Risk management tools vs. spreadsheets: Top 5 winners for 2025

Your risk management tools are fighting a losing battle.

Spreadsheets crash. Email threads get buried. Shared drives become chaotic repositories of outdated risk assessments. Meanwhile, your organization faces growing threats — from regulatory changes to supply chain disruptions to emerging technologies.

Scary fact: 65% of companies got hit with risks they never saw coming. That's why smart folks are investing big — a Gartner report shows $215 billion on risk tools in 2024, up 14.3% from last year.

Effective enterprise risk management (ERM) demands more than manual risk management processes and siloed tools. Today's risk leaders need platforms that centralize data, automate workflows, and allow real-time collaboration across the organization.

The right connected risk management platform does what previous solutions couldn't. It brings all your risk data together in one place. When everyone works from the same information, risk management shifts from checkbox compliance to strategic decision-making. The most valuable tools share several capabilities worth examining.

Continue reading to learn the most common connected risk management tools and which are worth your time and budget.

Types of risk management tools

Risk management tools fall into three categories.

1. ERM platforms

ERM platforms track and manage risks in one place. They connect the dots between different risks across your organization, rather than treating each one separately.

These platforms link high-level business goals to specific risks. For example, a retailer might use an ERM platform to see how weather events, supply chain issues, and staffing shortages could all impact their holiday sales targets.

Effective ERM tools enable organizations to compare different types of risks. They show you which ones need immediate attention and which ones can be addressed over time. Instead of guessing which risks matter most, you can prioritize based on data.

2. GRC solutions

GRC tools do more than just manage risks — they also handle your policies, controls, audits, and regulatory compliance requirements.

These solutions save time by eliminating duplicate work. A bank can test a security control once and show how it satisfies the requirements of multiple regulations. Everyone, from auditors to compliance officers to the board, sees the same information.

The real power of GRC tools comes from this connection. When IT team members update a security control, everyone who relies on that control sees the change. No more disconnected spreadsheets or outdated information.

3. Specialized risk tools

Some tools specialize in specific types of risk. The market offers several options:

• Cyber risk platforms monitor your networks, applications, and systems for cybersecurity threats. A healthcare provider might use these tools to track potential risk across their patient data systems and alert security teams to unusual activities.
• Third-party risk management tools assess and monitor vendors and suppliers. A financial institution can use these to evaluate new service providers, track their compliance with security requirements, and stay up to date on risk status as new information comes in (e.g., a vendor completes a security questionnaire, updates their documentation, or finishes scheduled reviews).
• Financial risk software models potential market changes and their impact. Investment firms use these tools to understand how interest rate fluctuations might affect their portfolio values across different scenarios.
• Operational risk systems track incidents, near-misses, and losses. A manufacturing company can document safety events, identify recurring issues, and implement controls to prevent future occurrences.
• Environmental and safety compliance tools monitor regulatory requirements and reporting obligations. Energy companies use these to stay on top of emissions reporting deadlines and document their final numbers across different facilities.

These specialized tools offer detailed insights into specific risk areas. The main limitation? They typically don't connect. Your vendor risk data remains isolated from your operational risk information, even when they directly affect each other.

Recommended reading: Your front-line folks spot problems first, so why aren't they part of your risk process? In our article "Effective Risk Management: How to Empower Your Front Lines,” see how smart companies get everyone involved and catch issues before there is a significant financial impact.

Top tools that connect risk data across your business

The best risk management tool doesn’t handle one risk at a time. It connects all your risk, compliance, and audit work so everything works well together.

The market agrees — according to Gartner, these connected tools are growing 10.4% this year alone. Smart money follows smart solutions.

AuditBoard

AuditBoard fixes the biggest problem in risk management: scattered information. You know the pain of hunting through emails for updates, building reports from mismatched data sources, and never having a clear view of your actual risks. Companies using AuditBoard report 49% deeper risk understanding across their business.

Unlike tools cobbled together piecemeal over time, AuditBoard was originally built by auditors who understood firsthand the challenges of managing risk, compliance, and audit processes. As the risk landscape evolved, the platform expanded into a fully connected risk management solution, enabling greater visibility, collaboration, and agility across the enterprise.

This design creates a true "single pane of risk" that shows how different risks affect each other.

Here’s what you can do with AuditBoard:

• Manage risks, controls, and issues in one place across audit, risk, infosec, and compliance
• View live dashboards and analytics
• Automate audit processes with AI-generated scoping memos, evidence pulls, and pattern detection
• Set precise role-based permissions so only the right people see the right fields
• Score risks using custom formulas that fit your business rather than generic templates
• Handle third-party risk with industry-rated vendor assessment tools
• Integrate risk data directly into your business intelligence stack for detailed reporting

With unlimited stakeholder licenses and integrations with workplace tools like Microsoft Suite, AuditBoard drives frontline engagement like no other solution. Organizations report a 50% increase in stakeholder participation within three years. No more chasing people for updates.

Board meetings become opportunities, not emergencies. Real-time dashboards show your exact risk position with heat maps and charts that executives actually understand. AuditBoard's AI capabilities, trained specifically on risk and compliance data, help you spot patterns and make informed decisions 34% faster.

When regulations change or new risks emerge, automated workflows route tasks to the right people and track their completion. Your team spends time solving problems, not managing spreadsheets or sending reminder emails.

Melissa Austrie (EVP, Chief Audit Officer, Stellar Bank): “AuditBoard prioritizes connected risk when collaborating with our risk management functions. Transparency is paramount when managing and leading the internal audit function at Stellar Bank. Using AuditBoard enables us to be open regarding risks and issues. Now, we’re highly flexible in using the platform’s dashboards to speak the same risk language.”

Jira: Early issue spotting and tracking

Jira surfaces risk as soon as it arises. Each incident or finding is logged and assigned, then passed to AuditBoard without delay. Responsibility and status stay visible through each step, so you see only current actions and don't lose touch with progress. Fast notification means you have space to make decisions, not just catch up.

ServiceNow: Real asset data, no surprises

ServiceNow updates your asset records without manual effort. You see additions or changes as they happen, whether it’s a new application or decommissioned device. AuditBoard pulls this data in, letting your risk assessments focus on what’s relevant and current. Auditors and risk teams both get a complete view, closing the gaps and keeping assessments aligned with your real environment.

Snowflake: Real data, smarter risk calls

Snowflake connects your risk process to business data at scale. Feed AuditBoard two streams — operational or financial, for example — and build assessments around actual results. With live metrics blended with input from your team, you catch new issues sooner, and reports update on their own. This approach cuts out lag and guessing.

Workday: People data tied to actual risk

Workday links HR data straight to risk tracking. You see the effects of training status or team changes as soon as they show up. Missed requirements or rapid turnover push into AuditBoard, giving you early signs to act on. With these direct connections, your people and risk data work together instead of in isolation.

These integrations make every update in AuditBoard meaningful. You stay in step with asset updates, people changes, and emerging data signals, so responses become targeted, not broad guesses.

Key features to look for in risk management tools

When shopping for risk tools, these are the must-have features that separate the best from the rest.

Centralized risk data

Good risk tools bring all your risk information to one place. No more jumping between systems or trying to match data from different sources.

Without centralized data, you waste hours copying information from one system to another. Numbers don't match up. You're never sure which version is correct. And creating reports becomes a nightmare.

With centralized data, everything lives in one system. Your risk assessments, control tests, incidents, and metrics all connect. When something changes in one place, it updates everywhere.

Real-time reporting and dashboards

Static reports become outdated the moment you create them. Modern risk tools offer live dashboards that update as your data changes.

These dashboards show your current risk status, not how things looked last month. You can filter views for different audiences — detailed for your team and high-level for executives.

The best tracking tools let you drill down from summary views to detailed information with a few clicks. When someone asks about project risk during a meeting, you can pull up the details instantly.

Automated risk assessments

Manual risk assessments take too long and happen too rarely. Automation assesses risks more often with less work.

Good tools send assessment questions to risk owners automatically. They remind people who haven't responded. And they calculate risk scores based on the answers.

This automation turns risk assessments from once-a-year projects into ongoing activities. You get a current view of your risk profile and SWOT analysis without the endless follow-up emails.

Collaboration features

Risk management involves many people across your organization. The right tools make working together easy.

Look for features that help teams share information, comment on risks, and track who made which changes. Good collaboration tools include comment threads, task assignments, and notification settings.

The best systems also let you control who sees what. You can share summary information widely while limiting access to sensitive details.

Scalability and usability

As your project management grows, your tools need to grow with you. Many risk tools work fine for small teams, but fall apart when you try to scale.

Scalable tools handle increasing numbers of users, risks, and data without slowing down. They also work well for both simple and complex risk scenarios.

Pro Tip: Usability matters just as much as technical capabilities. If your tool is hard to use, people will avoid it. Look for simple interfaces, clear workflows, and good training resources.

Why connected risk management platforms are the future

It’s simple: Separate risk management tools create separate islands of information. Connected platforms bring everything together. Everyone does their jobs better without the compliance risks.

Too many disconnected systems

Most companies use different tools to manage risks. They have one system for IT risks, another for vendor risks, and yet another for compliance. Each tool has its own login, data, and way of working.

This creates major problems. You can't see how risks connect. You waste time entering the same information in multiple places. And getting a complete picture of your risks becomes nearly impossible.

Risks don't exist in isolation

In the real world, risks affect each other. A vendor problem can create an IT risk. An IT risk can lead to a compliance issue. A compliance issue can cause financial problems.

When your tools don't connect, you miss these relationships. You might fix one risk while creating another without even knowing it.

Connected platforms show you these connections. They reveal the full impact of risks across your organization.

Great platforms follow a simple and systematic approach: They help you spot issues before they become problems.

The best tools:

• Make risk identification feel less like detective work and more like checking a dashboard
• Show you what might happen if things go wrong, so you understand the potential impact on your business

This clear picture helps you make better decisions about allocation, putting your time and money where they matter most.

Breaking down team silos

Risk management isn't just a technology problem; it's a people problem. Different teams manage different risks, and they often don't talk to each other enough.

Connected platforms bring these teams together. They create a common language for risk and shared processes that everyone follows. Risk managers, compliance officers, and audit teams all work from the same information.

This shared approach leads to a better decision-making process. When everyone sees the same risk picture, they make smarter choices about prioritizing tasks.

The future is connected

The most advanced organizations are already moving to connected risk platforms. They're breaking down walls between risk types and between teams.

The results speak for themselves. These companies have a faster risk response to new vulnerabilities. They spend less time on administrative tasks and more time on actually reducing risks. And they make better strategic decisions because they understand their full risk landscape.

As regulations become more complex and risks become more interconnected, connected platforms aren't just nice to have — they're essential.

Connected ERM, minus the headaches: What AuditBoard brings

Ever tried getting busy managers to update their risk assessments? With AuditBoard, they actually do it. The clean, simple screens make sense to everyone, not just risk experts. Teams spend less time on paperwork and more time handling real risks.

What makes this possible is AuditBoard's unified design. It brings your risk, compliance, and audit work together. Teams finally see the whole story, act faster, and make smarter decisions with everyone on the same page. That’s what connected risk management is supposed to feel like.

Because everyone works in the same system, teams finally speak the same risk language. Your audit director and compliance manager view the same risk information, just tailored to their specific needs. This shared understanding eliminates the constant back-and-forth about whose assessment is right.

Good risk strategies work best when your tools talk to each other, and so do risk-based audits. With everyone in the same system, teams can spot the biggest threats, build solid risk plans, and adjust audit activities in real time as things change. Your risk plan lives and breathes, instead of sitting on a shelf. And “I didn’t get that email” stops being an excuse.

Ready to see it in action?

Request a demo to learn how AuditBoard helps you scale your connected risk management program with automation and real-time reporting.

About the authors

Ali Glickstein is an Account Executive at AuditBoard. Prior to joining AuditBoard, Ali spent seven years at JPMorgan Chase and three years at a commercial real estate firm, with her most recent role being VP of Operations & Strategy and ESG Program Lead. Ali also sits on the board of Philadelphia-based non-profit organization Friends for Good, and has previously served as a corporate sponsor for philanthropic programs such as Year Up and City Year. Connect with Ali on LinkedIn.