How to Choose the Right IT Risk Assessment Software in 2025

Cyber-attacks are prominent today and increase at a staggering rate every year. According to a forecast, cybercrime will cost the U.S. more than US$639 billion by 2025. Businesses must take total control of their security to maintain optimal operational efficiency. Information assets and systems are most vulnerable to security threats and can cost a company significant financial loss and downtime.

In this article, we will look at why IT risk assessment is critical for a business, some IT risks, and a stepwise approach to risk assessment strategy. We will also highlight some of the top-ranked software solutions for automating your risk assessment frameworks.

But first, let’s see what IT risk assessment means for your business. 

What is an IT Risk Assessment?

The primary focus of IT security risk assessment is to isolate threats to systems, networks, and data. According to Statista, the global spending on security and risk management amounts to US$210 billion, which substantiates the need for robust security strategies. Data-driven businesses need regular risk assessments to assess their overall performance during major changes. 

Nowadays, companies must implement risk assessment frameworks to protect against cyber threats and right-size their security investments for long-term success. 

Now, let’s look at some of the common threats that are prevalent in organizations. 

Common IT Risks

IT professionals are projects prone to several risks and threats that can hinder their business’s overall performance. 

Here’s a rundown of some common IT risks:

• Unclear Requirements: Lack of communication between project teams and stakeholders is a major risk that can lead to unfinished tasks along with inappropriate risk allocation in the project workflow. 
• Budget and schedule overruns: Schedule and budget overruns are critical IT risks that can cause escalations and extend the business’s overall timeline 
• Technological risks:  Technological risks for a business can be security breaches, system failures, and increased maintenance time. Such risks can misfire and generate errors for an organization. 
• Change resistance: Implementing a new tool, process, or requirement causes stakeholders’ and team members’ resistance to change, which creates confusion among business team members.  

Next, let’s understand why an appropriate risk assessment plan is necessary for organizations. 

Importance of IT Risk Assessment

Small businesses might find it difficult to develop and manage information security plans without an appropriate security system. 

Here are some reasons why a modern organization requires IT risk assessment:

1. Better Productivity 

By effectively using risk assessment frameworks, you can gain valuable insights into information security and effectively use resources to maintain optimal performance. Proactive IT risk management can provide you with information on the extent of each threat so that you can allocate resources with minimal downtime. 

2. Improved Communication

One major need for a comprehensive IT risk assessment is facilitating communication and collaboration across multiple departments of an organization. A thorough risk assessment also allows compliance teams and information security people throughout an organization to contribute to compliance and security objectives. 

3. Breaking Hierarchical Barriers

Information security within an organization involves two primary groups: senior management and an IT team. A cohesive distribution of word across both departments is vital to maintaining optimal performance for long-term success. 

With a clear understanding of what is IT risk assessment and its importance. Let’s look at some of the most important features to look for while selecting the best risk management software for your business. 

5 Primary Features of Risk Assessment Software

IT risk assessment software must resemble risk management practices for modern-day businesses. It should not be limited to functionality but also focus on remediation. 

Here are some of the highlighting features a risk assessment software should possess:

1. Security Tool Integration 

• Integration of security tools allows for importing data critical for business security, such as vulnerability scanning reports, employee security training status, and penetration test reports.
• Moreover, such data points are tied to an organization’s control framework, offering a single-pane view of all risks. 

2. Common Controls Frameworks 

• Nowadays, major organizations worldwide depend on several risk and security frameworks, which are standards under common control. 
• An effective IT risk assessment software should support common control frameworks, such as NIST 800-53 and ISO 27001. 

Also read: NIST 800-53 Framework: Key Insights for Effective Risk Management

3. Effective Risk Planning

• It is a key feature that allows the software to effortlessly plan initiatives and projects that will address identified risks.
• It allows organizations to target their deficiencies directly with planned risk management plans. 
• It also supports the request for funding from leadership to allocate resources effectively for risk identification and remediation. 

4. Active Monitoring

• Businesses need both real-time and active monitoring to check the status of risks and controls across different control frameworks and compliance requirements. 
• Risk assessment software should detect failing controls that could affect acceptable risk levels or cause a system to fail out of compliance. 
• It enables organizations to make quick responses to prevent any chances of security incidents or cases of non-compliance. 

5. Historical Trend Analysis

• This feature allows businesses to isolate emerging threats and keep track of their risk assessment efforts at all times. 
• Businesses analyzing historical trends can take proactive measures to reduce any chances of potential risks before they escalate. 

Equipped with the right software, you can have the upper hand against your competitors in isolating risks and threats that can be concerning for your business. 

Next, we have a step-by-step approach to simplifying risk assessment for your IT operations.

Stepwise Guide for an IT Risk Assessment

An effective risk assessment strategy will allow you to communicate risks and their effects within business processes among multiple departments. Following these easy steps will help you conduct a comprehensive security risk assessment to secure your business from catastrophic threats. 

Step 1: Identify and Catalog your Information Assets

The first step is to properly identify all your informational assets according to their roles within different departments and classify them based on strategic importance.

Step 2: Threat Identification 

The next step is identifying threats, such as cyberattacks, malware, phishing, human errors, and system failures, that can harm business processes. 

Step 3: Isolating vulnerabilities

The next step is to isolate potential vulnerabilities, such as software, hardware, or other human factors, within your existing infrastructures. 

Step 4: Internal Controls Analysis 

The next step is to implement technical or non-technical control frameworks that reduce or eliminate vulnerabilities and risks within an infrastructure.

Step 5: Analyzing the Likelihood and Impact of Threats 

The next step is to categorize threats based on their overall likelihood, which can be high, medium, or low for an organization. 

Step 6: Risk Prioritization 

Effective risk prioritization enables proper resource allocation based on the impact or likelihood of risks for an infrastructure. 

Step 7: Implementing Design Controls 

Controls can be technical, administrative, or physical, and when selecting them, it is necessary to strike a balance between security and system viability.

Step 9: Result Documentation

The final step is documenting risks, with a report containing a simple outline of all the risks and recommended controls for an optimal business operation.

Also read: Risk Management in Business: Best Practices and Trends for 2025

Let’s look at some of the top risk assessment software to tackle threats within an organization effortlessly. 

Top 5 Risk Assessment Software Solutions for IT

Here’s a rundown of the best software for your risk management in 2025:

1. VComply

G2 Rating: 4.8/5

Snippet of VComply Website

VComply RiskOps is an AI-enabled, one-stop solution for organizations looking to manage their risks and compliances effectively. It eliminates data silos with improved collaboration and provides valuable insights for strategic decisions regarding risks. 

Key Features:

• Centralized Risk Register: Maintain risks within a centralized repository across multiple departments and ensure no risks are overlooked. 
• VComply’s Risk Workshop: The feature brings all stakeholders together to discuss the impact and likelihood of risks for collaborative decision-making against risks. 
• Streamlined Risk Assessment: Automated risk assessment for appropriate workflow to ensure continuous risk evaluations. 
• Real-Time Dashboards and Reporting: Integrated risk and compliance dashboards within a single pan for an optimized experience. 

Pricing:

Starter GRC Suite (For Startups and Non-Profit Organizations)

• Special pricing and packages are available. 
• The plan includes compliance, risk, and policy management. 
• 2 Admin Seats, and 1 Onboarding Session. 

Pro GRC Suite (Starts at $1,000/month)

• Covers all the starter features, including Case and Incident Management.
• 2 admin seats, along with unlimited users. 
• Features include advanced risk management and control, real-time analytics, compliance calendars, and more. 

Enterprise GRC Suite (Custom Pricing)

• Covers all pro features along with a dedicated account manager. 
• Unlimited implementation and training sessions. 
• Features include a custom domain, single sign-on, enhanced security, and more. 

VComply is a robust solution for companies seeking an AI-driven approach to risk and compliance management. Its enhanced automation capabilities provide real-time insights, enabling companies to stay informed at all times. 

2. Drata

G2 Rating: 4.8/5

Snippet of Drata Website

Drata is a security and compliance automation platform for businesses looking to manage their IT risks and maintain efficient compliance. Drata’s primary aim is to meet regulatory requirements and prepare audits that secure users’ trust. 

Key Features:

• Pre-Mapped Risk Library: Access a library of over 1500 pre-mapped, threat-based risks by industry controls and creating custom risks for specific organizational needs. 
• Risk Drawer: A centralized platform for all risks with descriptions, scores, and remediation plans depending on the severity of risks.

Pricing:

Drata Foundation 

• Strater pack to get audit-ready. 
• Covers 50 FTE
• Features include pre-built integrations, custom controls, vendor risk management standards, and more. 
• Add-on features include additional frameworks and user access reviews. 

Drata Advanced 

• Best for building scalable and customized GRC programs. 
• Custom tests, custom fields, open API, and one framework. 
• Add-on features include user access review, additional frameworks, and more. 

Drata Enterprise

• Proactive optimization and maintenance of the GRC program. 
• All features of Drata advanced, plus risk management pro, user access review, and more. 
• Add-on features include adaptive automation tests, additional frameworks, and workspaces. 

To learn more about their pricing plans, contact Drata customer support for a detailed discussion. 

Drata enables businesses to effortlessly navigate compliance for frameworks such as GDPR, HIPPA, and various custom frameworks. 

3. LogicManager

G2 Rating: 4.5/5

Snippet of LogicManager Website

LogicManager’s risk management solution effortlessly enables organizations to manage IT and cybersecurity risks and ensures that they comply with standard regulations. 

Key Features:

• IT Asset Management: It manages the onboarding and offboarding of IT assets with appropriate access levels for secure asset control. 
• Gap Assessment: LogicManager provides advanced gap assessments against security frameworks and regulations, such as SOC 2, HIPPA, and more, to identify areas for improvement.
• Security Issue Identification: The advanced tool identifies security vulnerabilities and suggests resolutions to ensure risk mitigation and compliance. 

Pricing:

LogicManager does not provide specific pricing for its services; pricing depends on specific business needs. 

LogicManager is best suited for businesses seeking to streamline their risk management operations to ensure efficiency across multiple departments. 

4. OneTrust

G2 Rating: 4.4/5

Snippet of OneTrust Website

OneTrust is a compliance and risk management firm that focuses on data governance, privacy, and consent, as well as big data and artificial intelligence. It is an advanced software solution for IT teams to manage the risks for their data assets. OneTrust also offers automated support, such as the classification of sensitive data and automated evidence collection for external platforms. 

Key Features:

• Automated Compliance: Automated GRC processes across 40+ frameworks to maintain compliance across various jurisdictions. 
• Real-time Reporting: Interactive dashboards and automated analytics for updated risk compliance. 
• Risk Aggregations: Scalable methods for scoring and aggregating risks across various enterprises. 
• Advanced Incident Reporting: Allow streamlined incident management to maintain real-time tracking. 

Pricing:

OneTrust offers customized pricing depending on asset inventory and admin users.

OneTrust streamlines risk and compliance management, offering scalability and automation to support various business processes. 

5. Riskonnect

G2 Rating: 4.2/5

Snippet of Riskonnect Website

Riskonnect is a comprehensive tool that provides dedicated solutions for managing enterprises, technology, and project risks. It is a viable option for businesses that are heavily reliant upon analysis, reporting, and data visualizations.

Key Features:

• Automated Workflows: Accelerate processes like data collection and validation, allowing organizations to focus on strategic risks. 
• Real-time Risk Analytics: Determination of the impact of risks within an organization with charts, maps, and graphs. 
• Risk Mapping: A proper understanding of risk relationships with visual representations and evaluation of interconnected risks.

Pricing:

Riskonnect has no publicly available pricing options.

Riskonnect enables companies to create custom dashboards and develop heatmaps to identify risks appropriately. It provides a robust ERM solution that is designed for complex risks to enhance business resilience. 

Also read: 10 Best Risk Management Softwares in 2025

Enhance Risk Visibility with VComply

VComply’s risk management software provides a centralized platform for managing different types of risks and streamlining risk assessment with automated workflows for long-term business continuity. 

Conclusion

Maintaining a robust risk assessment framework can be challenging due to the rise of cyber threats. The introduction of automated software for risk management simplifies the overall operation of businesses looking to streamline the overall risk management workflows.

Investing in a structured risk management framework with advanced software can reduce the risks in your business operations and ensure that each stage of operations is compliant with appropriate regulations and common protocols. With VComply’s 21-day free trial, you can have a comprehensive look at how advanced risk assessment strategies can streamline your workflows.