The benefits of using risk management software as opposed to Spreadsheet Programs
*Updated January, 2014*
Who doesn’t love using Spreadsheet Programs? What else would you use to create and plan your family budget, create and analyze production statistics, and manage organizational risks? Wait, what was that? Risk management using spreadsheets? Some of you may be scratching your head pondering if that is an inexpensive, viable business solution to risk management, while others of you are convincing yourself that it does work and you are preventing risk with the best tool available to you.
We admit, here at RM Studio, when we started our risk management process towards ISO 27001 certification in 2002, we used in a very popular spreadsheet application. Through trial and many errors, we quickly realized that establishing formulas, double checking cell links and proper formatting and confidently believing human error is not applicable in our audit preparation was a risk in and of itself. The frustrating results became our inspiration to develop an efficient and simpler means of managing information security risk. Risk Management Studio (originally named OutGuard) was created to offer a holistic solution to the risk management process and streamline our efforts ensuring sustainable success in risk mitigation and asset protection.
Since RM Studio hit the market in 2005, we have been fighting a winning battle against spreadsheet programs used as a tool for risk management. The use spreadsheets for risk management often left users with countless worksheets, formatting headaches, and the need to create risk registers, threat libraries, asset catalogs, evaluation criteria for risk calculations, and much more. Another dilemma with using a spreadsheet program for risk management has been creating quality Risk Treatment and Business Continuity plans to firmly establish the information security management system. We have often found that a majority of the potential customers we talk with start the risk assessment process in Excel, but quickly find they are spending evenings Googling an alternative to manual risk management.
RM Studio has assisted organizations of all types and sizes on a global scale to establish a competent risk management strategy. RM Studio has been successfully used to assist many companies certify the ISO 27001, ISO 9001, and PCI-DSS Standards. Try it free for 15 days or contact us for a live online demonstration.
We are certified in ISO 27001 and ISO 9001 and we understand the challenges of preparing for an audit or certification using spreadsheets. One of the most common questions spreadsheet users ask is “how to develop the proper reports for the assessor, such as the Statement of Applicability, with the data compiled from ‘X’ number of worksheets across 3 separate workbooks?” RM Studio addresses the reporting problem and streamlines the risk analysis process with embedded controls linked to the built in Threat Library and auto-generated reporting the assessment module. Saving time and boosting efficiency is the primary purpose of a risk management tool. RM Studio provides risk managers with an import function, allowing users to upgrade from using spreadsheets and multiple customization options for organizational specific risk analysis. The result is more available time to focus on your business during the risk management process instead of worrying whether you have missed any critical data or made calculation mistakes. RM Studio comes complete with the Gap Analysis, Risk Assessment and Risk Treatment module, Business Continuity Management module, as well as the Standards ready to deploy and use immediately after installation.