According to Deloitte, About 85% of the surveyed companies said that integrating technology for GRC (governance risk and compliance) would be a benefit to them. It’s clear that organizations want to fully take advantage of a GRC platform when you look at this number. Many have not yet made the leap. This may sound familiar. I hope this list of top GRC tools will help guide you to the right tool for you.
This article will quickly help you compare and evaluate the top GRC tools and other software to manage compliance and risk. This post will provide a quick comparison of GRC tools and explain what to look for in GRC software vendors.
What is GRC Software?
GRC Software (Governance, risk management, and compliance software) is software that enables public-owned enterprises to manage IT-related activities that are subject to regulation and ensure compliance with risk and compliance standards. The four main components of risk navigation software are strategy, process, technology, people, and technology. This type of software solution makes it easier and more cost-effective too:
- Perform an internal audit
- Operational risk reduced
- Take control of your incident management plan
- To save time and money, use automation
- Concentrate on policy management
- Streamline internal communications
After you have a basic understanding of GRC software, let me turn my attention to why implementing compliance platforms is a good idea.
Key Features of GRC Tools
- Risk Analysis – Can the software analyze and assess risks, and make suggestions for mitigation?
Compliance Database Does it track and teach compliance in a way? This keeps everyone on the same page and helps keep them informed.
- Auditing tools – Does the software allow for proper financial, resource, or procedure audits as needed?
- Reporting and analytics – Are the reporting tools flexible, robust, customizable, flexible, and visually appealing? Are they able to be exported into other file types?
Also read: Top 10 Data Governance Tools
List of Top 10 GRC Tools
Below is a quick description of each compliance software featured in the top 10. This summary can be used to compare GRC tools before you make your decision on which tool to buy.
StandardFusion is an end-to-end GRC tool that enables organizations to provide visibility, centralization, and collaboration to reduce information security risk and allow information security teams to drive revenue growth.
The platform consists of six core solutions (Compliance Risk, Audit Vendor, Policy, and Incident). Each solution is highly configurable and has centralized data. This allows users to see all their compliance programs at any time and produce an evidence document to satisfy auditors and stakeholders.
It is no longer a stigma that Information Security, Compliance, or Risk teams are limiting growth, slowing productivity, impeding creativity, or otherwise getting in the way of everyone doing their jobs. StandardFusion empowers Information Security teams to increase revenue, improve productivity, and win new business.
It has an easy-to-use interface. The software’s interface is easy to use and allows you to get any information you need within a matter of seconds. The software’s intuitive layout will make even novice users understand it quickly. You can also get in-depth product training and user guides. You can also get technical support and in-person training from dedicated success managers.
StandardFusion pricing starts from $1500 per 3 users/month
2. Fusion Framework System
Fusion Risk Management is a cloud-based operational resilience software built on the Salesforce platform. The Fusion Framework allows organizations to accelerate digital transformation in their governance, risk, and compliance programs. It integrates data, systems, and people with processes and services under one platform.
This tool allows users to visualize their products and services from the customer’s perspective. It also creates a map of your day-to-day business functions. Organizations can use dependency visualization to identify and visualize relationships between processes, risks, applications, third parties, and other factors. Fusion includes tools for risk assessment and incident management.
The Fusion Framework can adapt to the changing priorities and methods of any GRC tools. Fusion software can be used by organizations to manage compliance, align with industry standards and regulations, improve visibility through predictive analysis, and increase company engagement through automation.
Software is easily configurable using clicks and not code. The guided workflow functionality makes it easy for anyone to use the software.
Fusion Framework System integrates Everbridge’s emergency messaging system and risk intelligence platform, Send Word Now and Onsolve.
On request, pricing for Fusion Risk Management can be provided.
ServiceNow was recognized as a leader in the 2019 Magic Quadrant of Integrated Risk Management. This GRC tool allows front-line employees to easily access insights and tasks through chat, mobile apps, portals, and portals. It helps to foster a culture for risk management and a unified data environment.
ServiceNow’s Analytics and Reporting features are intuitive and thorough. They allow you to track any metrics that you want. They scored high in this section of Features & Functions’ evaluation criteria.
One problem is that ServiceNow Governance Risk & Compliance software needs some work in the reporting tools department. They lack advanced filters and could do with more data visualization options. As you can see, the software does offer some easy-to-read graphics that will help you visualize basic data.
ServiceNow Governance Risk and Compliance provides a free demo and custom pricing.
Riskonnect is a world leader in integrated risk management technology and is the largest RMIS provider worldwide. It seamlessly consolidates data and automates routine tasks, using analytics to transform complex information into actionable intelligence.
Riskonnect is a well-respected provider of training resources, which was a good indicator of its usability. There is a strong customer service department that can be reached via many channels. They also have a blog that contains case studies and testimonials from industry leaders.
One criticism of Riskonnect software: Some of the features available to administrators are a bit clunky, and difficult to use.
GRC professionals can create audit plans, store important documents and sum up any resulting data with this solution.
Riskonnect provides a free demo and custom pricing.
5. Nasdaq BWise
The integrated suite of compliance solutions powered by BWise technology is designed to optimize regulatory compliance programs. The BWise GDPR Compliance solution allows you to collect, access, transfer, and share data assets. It also protects data privacy and data security.
Although Nasdaq BWise can do a lot, there are some standout features that I would like to highlight. These include its customizability options, which allow users to navigate through different compliance initiatives within the company. The integration with TeamMate makes it easy to test.
It is not modern or appealing, and the user interface is somewhat drab. Nasdaq BWise was therefore not able to score well in the UX section of the evaluation criteria.
BWise’s seamless monitoring of audit testing results and results deserves special mention. If audits are causing you grief, this solution may be able to help.
Nasdaq BWise provides pricing upon request. They also offer a demo for no charge.
6clicks was established in 2019 and has offices across the United States, the United Kingdom, and India. It is suitable for all businesses and has a white-label capability.
6clicks makes it easy to implement your compliance and risk management program. It also complies with ISO 27001 and SOC 2, PCI DSS, HIPAA, and FedRamp.
6clicks is trusted by hundreds of businesses to automate and set up their risk and compliance programs. They also streamline audits, vendor risk assessment, and incident and risk management. It is easy to import standards, laws, and regulations from their vast content library or use AI-powered features for automating manual tasks.
These tools include asset management, content library, audits and assessments, incident playbooks as well as obligation management, and compliance registers. Compliance mapping, policies & control set, task & Project management, reporting & analysis, and workflow automation.
6clicks can integrate with more than 3,000 third-party applications to connect your entire tech stack. These include, but are not limited to, Thinkific, Google Analytics, and Intruder.
6clicks starts at $4800/year and includes a $450 onboarding fee. You also get a 14-day trial at no cost.
7. IBM OpenPages
IBM OpenPages is used by industry giant General Motors. It provides core services as well as functional components that cover operational risk, policy, compliance, financial controls management, and IT governance.
IBM OpenPages is flexible enough to work for smaller groups who need to limit their spending, but per-user costs can become excessive as the team grows. They were awarded high marks in the Value For Cost evaluation for their reasonable annual fee.
This software has one drawback. It can take a while to set up workflow automation, perform risk assessments, and log issues. This tool will require patience from your users.
IBM OpenPages is available at a low $272/user/year and comes with a free trial.
8. SAI Global Compliance 360
The GRC tool provides a viewpoint to monitor third-party business disruptions. It also delivers enhanced UI and an intuitive-to-navigate experience along with some robust risk intelligence reports.
SAI Global Compliance 360 is notable for its ability to conduct company-wide training on current policies and procedures. B) Automating crucial workflow steps for permissions and other tasks to hold employees accountable.
SAI Global Compliance 360’s navigation is not intuitive and is difficult to use. It may seem like users have to click multiple times for tasks that should only take one or two clicks. They may have lost some points in the Usability criteria section.
SAI Global Compliance 360 is the ideal product for you if you’re looking for the right GRC fit. Ask their support team to customize what you need.
SAI Global Compliance 360 provides a demo and custom pricing.
Also read: Top 10 Capacity Planning Tools & Software
Enablon is a GRC software designed to allow top-down and bottom-up approaches for risk identification. Bow-tie functionality allows you to analyze risks and determine the causes and consequences. You can also define preventive or mitigating control measures.
Enablon’s ability to manage large databases quickly and easily, as well as the ability to download your data in Excel or PDF, are just a few of their strengths. Plus, their tools for setting reminders/notifications for expiring permits are helpful.
Enablon is lacking in usability according to the evaluation criteria. The auditing tools can be confusing and forms may not be as flexible as they should be. Enablon provides reliable dashboards and reports.
Enablon can provide custom pricing on request. They also offer a free trial.
10. Navex RiskRate
RiskRate automatically screens third-party risks against the largest global risk intelligence database. It contains more than 500 regulatory and media lists, 200,000 unique media publications as well as 1.5 million politically exposed people (PEPs), and over 8 million adverse media profiles.
Navex RiskRate is modern and well-organized. This interface is easy to use for users of all levels of experience. It was a positive score in the UX section.
One con is that redundancy/duplicate documents or items must be determined by the user. This is in contrast to the software protocols which can be sorted automatically. This will increase the time required for manual intervention.
Navex RiskRate is available at a cost of $5000/year and comes with a free trial.