
Okta
The Fusion Framework System is a risk and resilience platform designed to help businesses understand how their business works, how it breaks, and how to put it back together again. Fusion's software helps organizations visualize t...Read more
LogicGate is a cloud-based SaaS solution that helps organizations automate their risk and compliance programs. Instead of depending on spreadsheets and email to handle the most critical risk and compliance activities, LogicGate ce...Read more
Recognized as a Leader in the Gartner® Magic Quadrant™ for both IT Risk Management and IT Vendor Risk Management, NAVEX IRM brings visibility to risks frequently managed in disparate sources. It aggregates internal data points fro...Read more
AuditBoard transforms how audit, risk, and compliance teams manage today’s dynamic risk landscape with a modern, connected platform that engages the front lines, surfaces the risks that matter, and drives better strategic decision...Read more
EHS Insight is a cloud-based environmental health and safety (EHS) and quality management solution. It helps clients track environmental effects, manages security and risks and ensures compliance with requirements. EHS Insight of...Read more
Netwrix Auditor is a security solution that helps organizations overcome compliance and operational challenges. Netwrix solutions empower you with total control over what's going on in your hybrid IT environment by delivering acti...Read more
Nintex is a workflow management solution that caters to a variety of industries including energy, health and life sciences, financial services and government. It is suitable for departments such as customer services, human resourc...Read more
ProcessGene is a cloud-based governance, risk and compliance (GRC) platform that helps multi-subsidiary organizations automate workflows and reduce costs and man hours in implementing GRC programs. Features include risk audits, da...Read more
MasterControl Quality Excellence (a QMS Software Solution) is an integrated quality management system that eliminates the need to paper-based quality processes. It helps life-science companies adhere more efficiently to the ever-c...Read more
ServiceChannel is an integrated suite that helps manage facilities tasks: from finding a contractor to overseeing work orders to closing the project with transaction processing....Read more
Contracts are crucial to every business, which is why it’s so important to end the era of manual and disjointed contract processes. Conga’s contract management solutions empower you to improve customer and user experiences, while ...Read more
Donesafe provides an online all-in-one EHS (Environmental, Health & Safety) management software solution that connects all workers across an organization. Donesafe supports all industry types and organizations large and small. Our...Read more
Different teams in a business often use disparate methods to record risk assessment values, audit results, and compliance data. Some may use spreadsheets, while others may store physical copies of data.
Such disparate practices make it difficult for you—the business owner or leadership team—to get a comprehensive picture of how your organization as a whole is complying with regulations, mitigating risks, and following policies.
Governance, risk, and compliance (GRC) software helps you monitor and enforce rules to coordinate data collection across teams and departments, assess risk exposure, conduct audits, and ensure organization-wide compliance with regulations and policies.
In this buyers guide, we'll dive into the different parameters you need to look at when purchasing a GRC solution. Here's what we'll cover:
What is GRC software?
Common features of GRC software
What type of buyer are you?
Benefits of GRC software
Key considerations when buying GRC software
Recent market developments
GRC software is a tool that helps you incorporate synchronized data governance, risk, and compliance management strategies into your various business processes. It makes it possible to enforce frameworks that govern how data is stored and used, how risks are dealt with, and how policies are implemented.
GRC platforms offer a centralized system to manage data controls, assess risks, and update business rules based on risk exposure. The solution also allows you to track policies, maintain audit logs, record incidents, and monitor user privileges.
The table below lists common features you need to look out for when buying GRC software solutions.
Policy management | Create, review, edit, approve, and store policies and share them across the organization. |
Change management | Support process modifications based on regulatory updates and help management in make changes to relevant controls, policies, and assessment techniques. |
Risk management | Assess IT and operational risks in different business processes using qualitative and quantitative methods, such as benchmarking and stochastic analysis. |
Audit management | Help internal auditors plan and schedule audit tasks, track audit results, prepare audit reports, and suggest remediation methods. |
Incident management | Support users in identifying, recording and remediating events or activities that can lead to regulatory noncompliance, downtime, or financial or reputation loss. |
Compliance management | Plan, define, control, and document activities around different types of compliance requirements such as financial reporting, healthcare regulations, or other service level agreements. |
Dashboard | Provide real-time information on key compliance metrics, performance indicators, and risk levels to help management make decisions around controls or corrective action. |
Reporting | Prepare, store, and archive audit reports, risk assessments, compliance reports, and attestations. |
Notifications | Alert administrators or other authorized persons about elevated risks, compliance breaches, or any unusual activity through messages or emails. |
Industry regulations and the increasing risks of new and advanced security threats make GRC solutions invaluable to all organizations. Below we discuss two broad categories of businesses and the key attributes they need to look for in GRC solutions.
Additionally, there are GRC solutions that cater to specific industry verticals such as banking and financial services (BFS), healthcare, and governments/public sector. Ask vendors on your shortlist if they offer GRC software solutions tailored to your industry.
In addition to ensuring proper governance, compliance with regulations, and risk management, here are some other benefits that you can see by using GRC software.
Choosing the right GRC platform can be a challenge because of the number of options on the market. Here, we discuss a few things you should consider when purchasing GRC software.
In this section, we discuss some of the key trends observed in the GRC software market.
Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations. They have been obtained from sources believed to be reliable at the time of publication.