Risk management has the task of identifying, analyzing, assessing and controlling risks for the company. The range of possible risks for a company varies depending on the business unit and its economic focus. The economic and political risks that can affect companies include, for example, supplier dependencies, IT attacks and low interest rate policies, but also the shortage of skilled workers or the necessary succession planning.
Software to support risk management provides information about risks and opportunities, checks compliance with legal requirements (compliance management), enables internal controls and consistent tracking of measures. It increases transparency about the risk situation, e.g., by means of risk reports, and helps corporate management (ISO 31000 standard). For financial service providers, the corporate risks are mostly credit risks, risks from insurances, risks of financial investments, risks in environmental issues as well as technical risks.