Essential Features of Project Risk Management Software
Project teams need risk tools that can help them identify risks and establish clear ownership for issue and risk management. The right features help you spot risks early, score them fairly, plan a response, and report risk health accurately.
- Risk Register: A shared risk log keeps all risks in one place, with the same fields, dates, and terms. It helps teams avoid drift, reduce repeat work, and keep risk discussions grounded in real data.
- Prioritization: Scoring and prioritizing risks helps teams weigh likelihood and impact so they can focus their resources on the most urgent or potentially damaging risks.
- Risk Ownership: Assigning clear owners makes risk accountability clear. It establishes who will watch signals, lead the plan, and report changes. It also reduces lag, stops handoffs, and ensures risks do not remain inactive in tracking lists.
- Response Planning: A response plan turns a risk into a set of tasks with dates, owners, and checks. It helps teams make decisions and track progress.
- Monitoring: Risks change as work progresses. Review dates, prompts, and trigger checks to ensure that risk scores are up to date and can be flagged early. A steady rhythm helps teams spot drift, catch stalled fixes, and act before a risk worsens.
- Collaboration: Notes, files, and key calls show why a score changed and why the team selected a plan. This record helps new team leads catch up quickly, reduces debate during reviews, and makes risk discussions fairer and more focused.
- Reporting and Dashboards: Dashboards turn many risk rows into a clear view of what matters now. They help leaders see top threats, late fixes, and trend shifts. Good views support rollups and cut time spent making slides.
- Permissions and Audit Trail: Risk data can be sensitive, so you need clear access rules in place. A complete change log shows what changed, when, and by whom. These controls build trust, support reviews, and prevent quiet edits that can skew scores or hide delays.
- Issue Linkage: When a risk occurs, you need a clear link from the risk to the issue to retain full context. This connection helps teams track root causes, speed up triage, and learn which risks materialize so plans can improve.
Learn about the definition, benefits, goals, best practices, and more with this guide to project risk management.
Smartsheet
Project risk management software by Smartsheet is an intelligent work management platform that helps teams capture, track, and review project risks alongside everyday work. It gives you shared risk lists with dates, visual charts that weigh chance and effect, and dashboards that roll up counts, hot spots, and linked RAID items.
Smartsheet Features:
- Custom risk lists track statuses and dates
- Color-coded charts show likelihood versus impact
- Dashboards display pie charts and totals
- RAID templates record risks, assumptions, issues, and dependencies in a single structured log
- Action sheets list follow-up or mitigation tasks clearly and link back to risks or RAID items
- Automation rules can build a consolidated RAID list across projects
- Sheets and templates can be configured as sprint logs for Agile team reviews
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Smartsheet helps project teams turn scattered risks into one shared view with risk owners and next steps. Managers lean on ready templates, simple scoring menus, and weekly alerts, while live color views, scalable standard logs, and RAID logs keep focus on real exposure.
Those benefits may require setup effort. You may need custom register sheets, extra automations for trend views, and linked reports for portfolio summaries. Audit-focused teams that track strict workflows may want more detailed email information than is available in the default settings.
Try this guide to using a risk register, including its benefits, main components, and when to use one.
Celoxis
Celoxis is a project and portfolio management platform that helps teams record risks, assign clear owners, and follow exposure across projects. It draws on one shared register, flexible fields and workflows, and live dashboards that surface key threats beside schedules, resource plans, and budget views.
Celoxis Features:
- Central risk register for project and portfolio risks
- Customizable risk management with fields and workflows
- Risk scoring using impact, likelihood, and custom criteria
- Dashboards to show live status and top risks.
- Risks integrated with schedules, resources, and budgets
- Recurring risks supported with alerts and reviews
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Celoxis helps project teams log and rank risks in the same space where they track tasks, dates, and budgets. Managers rely on a structured risk register, tuned fields, and value-at-risk figures on dashboards to link threats to owners, projects, and portfolio decisions.
Celoxis suits teams that want risk to be close to real project data and are willing to invest in setup time. You can customize fields and workflows, though it takes time to learn the feature-rich interface. Users also may need to rely on an administrator for complex reports, integrations, and careful Gantt changes when limited undo needs extra care.
Jira
Jira is a work-tracking tool that teams use to plan projects, manage issues, and record project risks. It lets you log risks on standard boards, apply simple scoring with custom fields, and set review alerts and dashboards that show current exposure, owners, and follow-through.
Jira Features:
- Risks that can be made visible on standard Scrum and Kanban boards
- Custom fields and automation to support basic risk scoring
- Configurable dashboards for current risk status snapshots
- Add‑on apps that provide matrices, templates, and compliance views
- Automation rules to schedule reviews and trigger escalations
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Jira helps teams manage risks alongside stories and incidents so reviews stay close to real work. A dedicated risk issue type supports a structured register, while dashboards and history views highlight current exposure, owners, and the evidence behind score or status changes.
This setup favors teams with Jira admin capacity and a clear risk playbook. You’ll still configure fields and workflows, rely on apps for stronger scoring, matrices, and standards, and build cross-project dashboards. In other words, Jira remains a flexible toolkit rather than a guided risk system.
LogicManager
LogicManager is an enterprise risk management platform that helps teams run consistent project risk programs, link risks to real operations, and share clear views with leaders. It supports standardized project assessments, a linked lifecycle across activities, and AI-driven analytics that reveal hidden connections and ripple effects across risks.
LogicManager Features:
- Standardized risk assessments that use shared enterprise criteria and taxonomies that can be applied consistently to project risks
- Linked lifecycle that connects planning, assessment, mitigation, and monitoring activities
- AI Risk Ripple Intelligence analytics for hidden interdependencies in risk
- Interactive dashboards that display configurable risk matrices and heatmaps
- Integration capabilities to connect risk data and workflows with a range of external systems
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LogicManager helps project teams consolidate scattered risk notes into one structured program. Managers log risks, incidents, and controls in a central register, drive work through configurable workflows, and use quantitative views and flexible reports to focus sponsors on the project threats, trends, and control gaps that matter most.
It works for organizations that want structured, standardized risk practices, and can support applying a shared taxonomy across projects and other areas. Teams can gain stronger oversight but should plan for careful initial design, recurring report tuning, and deeper customizations.
nTask
nTask is a work and project management tool that brings risks into the same space as tasks, issues, and schedules. Teams log risks in a central risk register, use custom fields and an adjustable matrix to score impact and likelihood, and track mitigation plans with matrices that show changing exposure.
nTask Features:
- Central risk register visible within shared workspaces
- Custom fields for dates, status, and likelihood
- Adjustable matrix with varied scoring scales
- Mitigation plans tracked per risk
- Risk matrix and list views provide visual insight into risk exposure
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nTask helps teams manage risks alongside tasks, meetings, and issues, so managers can address threats while planning real work. Teams log risks in a shared register with custom fields and score impact and likelihood on a clear matrix. They can assign owners and document mitigation plans in the same record.
This software is well suited to small- to mid-size groups that value simple, visible risk practices over strict modeling. They often export data for deeper analysis and follow blog posts for feature updates. Mobile apps and higher-end, portfolio-wide reporting remain weaker areas compared with leading PPM suites.
ProjectManager
ProjectManager is a project management tool that helps teams plan schedules, track tasks, and keep project risks close to real work. It includes tools to centralize risks, issues, and changes, plus project baselines for schedule and cost. It also helps teams collaborate with comments and file attachments on related work items.
ProjectManager Features:
- RAID log centralizes risks, issues, and changes
- Risk matrix helps calculate likelihood and impact
- Baselines track planned versus actual schedule and cost, helping teams see how changes affect performance
- Tags and filters generate focused risk reports
- Comments and files enable contextual risk discussions
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ProjectManager helps teams track project risk in the same views they use for plans and tasks. RAID-style logging and tagging can connect identified risks to related work, while baselines and dashboards show how resulting changes affect schedule, cost, and overall project health.
It suits teams that want practical risk control in a single tool rather than heavy models or strict frameworks. Teams should plan to learn the Gantt view, configure filters and tags carefully, consider complementary resource tools for complex scenarios, and invest in project setup to get the most from dashboards and reports.
Raidlog
Raidlog is a project management tool that helps teams track risks, issues, actions, decisions, and dependencies in one shared place. Project managers can spot trouble earlier by using AI to shape risk plans, read color-coded risk maps, and scan portfolio RAID views.
Raidlog Features:
- Color maps to show the most significant risks across projects
- Views combining risks and issues from every project
- Linked risks, actions, issues, and decisions
- AI suggestions for risks and remediation actions from your project description
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Raidlog helps project teams track risks, issues, actions, decisions, and dependencies in one place rather than across multiple spreadsheets. Leaders review focused RAID views, use AI to spot early threats, and read risk maps and project summaries to steer meetings, assign owners, and track responses with less effort.
Raidlog fits project offices that want a precise RAID method without heavy project software. Teams may still use other tools for detailed scheduling, cost management, and advanced reporting.
Riskonnect
Riskonnect is a risk management software that helps project teams identify, track, and mitigate risks across projects and the broader organization. It links related risks across work, automates key steps, and aligns with established standards such as ISO and PMBOK in clear, viewable formats.
Riskonnect Features:
- Automates risk identification and mitigation steps
- Cross-project and enterprise-wide risk visibility
- Shows impacts on project schedule and budget
- Uses sophisticated analytics for cost/time predictions and maintains a risk library of past experiences
- Uses standard templates like ISO and PMBOK
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Riskonnect helps project teams use a single structure for risks, causes, and actions across many projects. Filters and dashboards highlight top threats, show cost and schedule impacts, trigger alerts for stalled work, and use a shared risk library to support faster planning and decision-making.
This setup fits medium- to large-sized companies running complex, high-stakes projects and may be less suitable for smaller organizations. Detailed schedules may still live in external planning tools.
Wrike
Wrike is an enterprise work management platform that helps teams track projects and spot risks before deadlines. It leverages folders for risk intake, custom workflows for RAID logs (not prebuilt forms), AI predictions, custom fields for impact scores, and dashboards to highlight high-risk work and overdue tasks.
Wrike Features:
- AI predictions for project risks
- Customizable templates and workflows that support RAID logs
- Risk intake folders to categorize issues
- Dashboards to track risk statuses
- Custom fields for scoring business impact
- AI alerts for overdue tasks
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Wrike helps teams keep risk close to daily work instead of in a stray spreadsheet. Customizable RAID templates and scoring fields turn risks into clear items, while AI predictions and dashboards highlight high-risk work and late tasks for owners.
It fits teams that want to shape their own RAID setup, scoring rules, and alerts — and that have an administrative team comfortable managing the configuration. Teams may still build risk grids in other tools, manage cross-project RAID rollups, and export data for client reports.
Best Project Risk Management Software Comparison Table
Platform | Risk Register | Risk Scoring & Prioritization | Risk Ownership & Accountability | Response Planning | Monitoring Cadence | Collaboration Evidence | Reporting & Dashboards | Permissions & Audit Trail | Issue Linkage |
|---|---|---|---|---|---|---|---|---|---|
Platform | |||||||||
| Smartsheet | Template risk sheet with row-based records | Likelihood / impact data in charts, reports, or embedded content on dashboards | Owner contact column with alerts and reminders | Mitigation tasks can be linked via rows or project sheets | Review date column with recurring reminder workflows | Row comments, attachments, and proof links | Dashboards with risk rollups, charts, and filters | Sheet sharing roles plus activity log export | Link risks to issues in trackers via links |
| Celoxis | Built-in risk module per project and portfolio | Custom probability impact and exposure score fields | Assignable risks with notifications | Mitigation plans with tasks, milestones, and due dates | Ongoing risk monitoring and customizable alerts | Risk notes, files, and discussion threads | Portfolio risk dashboards, heatmaps, and trend reports | Role-based access with change history tracking | Track risks alongside other work items |
| Jira | Risk issue type plus app-based register view | Custom fields for likelihood impact and risk score | Assignee and watchers with workflow responsibilities | Mitigation tasks as linked issues in workflows | Automation rules for reminders, thresholds, and escalations | Comments, attachments, and decision notes on issues | JQL filters boards, gadgets, and sprint reports | Permission schemes plus issue history and audit log | Risk issue links to bugs, changes, and incidents |
| LogicManager | Central risk library with project assessments | Inherent residual scoring with risk taxonomy | Risk owners tied to roles and organizational units | Mitigation activities linked to controls and processes | Automated review cycles with reminders and workflows | Evidence files, comments, and linked documentation | Board-level dashboards, heatmaps, and risk trends | Audit-ready testing/logs, ownership tracking, and governance oversight | Link risks to incidents, audits, and remediation |
| nTask | Native risk register with categories and statuses | Likelihood impact matrix with priority levels | Risk owners assigned with due dates and alerts | Mitigation steps as tasks with assignees | Follow-up reminders and recurring review dates | Comments, attachments, and updates per risk | Risk list views plus basic reports | Granular roles control risk access; full audit logs track all changes | Link risks to issues, tasks, and projects |
| ProjectManager | RAID log table with risk detail fields | Impact probability fields with risk rating filters | Assigned owner with alerts on due dates | Mitigation action tasks, tracked on project plan | Review dates plus overdue alerts for actions | Comments, files, and notes per entry | Project dashboards with risk charts and reports | User roles plus activity history on changes | Move risk to the issue entry within the RAID log |
| Raidlog | AI-enabled RAID log for risks, actions, issues, and decisions | Risk score fields with AI draft assessments | Assign owners for risks, actions, issues, and decisions | Action items linked to each risk record | Follow up dates with reminders and review views | Decision log plus notes and attachments | Configurable risk matrices, probability/severity heatmaps, and status tracking via portfolio dashboards | Role-based access with change history per item | Risks connect to issues and actions in the log |
| Riskonnect | Project to enterprise risk register with relationships | Configurable assessments with analytics and risk appetite | Role-based ownership with routed assignments | Risk treatment plans with workflow-driven actions | Automated follow-up alerts and threshold tracking | Central record with files, notes, and activity log | Enterprise dashboards, heatmaps, trends, and exposure reports | Granular security roles with full audit trail | Link risks to mitigations, controls, and consequences; integrate with broader IRM for incidents/claims via API |
| Wrike | Custom risk items using folders, fields, and tags | Custom fields for likelihood impact and priority | Task owners with mentions and automations | Mitigation tasks with dependencies and approvals | Recurring task reminders and status-based rules | Proofing comments, attachments, and change history | Dashboards plus analytics reports and portfolio views | Space-level permissions with audit via activity stream | Tasks/folders can convert to other types or trigger approvals via automations/custom workflows |
How to Choose the Best Project Risk Management Software
To choose the right project risk management software, consider how your teams identify, log, and review risks throughout the project lifecycle. Define a framework that reflects your risk goals. Use real risk cases to compare how each tool supports scoring and response work. Prepare questions for vendors and your team. Finally, run a structured trial.
- Define an Evaluation Framework
Map how your team currently finds, logs, scores, and reviews risks. Note where risks go stale, where owners miss follow-up, and where updates live in email or chat. These gaps show what the tool must fix first.
Next, document your core risk goals. These can include faster intake, clearer owners, fewer late fixes, better early warning, and stronger rollups for reviews. Rank the goals by business risk and project impact to keep the test focused.
Identify the key stakeholders who might be affected by risks or be in a position to flag them, as well as those who can own fixes or need reports. These may include project leads, team leads, finance, security, and key partners. Ask each group what they need to see in reviews and what blocks them from keeping risk data current. - Establish Evaluation Criteria and Test Scenarios
Use real risk cases instead of generic demos. Pick a set of risks from past work that includes schedule, cost, scope, and vendor risks. Recreate the whole flow from intake to close.
Test how each tool captures new risks, enforces required fields, and applies a scoring scale. Check how easy it is to assign owners, set review dates, and build a response plan with tasks and due dates.
Evaluate how quickly the risk dashboard or register view updates as work changes. Pay close attention to reminders, stale risk flags, and score change history. Note how much manual work it takes to keep the risk log useful week after week. - Ask Vendor Questions
Vendors can help you spot limits that may not appear in a short trial. Ask how the system stays clean at scale, how it handles access, and how it supports rollups across many projects.
Here are some questions you can ask vendors:
- How do you keep risk fields and scoring rules consistent across projects?
- How do you flag stale risks, and how does the system handle late responses?
- Can we track both initial and residual risk after fixes?
- What does the audit trail show for score and status changes?
- How do rollups perform with many projects and many risks?
- How do exports and dashboards behave with large data sets?
- What access controls are in place for sensitive risks and key fields?
- Ask Internal Questions
The people who log risks and run reviews must be able to use the tool without extra work. A tool that feels heavy will push teams back to side lists and weak updates.
Here are some questions to ask your internal team:
- Where do risks get missed or logged late today?
- Which steps occur outside the tool via email, chat, or spreadsheets?
- What risk views do we rely on in weekly or monthly reviews?
- Who owns risk fixes now, and where do handoffs fail?
- What justification do we need when risk scores are adjusted?
- How often do we review risks, and who must join?
- What level of detail will teams keep up each week?
- Suggested Evaluation Steps and Timeline
Shortlist two or three tools and run a structured trial using the same risk set and the same goals. Assign a small group to build the risk log, scoring scale, review cadence, and core views in each tool.
Compare which tool requires the least setup, stays current as work changes, and feels easiest to update each week. Summarize the findings, trade-offs, and rollout effort in a clear scorecard with a final recommendation.
Learn about the components, how to create a plan, development steps, and more with this project risk management plan guide.
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Project Risk Management Software FAQs
To choose risk management software for a large organization, standardize your risk register. Establish your scoring method and review cadence across teams. Confirm that role-based access, audit trails, and portfolio rollups meet compliance needs. Test real risks end to end, including escalation, reporting, and integrations. Run a structured trial with key groups.
You can use Excel for basic risk logs on small projects, especially when risk changes slowly. As risks grow, you need clear ownership, reminders, audit trails, and rollups across projects. Spreadsheets may not suffice for this. Specialized software helps keep data current, route follow-up work, and produce trusted dashboards for reviews.
Project Online supports risk tracking through a Risks list. However, Microsoft plans to retire Project Online and steer teams toward Planner and the Power Platform. For a large organization, avoid new dependence on that model. Choose software with robust registers, scoring, alerts, audit trails, and portfolio rollups, without heavy custom development.
As a Microsoft Project Online replacement, Smartsheet offers a modern toolset, ease of use and collaboration, accessible reporting, and built-in automation.
Smartsheet supports Excel import to create new sheets and Excel export for sheets and reports. It allows you to move schedule, cost, and risk tables in and out. It also provides API access for programmatic sync and integration, plus Live Data Connector (ODBC) for BI and Excel query use.
Disclaimer: The information found in this comparison article is sourced from vendor websites, community boards, and some third-party user reviews. AI tools were used to help conduct research.