Overview of Project Management and Risk Management

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.

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.

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.

• Helps to expand the risk management process in details through analytical models
• New regulatory landscape can be understood
• Behavioral risk assessment become easier for governance mechanism

Risk Management Software for the Banking Industry

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

For this specific research report chosen different three software systems are mentioned below along with their details operational and functional capabilities:

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.

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.

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.

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 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.  

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.

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.  

Evaluation Criteria for Risk Management Software

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:

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

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.

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.  

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

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 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

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.  

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.

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.

References

McNeil, A. J., Frey, R., and Embrechts, P. 2015. Quantitative Risk Management: Concepts, Techniques and Tools-revised edition. Princeton university press.

Bromiley, P., McShane, M., Nair, A., and Rustambekov, E. 2015. Enterprise risk management: Review, critique, and research directions. Long range planning, 48(4), 265-276.

Lord, D., & Washington, S. 2018. Introduction. In Safe Mobility: Challenges, Methodology and Solutions (pp. 1-10). Emerald Publishing Limited.

Adeusi, S. O., Akeke, N. I., Adebisi, O. S., and Oladunjoye, O. 2014. Risk management and financial performance of banks in Nigeria. Risk Management, 6(31).

Wu, D. D., Chen, S. H., & Olson, D. L. 2014. Business intelligence in risk management: Some recent progresses. Information Sciences, 

Waemustafa, W., and Sukri, S. 2015. Bank specific and macroeconomics dynamic determinants of credit risk in Islamic banks and conventional banks. International Journal of Economics and Financial Issues, 5(2), 476-481.

Mishra, U. and Naidu, M.P., 2016. A Study on credit risk management and appraisal process at Punjab national bank, Nagpur. International Journal of Multifaceted and Multilingual Studies, ISSN (online), pp.2350-0476.

Ippolito, F., Peydró, J.L., Polo, A. and Sette, E., 2016. Double bank runs and liquidity risk management. Journal of Financial Economics, 122(1), pp.135-154.

Waemustafa, W. and Sukri, S., 2016. Systematic and unsystematic risk determinants of liquidity risk between Islamic and conventional banks.

Winarso, E. and Salim, I.A., 2017. The Influence of Risk Management to the Return on Asset (ROA) Banking Sector (Case Study of Bank in Indonesia Listed in Indonesia Stock Exchange). Advances in Economics and Business, 5(7), pp.382-393.