Choosing a new risk software system - through collaboration

3 min read
May 2, 2024

You know you need to implement new risk management software. Maybe you're just starting to consider your options, or perhaps you're thinking about building your own in-house tool? Is the grass always greener? 

We're noticing a trend - more of our member organisations are coming to us to facilitate collaborations to help them speed up the process of selecting the right tool and avoiding any early implementation issues.
Member meeting
Interested in collaborating with peers on risk software systems?
Please fill in this form.
Request to collaborate
Here are some of the practical ways we've been helping our members with the process:

1. Speeding up the creation of a business case

We created a peer-contributed and peer-validated business requirement template for one member. 

risk reporting template

By collecting business requirements from practising risk leaders at listed companies of a similar size and structure to the member, we were able to deliver a filterable template with over 300 business requirements.

Examples of fields in the business requirements template:

  • Provider credentials
  • Audit modules
  • Risk assessment capabilities
  • Reporting and analytics functions etc

This template is now available for all our members to use. 

Member meeting
Want to use the business requirements template?
Request to collaborate on risk systems - in exchange for your insights on a system, we'll give you the template.
Request to collaborate

2. Narrowing down your short-list

In many cases, risk leaders have already got an idea of the systems they're interested in. But how do you choose a final supplier without having to endure endless sales pitches?

We facilitate 1-to-1 discussions with other risk leaders, so that they can ask candid questions about their peers' experiences with different risk systems.

What candid questions would you like to ask another risk leader about a system that you're considering?

  • What are the strengths/weakness of the system you implemented?
  • What regrets do you have about your risk system selection?
  • Are there any hidden problems/obstacles?
  • What lessons learned do you have from the systems you trialled/implemented?


Peer collaboration gives risk leaders confidence when narrowing their short-list down to a final supplier - they tell us that speaking to practising risk leaders who have 'no dog in the fight' is invaluable."
Tim Whitehouse

Co-founder, Risk Leadership Network

Click here to watch a video case study of a specific member we've helped with switching to new risk software.

3. Benchmarking against peers

For risk leaders beginning their journey with switching new systems, we recently conducted a survey on risk management software use.

With answers from 24 global organisations, members are able to see what systems are being used, the key advantages cited for each, and the potential benefits of developing an in-house solution. 

5 trends from our risk management software survey

  • Less than a fifth of risk leaders believe that their organisation's software has met their expectations.
  • 37% of organisations implemented their risk management system over 5 years ago.
  • 1/3 of participants either have an in-house solution or use Excel spreadsheets.
  • All participants raised "quantitative risk assessment" as a weakness of their current system.
  • For over 84% of participants, the organisation's current system is the only system they've ever used..

Risk management software survey cover with pages

Find out more here


4. Avoiding early implementation pitfalls

Once risk leaders have selected a vendor, we're facilitating further 1-to-1 calls with peers, so they can get tips for implementation. This saves them valuable time when embedding the system in their own organisation as they can act on suggestions/advice from experienced users. 

Our members can anticipate potential tricky areas before they materialise and get the most value of their system.

Member case study

See how Raymond (an anonymised member) used his Risk Leadership Network membership to speed up the process of choosing and implementing a new GRC tool:

View the full case study

How can you collaborate with peers on risk management systems?

We're inviting non-members to collaborate on risk management software. Fill in this form to request to get involved, as a guest, in some of our upcoming collaboration.

We'd love to show you our network in action by involving you in a tailored collaboration to support you. In return, we hope you'll be willing to share some of your feedback on systems you've used with our members.



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