3 Ways to Get the Most From Your Third Party Risk Management Software

If your business has taken the plunge and invested in third party risk software, congratulations! Your new software is a surefire way to automate many processes that, up until now, have been done manually and have been subject to human error.

The best part is that these programs won’t just help with risk management tasks – they’ll also be useful in other parts of your business. Many risk management programs come jam-packed with several tools to help keep a business running smoothly. Audit software and vendor due diligence software are just two of the perks that come with having risk management software.

However, getting a feel for your new software can feel very overwhelming at first. With all the different tools that come built into the software, along with all the company information that needs to be loaded into the program, it can feel like more trouble than it’s worth at first.

Yet it’s important that a business takes advantage of everything their new risk management software has to offer. By letting some tools fall by the wayside, a business could be throwing away money and staff time by having tasks needlessly done manually. Read on to see how a business can get the most out of their risk management program.

1. Read the Instructions

It seems tedious, but the manual that comes with your risk management software is key in seeing everything that your program has to offer. The manual should include a detailed breakdown of everything that your new risk management software comes with. There should be instructions on how to access every aspect of the software, as well as how they can be integrated into your business’s daily operations.

In addition to the instructions, it also doesn’t hurt to reach out to the customer service department of the software company. You should be able to get additional information on your software, as well as one-on-one help on utilizing the software. If worse comes to worst, an employee can even schedule a meeting with someone to provide further assistance.

It’s also important that employees visit the software company’s website. Oftentimes, software companies will provide free tutorials on their website for customers to use. These tutorials can be multipart videos, FAQs, step-by-step guides, and forum archives. These additional resources can really help clarify sticking points that a member of your company may be struggling with. If the software company has a YouTube channel or other social media, employees should also make use of any information posted on there as well.

2. Have Multiple People Using the Software

A surefire way to overwhelm someone is by having them take on a complex program all on their own! By assembling a team to integrate the software into the company’s day-to-day activities, there is less room for user error, and a higher chance that every aspect of the software will be taken advantage of.

Another perk in having multiple people studying the software and working together to integrate it is the ability to teach others within the company. Any other employees who need to learn how to use the software or are having trouble utilizing it can turn to those who are more familiar with the program.

In the case of even larger companies, employees who have learned the software can even put together presentations, booklets, or webinars to help train other employees. By having a team of employees learning about the software and teaching others, you can rest assured that the entire team will be on the same page in terms of how to utilize the software.

3. Don’t Ignore Any Parts of the Software

If a feature has been included in the software, don’t immediately write it off as useless if you can’t find an immediate use for it! If it’s been included, it means that it can potentially serve a purpose to your business. Not to mention, you want to get the most out of your purchase!

Although a company will not use every part of a risk management software immediately after purchase, it’s important that a business takes note of everything included, as it could prove useful down the line.

Oftentimes, risk management software comes with features that not only help a business with risk management but also for other things such as auditing and performing due diligence on vendors. While these supplemental features may not be integrated in the beginning, they may prove useful as a business grows. If your business invested in a program containing those features, chances are that it’s anticipated they will be useful soon.

It’s especially significant that a business frequently revisits these other features as they start working with more vendors and third parties. A big part of risk management is performing due diligence and assessing risks associated with third-party vendors, and risk management software can greatly reduce the work employees have to do to gauge those risks.

Bonus Tip: Don’t Forget to Update

This may seem simple, but all too often, businesses will buy extremely useful software, and then never take steps to keep it up to date! Much like antivirus software or computer operating systems, regular updates are needed to keep the software running in tip-top shape.

Your risk management software should alert you when it’s time for another update. Although it can be tempting to minimize the message and save the update for another day, don’t do that! Updating your software regularly ensures that your software stays on the cutting edge.

Overall, risk management software is a huge part of conducting risk management properly. By utilizing software instead of performing all risk management tasks manually, a company can keep their business running smoothly and without using too much manpower. However, it’s important that a business does its best to get the most out of its risk management software. By taking full advantage of every feature and perk included in the software, a business can get the most bang for its buck, while also saving precious time and resources.

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