Risk is a normal part of any business; and thankfully for us, there are ways to prepare for the inevitable with the help of risk management software tools designed to handle just that!
Here, we look at a few risk management tools you can choose from if you’re managing a work in Jira. So… before you embark on your adventure to find a risk management app, know what’s available.
What's in this article:
What tools can you use to manage and track risks in Jira?
- Jira Automation
- Jira risk management plugins
- Standalone apps
Below are the pros and cons for each!
Are spreadsheets good for tracking risk in Jira?
Spreadsheets are the go-to tool for countless teams, in countless companies; you’re probably using one right now. But is it the best tool for tracking, managing, and visualizing your Jira risk data?
- Accessible to everyone
- Requires minimal training
- The tool is flexible, customizable
- Spreadsheets are free
- It’s easy to manipulate and analyze data
- Can add spreadsheets to your workflow
- There are lots of templates
- Takes time to set up, not user-friendly
- There’s no permission management
- It’s hard to tell who’s doing the edits
- Spreadsheets aren’t secure
- You’re prone to errors
- It’s hard to track actions and progress
- Not exactly a collaborative tool
- Visualizing your data can be difficult
- Reporting is painful
One thing’s for sure; if you work in Jira, then it’s much easier to do everything in Jira itself simply because you’ll have an easier time tracking everything. And you’ll be better off when it comes to creating reports!
How about using Jira automation for risk management?
Given it’s best to create your risk register in Jira itself, how about using Automation for Jira to create your Jira risk workflow? Well… by default, you can create a new project in Jira and use the backlog as a risk register. All you need to do is create a new issue type called “risk” to log your risks, then use custom fields like Probability and Impact to assess them. Moreover, advanced Jira users can use Jira Automation to calculate Risk Score/Level and set up reporting in Jira Dashboards.
- As a Jira user, this option is basically free for you
- It’s part of your existing toolset, no need to acquire a new tool
- Fairly fast to set up if you know how to (except for automation rules where things get a little complicated)
- Easy to get people on board if they already use Jira
- Need to know Jira and Automation for Jira to set up
- Have to maintain the automation rules
- Native Jira Dashboards are limited in terms of reports and don’t always answer risk management needs (eg. there’s no risk matrix)
Jira risk management apps in the Atlassian Marketplace
The easiest way to track risks in Jira is to use Jira plugins, which offer a wide range of features. It is simply better to get a Jira risk management plugin, as opposed to using spreadsheets or Standalone apps, simply because you’ll get way better integration, i.e. Better Jira risk reports. Also, you’re able to create better Jira risk workflows that you can modify to better suit your business needs!
Hedge risk management app
- Top security in Jira; Hedge is built on Forge which means that your data isn’t shared with the vendor, it’s hosted by Atlassian
- Data is processed and stored on Atlassian
- Super easy to set up
- Features a bunch of templates
- Can link mitigation tasks
- Risk matrix is customizable
- The table is interactive and intuitive
- There are quick filters you can use at the top to organize your data
- The risk score is available
- You can create up to 5 multiple risks
- Hedge is super cheap; it’s free for up to 10 users, then it’s $1 per user after that
- It was launched recently, which means that it doesn’t have as many installs or reviews for that matter
- There are no permissions available (feature is on the way though)
- Can’t query Jira database on JQL
Project Balm's Risk Register app
- Project Balm is semi-customizable, as in: you can add columns and create filters in your risk register
- You can customize how the risk matrix looks; for example, you can gray out the fields that don’t have risks in them, or get a full color risk matrix. You can also flip the orientation of your risk matrix.
- You’re able to add add a new risk and create multiple risk models
- Possibility to change the terminologies and/or variables
- The risk register is compatible with risk management standards
- There’s a separation between inherent and residual risk
- You cannot rename your risks
- Cannot change the Impact or Risk level scale
- There’s a way to track your mitigation plan but it’s not superb
- There’s no way to do cross-project risk management
- It’s not very cheap; you pay $5 if you have less than 10 users, then it’s $1.75 per user after that
SoftComply Risk Manager for product risks
- Works well for compliance in risk management
- Focused on companies that are interested in hazard treatment, and/or need ISO-certificated plans
- Risk register columns can be moved around
- You can choose colors and labels in your risk matrix; you can also change the names
- There’s a separation between actual and residual risk
- Has a nice touch of color change from one risk to the next
- The approach is that risk management is boring and complicated; the app doesn’t exactly offer independence
- Their templates are designed for compliance mainly
- Limited reporting capability
- Doesn’t allow to calculate risk scores, only risk levels (which makes it harder to manage long risk registers)
- The app is expensive; you pay $15 for up to 10 users, and beyond that, it’s $3.5 per user until the 100-user mark
Boja's Risk Register for Jira Cloud
- Risk register is customizable
- Can export your risk register to CSV or Excel and share links
- Can mitigate risks by linking Jira issues
- You can play around with the risk matrix
- There’s a burndown chart feature
- The app is free for up to 10 users, then it’s $0.95 per user after that
- No mitigation tracking and no log
- No risk assessment in the issue view
- No exporting possibilities
- There is no risk score
- The app is a little clunky
As previously mentioned, you’ll never get as good of an integration with standalone apps than you will with Jira plugins; it’s common sense really. Now there are some good standalone apps for risk management in Jira, which can be useful for large organizations. If you’re interested, here’s a bunch of them!
- Standalone apps are complex; they’re useful for extensive risk management and large organizations
- They allow you to create custom reports
- They help make you feel like an expert
- Work delivery happens outside of Jira, in another tool; which means that you’ll need to set up synchronization (not always perfect)
- They’re more expensive; you pay per seat
- Not everyone can have access to the tool
- They’re sometimes too complex, given the many features available
- For enterprise tools, you’ll need to go on a Sales call
- Not all tools are self-served