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Volume 29, Issue 5

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Thursday, 12 June 2014 15:13

Are You Obliged to Use a Risk Management Software Application?

Risk management software identifies the risk associated with different assets. It then communicates this information to the enterprise concerned, for example through business dashboards displayed on screens. While risk is a factor for every organisation, some are bound by regulations to practice and demonstrate good risk management. Banks are a case in point: they must have enough cash in reserve to cover expenses if issues such as IT failure or fraud affect them. Consequently, many software vendors have produced risk management software or integrated it into their product lines. But does that mean that enterprises are obliged to use such software?