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Onspring

Onspring is a cloud-based, no-code software for reporting, analysis, process management, and coordination. Our connected solutions for Governance, Risk & Compliance, ITSM, and Business Operations create efficiencies for your teams...Read more about Onspring

4.8 (76 reviews)

4 recommendations

StandardFusion

Standard Fusion is a cloud-based compliance management solution that is designed for industries such as healthcare, technology, manufacturing, government and retail. Key features include control management, control monitoring and ...Read more about StandardFusion

4.7 (23 reviews)

4 recommendations

AuditBoard

AuditBoard is the leading cloud-based platform transforming audit, risk, and compliance management. More than 40% of the Fortune 500 leverage AuditBoard to move their businesses forward with greater clarity and agility. AuditBoa...Read more about AuditBoard

4.7 (297 reviews)

3 recommendations

Rivial Data Security

Rivial Data Security enables organizations to accurately measure their risk, automate compliance, and mature their cybersecurity program. Our six-module platform, which includes Governance, Risk, Compliance, Vulnerabilities, Vend...Read more about Rivial Data Security

5.0 (3 reviews)

2 recommendations

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Fusion Framework System

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 about Fusion Framework System

4.4 (45 reviews)

1 recommendations

Resolver

Resolver’s risk management software is a cloud-based solution for midsize to larger enterprises that serves customers across a variety of industries and business needs. These industries include banking and financial services, heal...Read more about Resolver

4.3 (44 reviews)

1 recommendations

EHS Insight

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 about EHS Insight

4.4 (44 reviews)

1 recommendations

Essential ERM

Essential ERM is a secure web-based Enterprise Risk Management system. Easy-to-use screens and innovative visual features engage business unit managers, executives and board members. Essential ERM is an excellent catalyst to launc...Read more about Essential ERM

4.7 (22 reviews)

1 recommendations

NAVEX IRM (formerly Lockpath)

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 from...Read more about NAVEX IRM (formerly Lockpath)

4.7 (20 reviews)

1 recommendations

SureCloud

SureCloud is a provider of cloud-based Integrated GRC (Governance, Risk & Compliance) products and Cybersecurity services. Its solutions help organizations manage risk, achieve compliance, and safeguard their digital assets. At th...Read more about SureCloud

4.0 (1 reviews)

1 recommendations

OnBoard

Now available: Microsoft 365 Integration. As the most reviewed solution on Capterra and the G2 category leader in Board Management, OnBoard offers a simple, secure, and effective way to run board meetings. With OnBoard, you can...Read more about OnBoard

Okta

Okta Identity Suite is a cloud-based identity management solution that caters to businesses across various industries such as information technology (IT), consumer services, energy and utilities, telecommunications and more. Key f...Read more about Okta

MasterControl Quality Excellence

MasterControl is the #1 QMS in the life sciences with more life sciences customers than any other QMS provider. For over 30 years, we’ve helped companies of all sizes bring their life-changing products to market sooner. We provide...Read more about MasterControl Quality Excellence

Jolt

Jolt is a comprehensive digital operations platform that is available on smartphones and tablets. Jolt helps restaurants, retail, hospitality, and other businesses create accountability, enhance food safety compliance, and boost ...Read more about Jolt

SafetyCulture

iAuditor by SafetyCulture is an inspection checklist application that allows users to build checklists, file reports and conduct inspections through a tablet or mobile phone. The solution is designed for a wide range of industries...Read more about SafetyCulture

Sign In Solutions

In the contemporary business landscape, every interaction possesses the potential to impact success significantly. Visitor management transcends basic guest registration; at Sign In Solutions, we introduce "Visitor Management 2.0...Read more about Sign In Solutions

Ideagen Quality Management

Q-Pulse is a governance, risk and compliance (GRC) solution for the manufacturing, health care and airline industries. The solution enables organizations to manage their processes and take preventive action. Q-Pulse provides on-pr...Read more about Ideagen Quality Management

Ncontracts

Many financial institutions manage risk and compliance with manual process. Departments suffer from lack of communication and collaboration, incurring massive fines and penalties if efforts fall short. Ncontracts offers integrate...Read more about Ncontracts

Netwrix Auditor

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 about Netwrix Auditor

Nintex Promapp

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 about Nintex Promapp

Buyers Guide

Last Updated: March 16, 2023

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

What is GRC software?

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.

Risk-diagnostic-tool-in-ProcessGene

Risk diagnostic tool in ProcessGene (Source)

Common features of GRC software

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.

What type of buyer are you?

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.

  • Small and midsize businesses (SMBs): GRC platforms offering basic functions such as reporting, auditing, risk management, and compliance management will help such buyers ensure organization-wide compliance and uniform risk mitigation strategies. (Several software vendors offer GRC solutions tailored to SMB needs and budgets.)

  • Large enterprises: Enterprises are under scrutiny by a larger number of regulations than SMBs due to their scale of business and, typically, geographically-distributed operations. Multinational companies should look at GRC solutions that offer support in different geographies. They may also need to opt for customized GRC solutions to meet their specific compliance and business policy needs.

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.

Benefits of GRC software

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.

  • Save time by automating tasks: GRC platforms help employees save time by automating reporting, compliance, and risk assessment tasks. Employees don't have to manually prepare reports, plan audit jobs, etc. but can use the software to complete these tasks.

  • Improve collaboration by unifying processes: This software helps improve collaboration between your IT, operations, security, and legal teams by aggregating data on risks, compliance, policies, and controls from across the organization.

  • Reduce compliance costs: GRC tools help capture and notify different IT and operational risks, thereby reducing the cost of managing vulnerabilities and saving on regulatory expenses such as fines.

Key considerations when buying 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.

  • Cloud vs. on-premise software: Choosing a deployment option is one of the key considerations when buying any type of software. Most GRC software vendors offer both SaaS and on-premise versions. Cloud-based GRC systems are more popular among SMBs due to their lower upfront costs.

  • Support compliance with multiple regulations: Organizations may cut into regulatory frameworks outside their industry. For example, a healthcare practice that accepts online payments; this practice will be subject to HIPAA as well as PCI-DSS. Each businesses should evaluate its individual business model before purchasing to better identify a GRC solution that accommodates all the different regulatory frameworks applicable.

  • Integrations: GRC software that integrates with general performance management systems, BI tools, etc. help provide a consolidated picture of your overall business operations. Integration with accounting software helps when financial approvals are needed for incident management or risk training.

Recent market developments

In this section, we discuss some of the key trends observed in the GRC software market.

  • Move toward integrated risk management: Gartner's report, "Transform Governance, Risk and Compliance to Integrated Risk Management" (available to Gartner clients only) notes that there is a shift away from compliance-focused activities in GRC software to greater investments in risk-based approaches. The industry is focusing more on aiding businesses in understanding and managing the full scope of risks that they face than in managing compliance issues alone.

  • Market consolidation: The GRC and risk management software market is witnessing strong consolidation, with large, well-established vendors taking over smaller firms. Some of the acquisitions that have happened recently include that of Rsam by ACL and Bwise by SAI Global.

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.