECT PROPOSAL
From the evaluation matrix, it can be seen that the price of the software are quite high and
maintaining those risk management tools are quite expensive for the companies (Hanson et al.
2017). All the software tools provided risk compliance and risk management auditing for the
risk that are identified in the organization.
Discussion of problems
The problems that these software provides is its maintainability. The software
maintenance charge is very high and there has to be skilled professional to handle this software.
Training needs to be provided for handling this software (Coid et al. 2016). The price of the risk
management tools are also high as because there is organization needs to use the original version
of the software available.
Recommendation
The best software tool that can be used in organization for maintaining risks is the
Optical SmartStart software. The price of the tool is medium compared to other two software and
the customer review for this product is also high. This solution also includes risk register that
includes grant departments for authority for defining the registers. The risk assessment includes
risk assessment automatically for individual in the organization.

12PROJECT PROPOSAL
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.
Burtonshaw-Gunn, S.A., 2017. Risk and financial management in construction. Routledge.
Cagliano, A.C., Grimaldi, S. and Rafele, C., 2015. Choosing project risk management
techniques. A theoretical framework. Journal of Risk Research, 18(2), pp.232-248.
Carvalho, M.M.D. and Rabechini Junior, R., 2015. Impact of risk management on project
performance: the importance of soft skills. International Journal of Production Research, 53(2),
pp.321-340.
Coid, J.W., Ullrich, S., Kallis, C., Freestone, M., Gonzalez, R., Bui, L., Igoumenou, A.,
Constantinou, A., Fenton, N., Marsh, W. and Yang, M., 2016. Conclusions and future directions
for risk management tools using Bayesian networks. In Improving risk management for violence
in mental health services: a multimethods approach. NIHR Journals Library.
Hanson, R.K., Babchishin, K.M., Helmus, L.M., Thornton, D. and Phenix, A., 2017.
Communicating the results of criterion referenced prediction measures: Risk categories for the
Static-99R and Static-2002R sexual offender risk assessment tools. Psychological
Assessment, 29(5), p.582.
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach.
Routledge.
Hillson, D. and Murray-Webster, R., 2017. Understanding and managing risk attitude.
Routledge.

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Ittner, C.D. and Michels, J., 2017. Risk-based forecasting and planning and management
earnings forecasts. Review of Accounting Studies, 22(3), pp.1005-1047.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Kliem, R.L. and Ludin, I.S., 2019. Reducing project risk. Routledge.
Knutson, C. and Fuchs, B., 2016. New tools for assessing drought conditions for rangeland
management. Rangelands, 38(4), pp.177-182.
Larson, E.W. and Gray, C.F., 2017. Project management: The managerial process. McGraw-Hill
Education.
McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative Risk Management: Concepts,
Techniques and Tools-revised edition. Princeton university press.
Modarres, M., 2016. Risk analysis in engineering: techniques, tools, and trends. CRC press.
Paul, V.K. and Basu, C., 2016. Scenario Planning and Risk Failure Mode Effect and Analysis
(RFMEA) based Management. Journal of Construction Engineering and Project
Management, 6(2), pp.24-29.