This article will help you quickly compare and evaluate the best governance risk and compliance platforms (AKA a GRC platform) and other tools for compliance and risk management. In this post, I’ll provide a simple GRC tools comparison and tell you what you should look for in GRC software vendors.
Compliance Management Solutions FAQ
Have some questions about governance and compliance? Check out this handy FAQ before moving on to the tool summaries.
Governance risk management and compliance software (GRC Software) is a means for publicly-held enterprises to manage IT-related operations that require regulation and ensure they are meeting compliance and risk standards. Risk navigation software tends to center around four components: strategy, processes, technology, and people.
The right GRC tool can help publicly-owned companies:
- Increase their value by providing preventative strategy
- Generate fast reporting so that decisions can be made more swiftly and surely
- Detect exceptions in order to reduce damage as quickly as possible
- Automate detective controls for increased efficiently
- Reduce compliance costs going forward
- Get real-time alerts if/when regulations change
- Shorten audit cycles
Most GRC tools will have some degree of the following features: content management; document management; user event input/output, distribution, and communication; risk analytics; risk and control management; workflow management; audit management; and dashboards and reporting.
Robust GRC software will typically cost upward of $200,000 for software, hardware, and implementation. GRC costs may reach as high as $600,000.
Yes! For example, Eramba and OCEG state on their websites that they have open source solutions. Not looking for compliant risk management software? Check out our other lists of useful project management tools:
- Need some alternative risk management help? We do a risk management software comparison here with additional helpful solutions.
- Enterprise Project Management will typically involve some form of comprehensive risk control. Check out a few enterprise project management software platforms.
- Risk and compliance tools should be just another item in your Business Process toolkit. You may want to consider business process management systems to stay organized.
GRC Software Criteria
What are we looking for when we select tools for review? Here’s a summary of my evaluation criteria:
- User Interface (UI): Is it clean and attractive?
- Usability: Is it easy to learn and master? Does the company offer good tech support, user support, tutorials, and training?
- Features & Functionality:
- Risk Analysis– Can the software analyse and assess risks and provide suggestions for future mitigation?
- Compliance Database – Does the tool track and teach compliance initiatives in a way that keeps each team informed and on track?
- Auditing Tools – Is the software built for appropriate financial, resource, or procedure audits as needed?
- Reporting and analytics – Are the reporting tools robust, customizable, flexible, and visually appealing? Can they be exported into popular files types for review?
- Integrations: Is it easy to connect with other tools? Any pre-built integrations?
- Value for $: How appropriate is the price for the features, capabilities, and use case? Is pricing clear, transparent, and flexible?
About Managing Risk In Information Systems
Managing risk in IT is the process by which companies navigate potential uncertainty and damages using software and tools specifically designed to help do so. IT GRC tools may help determine and mitigate risks associated with the use, ownership, operation, involvement, influence, and adoption of IT within a company and for all the users involved.
Risk governance in IT is generally considered to be one part of a larger, all-encompassing risk management strategy for the enterprise. IT risk management may involve being able to define digital assets, having the ability to apply and monitor controls over IT systems, determine risks based on business criticality or technical severity, imagine and evaluate various remediation options, and set risk thresholds for IT processes.
Information technology is constantly changing—evolving in scope, capabilities, and the laws that surround it. In that sense, compliance control is vital to ensure your processes are always up-to-date, particularly around security and privacy protocols.
Overviews Of The GRC Solutions
Here’s a brief description of each of the most popular compliance software that is featured on this top 10 list. Use this summary as a simple GRC software comparison before making the choice on what tool to pay for.
1. IBM OpenPages – GRC tools leader that spans operational risk, policy and compliance, IT governance, and internal audit.
Used by the likes of industry titan General Motors, IBM OpenPages with Watson provides core services and functional components that span operational risk, policy and compliance, financial controls management, IT governance, and internal audit.
Although any per-user cost can get unruly as the team grows, IBM OpenPages has a flexible cost that could work well for smaller groups that need to temper their spending. The yearly fee is reasonable enough that it scored them high marks in the Value for Cost evaluation.
One downside of this software to note is that it can be a bit slow to implement risk assessments, create and log issues, and setting up workflow automation. All-in-all, your users will need patience when using this tool.
IBM OpenPages costs from $272/user/year and has a free demo.
2. ServiceNow Governance Risk and Compliance – GRC tool that embeds risk management, compliance activities, and intelligent automation into your digital business processes.
ServiceNow was named a Leader in the 2019 Magic Quadrant for Integrated Risk Management. This GRC tool helps to drive a culture of risk management with a unified data environment by giving the front line easy access to insights and tasks via chat, mobile apps, and portals.
The Reporting and Analytics features for ServiceNow are thorough and intuitive to use, offering great flexibility for whatever metrics you need to track. Thus, they scored well in this consideration of the Features & Functions evaluation criteria.
A con to note is that the ServiceNow Governance Risk and Compliance software could use some sprucing up when it comes to their reporting tools, which lack advanced filters and would do well to broaden its available data visualization schemes. But as you can see from the above screenshot, it does have some very easy-to-read graphics to help you visualize basic data.
ServiceNow Governance Risk and Compliance offers custom pricing upon request and has a free demo.
3. SAI Global Compliance 360 – ERM software that identifies gaps, detects problems early, and allows your team to rapidly respond to emerging risks.
This GRC tool enables a vantage point for third-party business disruptions. It also delivers enhanced UI and intuitive-to-navigate experience along with some robust risk intelligence reports.
SAI Global Compliance 360 excels in a few noteworthy features: A) the ability to execute company-wide training on current policies and procedures, and B) automating critical workflow steps for permissions, etc, in order to hold people accountable.
As far as navigation and ease of use is considered, SAI Global Compliance 360 is a bit complex and cluttered. Users may feel like they have to execute multiple clicks for tasks that should take one or two. So, they lost a few evaluation points in the Usability criteria section.
If you are looking for the perfect GRC fit, know that SAI Global Compliance 360 is a hugely flexible product; ask their support team to help customize exactly what you need.
SAI Global Compliance 360 offers custom pricing upon request and has a free demo.
4. Navex Global RiskRate – Helps you execute your risk management program with centralized onboarding, screening and third party monitoring.
RiskRate automatically screens your third party risks against the world’s largest risk intelligence database: more than 500 regulatory lists, 200,000 unique media publications, 1.5 million politically exposed persons (PEPs), and more than 8 million adverse media profiles.
Navex Global RiskRate has the modern flare and organization of sleek, contemporary software. Users of any experience level will be comfortable and familiar with this type of interface, which scored them favorably in the UX section of the evaluation.
A con to note is that determining redundancy/duplicate items or documents falls on the user, rather than being sorted by the software protocols, which will add time spent via manual intervention.
Navex Global RiskRate costs from $5000/year and has a free demo.
5. Enablon – GRC technology that can establish, manage and track Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs).
Enablon is a GRC software designed to facilitate top-down and bottom-up approaches for risk identification. Analyze risks by using bow-tie functionality to determine causes and consequences, and define and preventive and mitigating controls.
A few things that Enablon excels at is their ability to handle large databases with ease and download your data in Excel, PDF, or even PowerPoint. Plus, their tools for setting reminders/notifications for expiring permits are helpful.
Enablon lacks a bit in Usability, per the evaluation criteria, as the auditing tools can be a bit convoluted; additionally, forms could be more flexible, as many lack copy-paste functionality and other expected features.
If you need reliable reports and dashboards, Enablon goes above and beyond to capture information from all modules and cut down on data analysis time.
Enablon offers custom pricing upon request and has a free demo.
6. Riskonnect – Manages risk by integrating data, connecting risks, and correlating relationships to determine insurable and non-insurable risks.
Riskonnect is a global leader in integrated risk management technology and the world’s largest RMIS provider. It seamlessly consolidates data from multiple sources, automates routine processes, and uses analytics to turn complicated information into actionable intelligence.
Riskonnect has extensive resources for training, scoring them well in the Usability category of the evaluation. They have a robust customer care department with many ways to reach them, a blog with case studies and testimonials about industry leaders, and a webinar series.
A critique of the Riskonnect software is that some of the features open to Admins are a bit clunky and difficult to use.
This solution empowers GRC professionals to create audit plans, store important documents, and summarize any resulting data easily.
Riskonnect offers custom pricing upon request and has a free demo.
7. SAP GRC – Governance risk compliance to automate key activities, monitor risk, and gain real-time visibility and control around planning.
SAP GRC lets users integrate GRC processes on a common technology platform. Features include risk strategy and planning; a unified repository for process control information; audit planning, management, and performance; and exception detection and compliance checks.
SAP offers myriad first-party products and services available to integrate with their core GRC system. Users can customize the package they want and only pay for what they need. Thus, they scored well in the Integration segment of the evaluation.
A downside of the software is that it takes a while for implementation and training, leaving users to cope with a steep learning curve and minimal assistance-giving resources.
Users will enjoy the solution’s sophisticated way of producing a global repository, which is crucial for smooth GRC processes.
SAP GRC costs from $500-15,000 per license and has a free demo.
8. Nasdaq BWise – GRC program with optimal user-experience and maximum oversight on all aspects of your internal control program.
This integrated suite of compliance solutions—powered by BWise technology—is designed to optimize your regulatory compliance program. Collect, access, transfer, or share data assets and safeguard data privacy and data protection with the BWise GDPR Compliance Solution.
Nasdaq BWise does a lot of things well but there are a few standout features I want to note here, like its friendly customizability options that allow users to navigate different, unique compliance initiatives across the organization. Additionally, the integration with TeamMate is helpful for testing purposes.
The user interface is a bit gloomy and the organization of the data is quite stiff; though it does the trick, it looks neither modern nor appealing. Thus, Nasdaq BWise lost a few marks in the UX segment of the evaluation criteria.
A special shout-out goes to BWise’s seamless tracking of audit testing and results; if audits are giving you grief, this solution can help.
Nasdaq BWise offers pricing upon request and has a free demo.
Other Options for GRC Systems
Here’s a few more that didn’t make the top list. If you need additional suggestions for handy compliance management tools, check these out.
- RSA Archer – Integrated risk management solutions, IT vendor risk management tools, IT risk management and business continuity.
- Onspring – Develop risk-based audit plans, track projects, manage audit findings and report in real time.
- Reciprocity ZenGRC – Map controls across multiple frameworks for visibility into defense mechanism strengths and weaknesses.
- Dataminr – Advanced AI platform that detects the earliest signals of high-impact events and emerging risks.
- Resolver – Provides management and end-users with the information that they need to understand risk, make data-driven decisions, and reduce negative impact.
- Donesafe – Pick and choose from over 30 apps to create a complete GRC solution or simply fill a gap within your existing solution.
- Seismic – Ensure adherence to brand and regulatory guidelines with built-in rules and logic that drive downstream component selection and placement.
- LogicGate – Customizable apps empower collaboration across departments to accurately define, monitor, and remediate risks.
- Refinitiv Connected Risk – Connected Risk is an award-winning governance, risk, and compliance software platform that delivers an enterprise-wide view of risk.
- Apptega – Map multiple frameworks, track your cybersecurity compliance, and report your program in one place.
- Procipient – Schedule audits, notify departments, and manage audits with easy, efficient workflows.
- Galvanize – Designed to create stronger security, risk management, compliance, and assurance.
- Aylien – Leverage Aylien’s intelligent and flexible News API to identify, track, and understand risk signals at scale.
- Fixnix FreshGRC – Address problems such as Lack Mapping, In-Extensible, Disconnected data model, Broken workflows, and/or High TCO.
What Do You Think About This GRC Tools List?
Have you tried out any risk compliance performance solutions listed above? Is there any governance risk and compliance software you would add to this list?