Reducing the Risk in Buying Risk Analysis Software

Abstract

With the growing number of software packages available to assist in conducting a risk analysis, it is difficult to know which package is best suited to your risk analysis requirements. Some software packages aid the risk analyst by simply doing the mathematical calculations, others aid in the decision-making process, and still others allow computers to behave intelligently and are developed as “knowledge-based” expert systems.

Two approaches may be used in acquiring risk analysis software. The software may be custom-made, perhaps in-house if the programming expertise is available. The second and most common approach involves the purchase of commercially prepared packages from a software vendor. Advantages and disadvantages of both approaches are addressed in this paper.

If you choose to purchase a commercially developed software package, a number of factors should be considered: cost, availability, equipment configuration, software environment, quality of system design, risk analysis methodology, documentation, installation support, maintenance, enhancement, and integrity of supplier. A detailed description of each of these factors is included in this paper and will assist in reducing the risk in buying risk analysis software.