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DocTract
DocTract
The Policy Management Cloud solution from DocTract is purpose-built to manage the entire life-cycle of Policies and Procedures for any organization and for any size. Automate each step in the Policy Management process including d...Read more about DocTract
ManageEngine ADAudit Plus
ManageEngine ADAudit Plus
ManageEngine ADAudit Plus is a Windows auditing, security, and compliance solution. Key features include comprehensive logon auditing, detailed change monitoring, real-time risk alerting, and streamlined compliance reporting for A...Read more about ManageEngine ADAudit Plus
Rencore Governance
Rencore Governance
Rencore helps to automate Microsoft 365 Governance for mid-market and large enterprises among all industries worldwide. Rencore Governance maximizes flexibility and efficiency in governance for Microsoft 365, Microsoft Teams, Shar...Read more about Rencore Governance
Hyperproof
Hyperproof
Hyperproof is an on-premise and cloud-based compliance management solution that helps businesses conduct audits, assess risks and handle compliance programs. It comes with an administrative dashboard, which enables professionals t...Read more about Hyperproof
Apptega
Apptega
Apptega is a cloud-based compliance management solution that helps businesses design cybersecurity frameworks/programs and generate compliance reports. It enables users to build security frameworks in accordance with selected regu...Read more about Apptega
SafetyCulture
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
eTHIC
eTHIC
eTHIC is a software that helps businesses manage their ethics and compliance. It provides an easy-to-use platform for managing all of your company's compliance requirements, including government regulations, industry standards, an...Read more about eTHIC
Gluu
Gluu
Gluu is a cloud-based process management solution suited for a variety of industries. The solution helps users understand and execute their processes. Key features include process mapping, work instructions, task and case manageme...Read more about Gluu
GRC Toolbox
GRC Toolbox
GRC Toolbox by Swiss GRC is an integrated software solution for governance, risk and compliance management. It combines apps that manage the fundamental functions of GRC into a single integrated solution. Customers benefit from a ...Read more about GRC Toolbox
Integrum
Integrum
Integrum is a fully integrated, cloud-based or in-premise, QHSE Risk and Compliance platform. Used by organizations of all sizes, across diverse sectors of commerce and government to manage incidents; conduct audits and inspection...Read more about Integrum
Camms.Risk
Camms.Risk
Camms.Risk is a best-practice, cloud-based risk management solution. The solution provides a comprehensive integrated approach to governance, risk and compliance and encompasses risk management, compliance management, incident rep...Read more about Camms.Risk
IntelligenceBank GRC
IntelligenceBank GRC
IntelligenceBank is a cloud-based Digital Asset Management (DAM) solution that helps businesses to streamline marketing processes. The solution gives users a way to control, centralize, create and distribute brand assets in the cl...Read more about IntelligenceBank GRC
Resolver
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
Cority
Cority
Cority offers a cloud-based, enterprise quality management and compliance software solution for midsize to large global manufacturers. It is suitable for manufacturers that operate in industries such as automotive, aerospace and d...Read more about Cority
Enablon Risk Management
Enablon Risk Management
Enablon is a cloud-based environment, health and safety (EHS) management solution that helps organizations track the use of natural resources. Enablon allows users to create action plans and ensure proper follow-ups with bui...Read more about Enablon Risk Management
ERA EH&S Software
ERA EH&S Software
ERA EH&S is a suite supporting environment, health and safety (EHS) management. It is primarily designed for general manufacturing and the oil and gas industries. The product has a reporting library that has the capability to...Read more about ERA EH&S Software
ZenGRC
ZenGRC
ZenGRC is a cloud-based and on-premise governance, risk and compliance (GRC) management solution. It serves businesses of all sizes in any industry, including technology, retail, consumer goods, health care and finance. Primary fe...Read more about ZenGRC
AuditBoard
AuditBoard
AuditBoard is the leading cloud-based platform transforming audit, risk, and compliance management. Nearly 50% of the Fortune 500 leverage AuditBoard to move their businesses forward with greater clarity and agility. AuditBoard ...Read more about AuditBoard
Essential ERM
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
StandardFusion
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
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Buyers Guide
Last Updated: March 16, 2023Different 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:
Common features of GRC software
Key considerations when buying GRC software
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 (Source)
Common features of GRC software
The table below lists common features you need to look out for when buying GRC software solutions.
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. |
Assess IT and operational risks in different business processes using qualitative and quantitative methods, such as benchmarking and stochastic analysis. | |
Help internal auditors plan and schedule audit tasks, track audit results, prepare audit reports, and suggest remediation methods. | |
Support users in identifying, recording and remediating events or activities that can lead to regulatory noncompliance, downtime, or financial or reputation loss. | |
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. |
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.