Have some questions about governance and compliance? Check out this handy FAQ before moving on to the tool summaries.
What is GRC Software?
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.
What Are The Benefits Of Using GRC Tools?
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
What Are The Common Features Of GRC Tools?
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.
Are There Any Open Source GRC Tools?
Yes! For example, Eramba and OCEG state on their websites that they have open source solutions.
GRC Tools Criteria
What are we looking for when we select tools for review? Here’s a summary of my evaluation criteria:
1) User Interface (UI): Is it clean and attractive?
2) Usability: Is it easy to learn and master?
3) Does the company offer good tech support, user support, tutorials, and training?
4) Features & Functionality:
+ Risk Analysis– Can the software analyze 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?
5) Integrations: Is it easy to connect with other tools? Any pre-built integrations?
6) Value for $: How appropriate is the price for the features, capabilities, and use case? Is pricing clear, transparent, and flexible?
Best GRC Tools in the market?
Here’s a shortlist of the best governance risk and compliance software solutions:
Fusion Framework System
StandardFusion
IBM OpenPages
ServiceNow Governance Risk and Compliance
SAI Global Compliance 360
Navex Global RiskRate
Enablon
Riskonnect
SAP GRC
Nasdaq BWise