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.
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.
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.
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.
2. ServiceNow Governance Risk and Compliance – Embed risk management, compliance activities, and intelligent automation into your digital business processes.
3. SAI Global Compliance 360 – ERM software that identifies gaps, detects problems early, and allows your team to rapidly respond to emerging risks.
4. Navex Global RiskRate – Execute your risk management program with centralized onboarding, screening and continuous third party monitoring.
5. Enablon – GRC technology that can establish, manage and track Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs).
6. Riskonnect – Manages risk by integrating data, connecting risks, and correlating relationships to determine insurable and noninsurable risks.
7. SAP GRC – Governance risk compliance to Automate key activities, monitor risk, and gain real-time visibility and control around planning.
8. Nasdaq BWise – A GRC program with optimal user-experience and maximum oversight on all aspects of your internal control program.
9. MetricStream GRC – A GRC application with an Agile approach to Integrated Risk Management via a series of risk mitigation apps.
10. VComply – Enterprise GRC platform for building a robust internal control framework to manage risks and compliance across any company.
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.
- StandardFusion – Leverage the use of an integrated threat library to make the process of identifying risks that are applicable to you much easier.
- 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?