Risk Management Software (RMS) is enterprise software designed to help businesses manage and ultimately reduce the impact of risk . RMS can use data from existing operations or work on a predictive basis using future projections, to help organizations better manage and improve the quality of their data by identifying and minimizing the effect of potential risks. There are several types of RMS, all of which can be classified based on the criteria for which an organization intends to use the software. RMS can be broadly classified based on the industry they can be used in, such as banking, energy and utilities. It can also be broken down into more specific categories, for example, the scope of risk covered, for example from compliance risk (ensuring the company follows all legislation covering its practices), through to operational risk (e.g. breakdowns system) or financial. .Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The usefulness of these types of tools in today's business climate goes beyond "risk reduction." When software is available to help an organization better manage its data and ensure both the company and its customers about the quality of that data, it lends itself to a number of benefits for the business. As stated previously, RMS can be used to maintain control of compliance with regulations that govern not only the accounting world, such as the Sarbanes-Oxley Act, or ensure the success of audits (both internal and external), but also those that govern the wider world, for example, environmental compliance for aspects such as emissions monitoring and reporting. RMS can help assess risks typically associated with data and identify any issues facing your business. This data collection also helps organizations make more effective and faster decisions by allowing data to be organized more efficiently and easily accessible. For example, evaluating possible future outcomes is one way an organization can choose to make decisions about certain business aspects, such as should a company expand? There are many external and uncertain factors that can intervene and influence the outcomes of business decisions like this. RMS often supports Monte Carlo Simulation functionality, which takes these random variables into account to provide a forecasting model that reflects these risks, meaning that decisions made by an organization can also reflect this risk. These improvements through RMS can lead to overall more efficient data management and improved quality of work, which will hopefully be reflected in performance and turnover. While these benefits may not all be easily quantifiable, the costs of RMS are. Some RMS are available for free online, but for large companies that want to evaluate a large amount of data or have a high price to pay should risk become a reality, more advanced software can be expensive. Additionally, this license can only cover one user, and if numerous people/hardware in your organization need to use the package, you will need to purchase more than one license. The packages are regularly updated with new features that cover the ever-increasing risks of running a business, but more often than not, to access them a user would have to pay to upgrade every license they own. In addition to these initial costs, when a new RMS is introduced, staff may need trainingto fully understand how the interface works and how to use more complicated features. You may also find that some staff may be reluctant to adapt to new ways of managing risk or ordering data, particularly the older generation who may resist accepting these types of changes. Two popular commercial risk management software are the "Risk Industrial" and "Quantum XL" packages. Risk Industrial is one of the very first RMS packages to be released online, in 1987, while Quantum XL is a newer version, in 2010. Although more established, Risk has a hefty price tag at £2075, with upgrades only free if you've purchased the plan maintenance at £415 per year, while the Quantum XL comes in at a much lower price of £419.95 (converted from $549.99 at the current exchange rate price), with upgrades costing £152. These costs perpetually cover a single user, although both packages are offered with substantial discounts and benefits when purchasing multi-user licenses. The license gives users access to a wide range of features that can be accessed through Excel add-ins, with Quantum XL compatible with any version of Excel 2000 (SigmaZone B, 2019), while the latest version of Risk Industrial it is only compatible with versions released after 2007. Both packages are suitable for a wide range of industries, with Risk supporting customers from "PWC" (accounting industry) up to "KEWPIE", in the food safety industry. In most cases, employees tasked with using these types of packages may find themselves dealing with this type of software for the first time, so ease of understanding is critical for the RMS to be successfully implemented within an organization . Each package has its own help tools built into the software to guide new users and offer online technical support, which can be easily accessed via their websites should users face any technical issues. Quantum XL also offers in-depth training courses, usually held over days, to address specific aspects of the software, such as "Design of Experiments (DOE)" training, which teaches users how to implement Monte Carlo simulations to help understand the results and risks that any future projects may entail. However, this training is not offered online, so it is not accessible to everyone. While Risk does not offer in-person training, it does have help files linked to the software and available online, as well as videos and training all available online as well. The training delivery choices chosen by the packages cater to different customer groups, with online training potentially excluding customers who are not naturally tech-savvy, while in-person training is only available to those who have the means to attend . mind: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Price Waterhouse Cooper (PWC) was hired by Post Danmark (the national postal service), when the service wanted to ensure that correct and accurate calculations, in relation to the risk taken by the company, were used by insurance companies to the calculation of the prizes offered. PWC used a template created on Risk, to input all previous data regarding past events at Post Danmark relating to possible future risks, including cases such as: incidents involving postmen and women, mail theft and even damage to any of Post Danmark's properties. A Monte Carlo simulation was then used to take this data to show all potential future scenarios relating to possible accidents and.