When you hear the term Risk Management Technology, you can be reasonably sure it is just another way to label Risk Management Solutions. It means you are trying to use technology to identify, address and prevent risks from impacting on your organization.
Often Risk Management Technology is used in the risk management sub-discipline of environmental risk management. It is quite frequently applied to remediation of retired project sites for example, where risk management technologies are quite helpful at assessing, removing and monitoring the presence of pollutants and contaminants of the soil, water table, air and other components of the environment within the project site (and perhaps even the surrounding sites, if the budget is sizeable enough.) Risk management technologies become necessary because many times pollutants and contaminants are invisible to the naked eye, and require the expertise of scientists and technologists who are skilled at performing the necessary tests to determine the presence of pollutants and contaminants.
It is not enough to merely say that pollutants and contaminants have been found within a project site under remediation. Risk Management Technology is also necessary to determine the levels of pollution and contamination, the appropriate ways to treat the presence of such pollutants and contaminants, and how the managers of the project site plan to maintain the project site so that it will be free from pollutants and contaminants in the future – in preparation for the possible re-use of the project site by future occupants.
Risk Management Technology is important because governments are now being more careful about regulating the re-use of project sites which have been polluted and contaminated in the past. To be able to re-use the project sites, managers might need to meet regulatory requirements, and even exceed them just to be on the safe side.