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Pros
Allows businesses to:

Identify and classify strategic, business and operational risks
Facilitate a common risk taxonomy across divisions and various assurance providers
Keep all risk related data in a centralised database protected by role-based permissions
Improve accuracy and relevancy
Integrate risk across silos
Improve visibility of key risks in an ever changing risk landscape by utilising a comprehensive risk register
Automate risk reporting using tools. One version of the truth and save 1000s of man hours by not having to try and consolidate 100s of spreadsheets
Embed corporate governance culture. Action plans drive ownership and accountability
Improve communication to all stakeholders (shareholders, employees, customers, suppliers, community etc.)
IImprove business decision making with up to date insightful dashboards and innovative solutions

Cons
Some of the barriers to using risk software include:</br

Users like working in silos with their own data in spreadsheets
Excel is easy to use and provides flexibility for users to capture data in almost any format they wish. No need to conform to a standard methodology, data validation, drop down boxes etc.
Users, generally don’t like being monitored via audit trails, action plans etc.
Embedding a common risk taxonomy across divisions and assurance providers requires change management and compromise
Reports / dashboards generated by the software do not always meet business requirements, however, business often does not know what they want either
Learning new software requires time and effort
Cost of software and ongoing support

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A standard framework helps establish a consistent risk management culture, regardless of employee turnover

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