A simple risk register is an Excel table that lists the risks and the information describing them in different columns. However, it is often not enough to support organization-wide risk management.
Risk management is best served by systems designed specifically for this purpose.
Selection criteria
Every organization is different and defines the system that suits them. When making a choice, however, you should find out from the suppliers the answers to at least the following questions:
Purpose of the portfolio
- Is the solution intended for risk portfolio management or is the risk portfolio an additional feature as part of another solution?
- Is the solution suitable for companies of different sizes and public sector or third sector organizations?
- Does the application have a user limit?
- In addition to risks, can the solution manage the entire process?
Usability
- Is the solution a browser-based cloud service or software to be installed on the customer’s network?
- Is the user interface available in different languages, e.g. in Finnish?
- How quickly will key users and end users adopt the system?
- What kind of training is required to implement the system?
- Can the customer themself produce grants for the portfolio solution?
Data structures and content
- Does the system enable the implementation of the customer’s own project data and data structures?
- How easy is it to supplement and modify the portfolio’s data structure after implementation?
- How quickly can the new features requested by the customer be implemented?
Reporting and monitoring
- How flexibly can the customer implement the reports they want by combining and filtering portfolio information?
- Can the entire life cycle of the risk be managed through the portfolio without separate documents?
- Does the portfolio enable the monitoring of risk trends?
Connectivity
- How does the risk portfolio connect to other management portfolios?
- How can integrations with ERP and other business systems be implemented (for example REST API)
- What is required to implement integrations?
- How does the solution utilise e-mail for communication?
Security
- How is the customer’s data protected?
- In which country is the system data located?
- In what form can the customer retrieve their data if they decide to abandon the solution?
- Can the customer manage user access rights as they wish?
Services
- What is the customer support response time?
- Can I receive support in Finnish?
Pricing
- How long does it take to implement a portfolio solution and what is its cost?
- What is the pricing for using the solution based on? Is it based on a fixed monthly fee or a unit-based one, for example according to the number of users?
- What is the contract period?
Many organizations have noted the advantages of cloud services in portfolio management. They do not have to invest in software, equipment, infrastructure and support, but the supplier takes care of them. In cloud services, the reliability of the supplier, implementation of data protection and the feasibility of system integrations must, of course, be ensured, as in other solutions.