Risk ManagementIT & Software Development

Capterra Value Report: A Price Comparison Guide for Risk Management Software

Headshot of GDM author Akriti Sharma
By Akriti Sharma

Published | Updated on
8 min read
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Compare pricing for top-rated risk management software products with the highest value-for-money and functionality ratings.

We hear from software buyers time and again that price and functionality are two of their top considerations when investing in risk management software. Budget is a constraint for most businesses, but affordability alone doesn't make a product valuable—it must also offer the required functionality. 

Risk management software helps organizations measure the level of potential risk in ongoing projects and processes, and generate meaningful insights and action plans to mitigate the identified risks. The software offers tools to document corporate governance, risk, and compliance tasks as well as ensure these elements align with business objectives. Risk management software pricing can range from free to over $539 per month. Read the buyers guide to further understand the benefits of the software, considerations when buying the software, and more.

In this report, we’ve ranked the top risk management software products based on user reviews: those with the highest ratings for both value for money and functionality. We’ve also included the starting price and functionality details for each product.

Risk management software with the highest value-for-money and functionality ratings

The graph below shows risk management tools that offer the best value for money and functionality according to user ratings. Products are arranged in increasing order of their value-for-money ratings (bottom to top) and functionality ratings (left to right).

Scatterplot for the blog article "Capterra Value Report: A Price Comparison Guide for Risk Management Software"

Note: While products in the top-right zone of the graph rank higher in terms of both functionality and value-for-money ratings, all products in this graph are top rated.

Price comparison for top-rated risk management software

The cost of risk management software may vary based on the number of users, features, or other factors, and comparing pricing for multiple products can be time-consuming. 

We’ve created a table to highlight how different risk management tools stack up against each other in terms of starting prices, free trials, and free versions—allowing you to compare these products side by side.

From the products mapped on the scatter plot above, only those with publicly available pricing information on vendor websites are listed in the price comparison table below. They are arranged in decreasing order of their combined ratings—value for money plus functionality.

Comparison table graphic for the blog article "Capterra Value Report: A Price Comparison Guide for Risk Management Software"

Note: The pricing included in this table is for the entry-level/lowest-priced offering (discounted pricing not considered) found on vendor websites as of May 25, 2023.

1. Openli

Openli is a cloud-based privacy platform that enables businesses to manage compliance-related risks. It aids companies in maintaining compliance with the General Data Protection Regulation (GDPR) and its related security requirements by assessing data processors and facilitating the creation of essential legal documents.

Trial/Free Version

  • Free Trial
  • Free Version

Overall rating

4.8

Value-for-money rating

4.7

Functionality rating

4.6

Device compatibility

Starting price:

$546.50* per month for three users (billed monthly)

*Converted from EUR to USD on June 28, 2023, using www.xe.com

Cost to upgrade:

Contact the vendor for upgrade plans

  • Features available at starting price: The starter plan includes access to the Openli privacy hub, which helps automate vendor risk management (including a complete privacy and compliance overview of each vendor), the vetting of data processors, and the creation of GDPR Article 30 (RoPA). It also automates certain subsections of the Data Processing Agreement (DPA), such as the purpose and nature of data processing, security measures, and data transfers.

  • Features available in advanced versions: In addition to the features of the starter plan, the advanced versions include access to APIs, single sign-on authentication, data migration from existing setup, and a dedicated privacy success manager.

2. Sumsub

Sumsub is an online identity verification platform that helps businesses manage document fraud risks. It offers user ID verification, biometric verification, and address verification for document KYC checks.

Trial/Free Version

  • Free Trial
  • Free Version

Overall rating

4.7

Value-for-money rating

4.7

Functionality rating

4.7

Device compatibility

0

Starting price:

$1.35 per verification—$149 minimum monthly commitment (billed monthly)

Cost to upgrade:

$1.85 per verification—$299 minimum monthly commitment (billed monthly)

  • Features available at starting price: The starter plan provides document authentication, ensuring every document is authentic, legitimate, and free of forgery or alteration. It also includes liveness and face match functionality, which conducts a biometric analysis of a person’s facial movements that are compared with photos on submitted documents to verify the person is truly present and that the documents belong to them. Additionally, it offers AI-powered character recognition to extract ID data from various languages and scripts, including Chinese and Cyrillic.

  • Features available in advanced versions: Advanced versions include AML screening, face authentication, address verification, email verification, and phone verification. The AML screening feature checks if applicants are politically exposed, on watchlists or sanction lists, or mentioned in adverse media. Additionally, the feature verifies customers’ residential addresses by extracting information from documents such as utility bills, bank statements, tax invoices, and passports.

3. GOAT Risk

GOAT Risk is an enterprise risk management software solution that enables businesses to review and analyze risk profiles for each business department, project, process, or activity. It lets businesses define metrics to track potential risks, including operational, financial, health and safety, and reputational risk incidents.

Trial/Free Version

  • Free Trial
  • Free Version

Overall rating

4.7

Value-for-money rating

4.8

Functionality rating

4.3

Device compatibility

Starting price:

$32.60* per month for five users (billed monthly)

*Converted from EUR to USD on June 28, 2023, using www.xe.com

Cost to upgrade:

$97.94* per month for up to 10 users (billed monthly)

*Converted from EUR to USD on June 28, 2023, using www.xe.com

  • Features available at starting price: The starter plan enables organizations to create and review one risk profile. Organizations also get access to a personalized risk dashboard to view what risks they own and monitor any key performance and risk Indicators they have attached.

  • Features available in advanced versions: With the advanced versions, businesses can create and manage more risk profiles (unlimited with the Enterprise and Enterprise PRO plans). They get access to a standard risk template, but all its fields can be customized to fit the approach of any business. Users can change the labels, add or hide fields, and use the template for various types of risks, lists, or registers.

4. Wrike

Wrike is project management software that provides a 360-degree view of project risk factors. It offers advanced AI-powered insights to help project teams prevent delays, optimize resources, and deliver projects on time.

Trial/Free Version

  • Free Trial
  • Free Version

Overall rating

4.7

Value-for-money rating

4.7

Functionality rating

4.7

Device compatibility

Starting price:

$9.80 per user, per month (billed monthly)

Cost to upgrade:

$24.80 per user, per month (billed monthly)

  • Features available at starting price: The starter plan allows businesses to create and manage unlimited projects, tasks, subtasks, and request forms. It also offers task management, custom project workflows, project risk analytics, and risk trends.

  • Features available in advanced versions: Advanced versions include AI-based project risk prediction functionality, which accelerates routine tasks, such as project forecasting, by analyzing data trends and delegating action items based on the AI predictions. The software also leverages machine learning technology to offer detailed project risk alerts and insights.

5. SolarWinds Service Desk

Solarwinds Service Desk is an IT service management platform that enables businesses to identify, assess, and prioritize potential issues or risks within their service desk operations. It allows businesses to configure various risk options such as low disk space, expired contracts, and systems with no antivirus installed.

Starting price:

$39 per month (billed monthly)

Cost to upgrade:

$79 per month (billed monthly)

  • Features available at starting price: The starter plan’s incident management functionality centralizes service tickets submitted via various channels, such as email, phone, service portal, mobile app, chat, or even in person. It allows services teams to respond to and address unplanned events affecting service quality and operations. It also provides single sign-on and multi-factor authentication for additional security.

  • Features available in advanced versions: Virtual agent, network discovery, contract management, license compliance, and API access are a few features available with the advanced versions. Businesses can automate service desk operations such as categorizing tickets, routing tickets to the right team, and sending service alerts.

6. Pirani

Pirani is enterprise risk management software that helps businesses identify and manage operational risks across processes, products, functions, and projects. It also assists in tracking, governing, and maintaining compliance across corporate operations.

Trial/Free Version

  • Free Trial
  • Free Version

Overall rating

4.4

Value-for-money rating

4.4

Functionality rating

4.2

Device compatibility

0

Starting price:

$52.50 per month for five users (billed monthly)

Cost to upgrade:

$314 per month for unlimited users (billed monthly)

  • Features available at starting price: The starter plan includes one risk heat map report, which presents risk assessment results in an easy-to-understand format. It allows users to assess processes, identify risks, and define controls. It also helps define access control measures based on user roles.

  • Features available in advanced versions: Risk assessment, workflow planning, capital risk management, anti-money laundering, customizable risk matrix, and custom risk reports are a few features available in the advanced versions of the software.

Check out Capterra Shortlist for risk management software to view the highest-rated and most popular products.

Understand the common pricing models

  • Perpetual license: You pay an upfront sum for license to own the software and use it in perpetuity. This is the more traditional model and is most common with on-premise applications.

  • Subscription: You pay a monthly fee to use the software for a specific amount of time. Subscription-based pricing gained popularity, thanks to the increasing adoption of Software-as-a-Service (SaaS).

  • Open-source license: Open-source licenses are usually free of charge, which reduces your upfront investment. Implementation, integration, and ongoing maintenance, however, can be major expenses.

Watch out for these often overlooked costs

  • Data migration: While this can be done in-house, you might want to pay the vendor to transfer your existing data to the new system.

  • Training: Web-based training is often included in your plan, but vendors might charge for in-person training.

  • Hardware and IT: This could be a major expense for on-premise software buyers who need their own servers.

  • Maintenance and upgrades: Some vendors charge for updates, patches, upgrades, and other maintenance activities.


​​Methodology

To be considered for this list, products had to:

  • Have at least 20 unique product reviews published on Capterra within the past two years, as of May 24, 2023.

  • Qualify as a market fit by meeting our definition of risk management software: “Risk management software helps organizations measure levels of risk in ongoing projects and processes and generate meaningful insights and action plans for mitigating risk. The software offers tools to document corporate governance, risk, and compliance tasks as well as ensure that these elements align with business objectives.”

  • From the products that met the above criteria, 25 with the highest functionality and value-for-money ratings were mapped on the scatter plot.

  • From these 25 products, only those with publicly available pricing information on their vendor website were included in the price comparison table. Therefore, the price comparison table is a subset of the scatter plot.

Read about our editorial independence.

Looking for Risk Management software? Check out Capterra's list of the best Risk Management software solutions.

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About the Author

Headshot of GDM author Akriti Sharma

Akriti Sharma is a market research specialist at Capterra. She provides market insights and helps small businesses identify the right software for their needs by contributing to branded research reports such as Shortlist, Category Leaders, and FrontRunners.

An English Literature graduate from Delhi University, she has experienced in project management and operations. When not working, you can find her driving in the mountains and exploring new roads.

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