Every organization faces risks, be it an office-based IT company, a construction site, or a factory handling hazardous chemicals. These risks to the safety and health of workers are not even consistent; new projects may come with new hazards. A robust risk management process plays a vital role in mitigating these risks and making the workplace safer for all employees.
But risk management involves several steps, including identifying the risks, conducting a thorough risk assessment, taking corrective actions to mitigate these risks, and finally, monitoring the results and keeping the risk management strategy updated. This process can be time-consuming and if done manually, prone to errors.
The best way to tackle this issue is to use an enterprise risk management solution (RMS) for the automation of risk monitoring, identification, analysis, assessment, and mitigation. But how to choose the right risk management solution for you? Let’s go over the features every good risk management software must have. We’ll also share some of the top solutions available on the market.
A risk management solution helps take some of the burden off the shoulders of project managers, who have enough on their plate as it is. Here are some reasons why you need a risk management solution.
An automated risk management system allows you to account for all relevant safety regulations. A single platform can keep organized records of risk assessments, corrective action plans, and more, leaving a digital trail of all the measures you’ve taken to ensure safety compliance. A risk management solution may also help you monitor industry policy changes and update your risk strategy accordingly.
A digital risk management tool helps you keep track of the progress made with risk mitigation. With such a solution, you can easily spot any hindrances or gaps in your safety protocols and fix these issues as they arise. Tracking these metrics allows for continuous improvement of your safety policies.
Using digital tools to manage your safety protocols helps project managers, who can now focus on their revenue-generating projects and workflows rather than spending excessive time managing risks manually.
The goal of risk management is to keep your workers safe and reduce workplace injuries and accidents as much as possible. Using a good risk management solution helps you manage hazards more effectively and ensures that all possible risks are covered, ultimately proving effective in reducing workplace accidents.
Since more and more businesses are turning to digital solutions to manage their safety processes, there are a ton of risk management solutions available in the market. While the solution you choose would be based on your unique needs, here are some features that you can’t do without:
While the above list of features would certainly help you with your search, here’s a place you can start. Based on the user interface, usability, reporting and analytics capabilities, and value for money, we have highlighted some of the top risk management solutions.
Pulpstream’s risk management platform is versatile, flexible, highly customizable, and easy to use. It allows you to automate every aspect of your safety management plan and integrate them all into a single, user-friendly interface. Pulpstream is a notch above every other solution on the market thanks to its intuitive dashboard that allows you to perform most risk management functions with just a few simple steps, its sophisticated risk analysis tools, and no-code customization capabilities.
The features that make Pulpstream’s solution stand out include:
Details on price are available on request. Get a free demo to get a feel for the platform.
Workhub allows businesses to easily manage safety inspections, forms, training, and compliance. Also, its excellent communication and collaboration tools allow effective communication about any updates to the safety programs of the company. It is ideal for small businesses due to its low cost and high value for money.
Some features that make Workhub unique include:
A free version available with limited features. The Standard plan starts at $3/user per month.
EHS Insight is a cloud-based environmental health and safety management solution that helps track environmental effects in addition to management of occupational safety and health systems.
A key feature of EHS Insight is that it offers different tiers based on the size of the business, and you can choose the level that fits your needs. The three tiers are Basic (for small businesses), Mid-tier (for medium businesses, includes training management), and enterprise support (for large businesses). Other features include:
The details are not available on their website, but you can book a free trial to get a feel for the software.
Safesite’s digital safety solution stands out because of its easy-to-use interface and its user-friendly safety app which facilitates safety management anytime, anywhere. It is highly trusted for its risk assessment and analytics and enables users to conduct safety inspections and audits, host toolbox talks and safety meetings, or even track equipment. The user-friendly app combined with the low cost makes Safesite a great option for small businesses.
Safesite’s notable features include:
Limited features are available as a free version. There is also a premium version starting at $16/month which gives you access to more features as well as Safesite’s team of safety experts to help you develop your safety program from scratch.
Cority’s safety management system is geared towards larger organizations involved in high-risk industries such as energy, manufacturing, aerospace, etc. This platform is a recognized leader in Environmental Health and Safety (EHS) compliance as it was designed to meet and support ISO 45001:2018 guidelines (an official standard for occupational health and safety).
Some of the features of Cority include:
The details are available upon request. You can also request a free demo on their website.
EcoOnline offers innovative solutions to address safety management needs. It is versatile and can be used by businesses in a range of industries and allows safety managers to quickly collect and track risk management data.
Some of EcoOnline’s great features include:
Although the pricing details are not available, you can attend a free webinar to learn more about the software, or book a free demo to see if it fits your needs.
In a nutshell, risk management can be time-consuming, tedious, and prone to human error if done manually. This can lead to gaps in safety. The best way to combat this is to use a digital risk management solution to automate aspects of your risk management. Whether your business is small or very large, there are solutions available in the market that will suit your needs and fit within your budget constraints.
But before choosing a solution, it is important to do your due diligence keeping in mind what features are important to your business. Also, most reliable risk management solutions have either a free trial or a free demo through which you can check if they fit your exact business needs before paying to use a premium or full version. The list in this article can serve as a starting point for your research.
Check out this guide to learn more about using no-code software to digitally transform your business processes, including risk management.