GRC tools are integrated software solutions designed to streamline and automate the processes involved in governance, risk management, and compliance. 

Governance, Risk Management, and Compliance (GRC) tools have emerged as essential instruments for organizations. They enable us to better deal with regulatory pressures, manage risks effectively, and uphold corporate governance standards. These tools offer a structured approach to aligning IT with business objectives while ensuring compliance with laws and regulations and managing risk across the organization.

GRC tools serve as a central repository for all GRC-related activities, including policy management, risk assessment, compliance management, audit management, and incident management. The importance of GRC tools stems from their ability to provide a holistic view of the organization’s risk landscape and compliance status, enabling better decision-making, enhanced efficiency, and reduced costs associated with risk and compliance management.

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Best GRC Tools

There are several GRC tools for companies to explore, but you can save yourself the stress and check out the top 10 and the criteria for selecting them below:

1. Netwrix Auditor: 

This is a comprehensive data security and compliance solution. 

Key features:

• Provides visibility and control over data access and activity across on-premises, cloud, and hybrid environments
• Supports compliance with various regulations and standards, such as PCI DSS, HIPAA, GDPR, SOX, and NIST
• Enables data discovery, classification, and protection to prevent data breaches and leaks
• Automates audit trails, reports, and alerts to simplify investigations and audits
• Integrates with other security tools and platforms, such as SIEM, IAM, and DLP

Benefits:

• Reduces the risk of data loss and unauthorized access
• Saves time and resources on compliance and audit tasks
• Enhances data security and governance posture
• Improves data quality and accuracy
• Increases user accountability and trust

Costs and pricing:

• Netwrix Auditor offers a free trial and a free version for up to 100 users
• The paid version starts from $9.50 per license per month, depending on the number of users and systems
• The pricing also varies based on the modules and features selected, such as data security, IT auditing, or cloud security.
• Contact Netwrix for a custom quote and a demo

Pros and cons: 

• Pros: Easy to use, flexible, scalable, feature-rich, reliable, and well-supported
• Cons: Expensive, complex, and resource-intensive for some users and scenarios 

2. StandardFusion: 

StandardFusion is a cloud-based GRC platform for internal audits and compliance management. 

Key features: 

• Simplifies the management of multiple compliance frameworks, such as ISO, SOC, NIST, GDPR, and more
• Provides a centralized dashboard to monitor and track risks, controls, audits, and findings
• Enables collaboration and communication among stakeholders and auditors
• Supports integration with popular tools and platforms, such as Jira, Slack, Zapier, and Microsoft 365
• Offers a library of templates, checklists, and best practices to streamline compliance processes 

Benefits:

• Reduces the complexity and cost of compliance and audit activities
• Improves visibility and transparency of risk and compliance status
• Enhances efficiency and productivity of audit teams and processes
• Facilitates continuous improvement and learning from audit results
• Increases confidence and trust among customers and regulators 

Costs and pricing:

• StandardFusion offers a free trial and a free version for up to 5 users
• The paid version starts from $450 per month for up to 25 users
• The pricing also depends on the number of frameworks, integrations, and features selected
• Contact StandardFusion for a custom quote and a demo 

Pros and cons:

• Pros: User-friendly, customizable, cloud-based, secure, and well-supported
• Cons: Limited reporting capabilities, some features require additional fees, and some integrations are not seamless

3. Mitratech: 

It’s a comprehensive GRC solution for enterprise risk and compliance management.

 Key features:

• Enables end-to-end management of risk and compliance across the enterprise
• Supports compliance with various regulations and standards, such as GDPR, SOX, HIPAA, PCI DSS, and more
• Provides a holistic view of risk exposure and mitigation strategies
• Automates workflows, tasks, and notifications for risk and compliance activities
• Integrates with other Mitratech products and platforms, such as legal, policy, and incident management 

Benefits:

• Minimizes the impact and likelihood of risk events and compliance violations
• Optimizes the allocation of resources and budget for risk and compliance initiatives
• Enhances decision-making and performance based on data-driven insights
• Streamlines collaboration and coordination among risk and compliance stakeholders
• Demonstrates compliance and accountability to regulators and customers 

Costs and pricing:

• Mitratech does not disclose its pricing on its website
• Contact Mitratech for a custom quote and a demo

Pros and cons:

• Pros: Robust, scalable, flexible, configurable, and reliable
• Cons: Expensive, complex, and requires training and support 

4. Hyperproof: 

Hyperproof is a cloud-based GRC platform for simplifying compliance management.

 Key features:

• Helps organizations achieve and maintain compliance with various frameworks, such as SOC 2, ISO 27001, PCI, SOX, and more
• Provides a library of quickstart templates, checklists, and best practices to guide compliance processes
• Enables collaboration and communication among internal and external stakeholders, such as auditors, customers, and vendors
• Supports integration with popular tools and platforms, such as Microsoft 365, Google Workspace, Slack, and Dropbox
• Offers a dashboard and reports to monitor and track compliance status and progress

Benefits:

• Reduces the time and cost of compliance and audit activities
• Improves the quality and consistency of compliance documentation and evidence
• Enhances transparency and accountability of compliance performance
• Facilitates continuous improvement and learning from compliance feedback
• Increases trust and credibility among regulators and customers 

Costs and pricing:

• Hyperproof offers a free trial and a free version for up to 3 users
• The paid version starts from $99 per user per month
• The pricing also depends on the number of frameworks, integrations, and features selected
• Contact Hyperproof for a custom quote and a demo 

Pros and cons:

• Pros: User-friendly, customizable, cloud-based, secure, and well-supported
• Cons: Limited functionality for risk management, some features require additional fees, and some integrations are not seamless 

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5. Corporater: 

This is a comprehensive GRC solution for integrated performance and GRC. 

Key features:

• Enables end-to-end management of performance and GRC across the enterprise
• Supports compliance with various regulations and standards, such as GDPR, SOX, COSO, and more
• Provides a holistic view of performance, risk, and compliance objectives and outcomes
• Automates workflows, tasks, and notifications for performance and GRC activities
• Integrates with other Corporater products and platforms, such as business intelligence, analytics, and reporting 

Benefits:

• Aligns performance and GRC with strategy and vision
• Optimizes the allocation of resources and budget for performance and GRC initiatives
• Enhances decision-making and performance based on data-driven insights
• Streamlines collaboration and coordination among performance and GRC stakeholders
• Demonstrates performance and GRC excellence to regulators and customers

 Costs and pricing:

• Corporater does not disclose its pricing on its website
• Contact Corporater for a custom quote and a demo

 Pros and cons:

• Pros: Robust, scalable, flexible, configurable, and reliable
• Cons: Expensive, complex, and requires training and support

6. Fusion Framework System: 

It is a cloud-based GRC platform for dependency visualization. 

Key features:

• Helps organizations manage risk and compliance across the enterprise
• Supports compliance with various regulations and standards, such as NIST, ISO, COBIT, and more
• Provides a dependency visualization tool to map and analyze the relationships and impacts of risks, controls, and assets
• Enables collaboration and communication among internal and external stakeholders, such as auditors, regulators, and partners
• Supports integration with popular tools and platforms, such as Microsoft 365, Salesforce, ServiceNow, and Splunk 

Benefits:

• Reduces the complexity and cost of risk and compliance management
• Improves visibility and transparency of risk and compliance status and dependencies
• Enhances efficiency and productivity of risk and compliance teams and processes
• Facilitates continuous improvement and learning from risk and compliance results
• Increases resilience and agility in response to risk and compliance events

 Costs and pricing:

• Fusion Framework System does not disclose its pricing on its website
• Contact Fusion Framework System for a custom quote and a demo 

Pros and cons:

• Pros: User-friendly, customizable, cloud-based, secure, and well-supported
• Cons: Limited functionality for governance and performance management, some features require additional fees, and some integrations are not seamless 

7. ServiceNow: 

ServiceNow is a cloud-based GRC platform for GRC automation

 Key features 

• Automates and streamlines risk and compliance management across the enterprise
• Supports compliance with various regulations and standards, such as GDPR, SOX, HIPAA, PCI DSS, and more
• Provides a dashboard and reports to monitor and track risk and compliance status and progress
• Enables collaboration and communication among internal and external stakeholders, such as auditors, regulators, and customers
• Integrates with other ServiceNow products and platforms, such as IT service management, security operations, and business continuity management 

Benefits:

• Reduces the time and cost of risk and compliance management
• Improves the quality and consistency of risk and compliance documentation and evidence
• Enhances transparency and accountability of risk and compliance performance
• Facilitates continuous improvement and learning from risk and compliance feedback
• Increases trust and credibility among regulators and customers 

Costs and pricing:

• ServiceNow does not disclose its pricing on its website
• Contact ServiceNow for a custom quote and a demo 

Pros and cons:

• Pros: Robust, scalable, flexible, configurable, and reliable
• Cons: Expensive, complex, and requires training and support 

8. MetricStream: 

This is a comprehensive GRC solution for GRC assessment. 

Key features:

• Enables end-to-end management of risk and compliance across the enterprise
• Supports compliance with various regulations and standards, such as GDPR, SOX, COSO, and more
• Provides a dashboard and reports to monitor and track risk and compliance status and progress
• Enables collaboration and communication among internal and external stakeholders, such as auditors, regulators, and customers
• Supports integration with other MetricStream products and platforms, such as audit management, policy management, and incident management 

Benefits:

• Reduces the complexity and cost of risk and compliance management
• Improves the quality and consistency of risk and compliance documentation and evidence
• Enhances transparency and accountability of risk and compliance performance
• Facilitates continuous improvement and learning from risk and compliance results
• Increases resilience and agility in response to risk and compliance events 

Costs and pricing:

• MetricStream does not disclose its pricing on its website
• Contact MetricStream for a custom quote and a demo 

Pros and cons:

• Pros: Robust, scalable, flexible, configurable, and reliable
• Cons: Expensive, complex, and requires training and support 

9. SAP GRC: 

This is a comprehensive GRC solution for first-party integrations

 Key features:

• Enables end-to-end management of risk and compliance across the enterprise
• Supports compliance with various regulations and standards, such as GDPR, SOX, COSO, and more
• Provides a dashboard and reports to monitor and track risk and compliance status and progress
• Enables collaboration and communication among internal and external stakeholders, such as auditors, regulators, and customers
• Integrates with other SAP products and platforms, such as ERP, CRM, and BI 

Benefits:

• Reduces the complexity and cost of risk and compliance management
• Improves the quality and consistency of risk and compliance documentation and evidence
• Enhances transparency and accountability of risk and compliance performance
• Facilitates continuous improvement and learning from risk and compliance results
• Increases resilience and agility in response to risk and compliance events 

Costs and pricing:

• SAP GRC does not disclose its pricing on its website
• Contact SAP GRC for a custom quote and a demo 

Pros and cons:

• Pros: Robust, scalable, flexible, configurable, and reliable
• Cons: Expensive, complex, and requires training and support 

10. Navex RiskRate: 

Navex RiskRate is a cloud-based GRC platform for risk management.

 Key features:

• Helps organizations identify, assess, and mitigate risks across the enterprise
• Supports compliance with various regulations and standards, such as FCPA, UKBA, OFAC, and more
• Provides a risk scoring and rating system to prioritize and manage risks
• Enables collaboration and communication among internal and external stakeholders, such as auditors, regulators, and vendors
• Supports integration with popular tools and platforms, such as Salesforce, Oracle, and SAP

 Benefits:

• Reduces the impact and likelihood of risk events and compliance violations
• Optimizes the allocation of resources and budget for risk management initiatives
• Enhances decision-making and performance based on data-driven insights
• Streamlines collaboration and coordination among risk management stakeholders
• Demonstrates risk management excellence to regulators and customers 

Costs and pricing:

• Navex RiskRate does not disclose its pricing on its website
• Contact Navex RiskRate for a custom quote and a demo

 Pros and cons: 

• Pros: User-friendly, customizable, cloud-based, secure, and well-supported
• Cons: Limited functionality for governance and compliance management, some features require additional fees, and some integrations are not seamless.

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The Role of GRC Tools in Enhancing Project Management

Beyond their core functionalities, GRC tools play a pivotal role in enhancing project management by integrating risk management and compliance considerations into the planning and execution of projects. 

They enable project managers to identify and mitigate risks early in the project lifecycle, ensure compliance with relevant regulations and standards, and align project objectives with the organization’s strategic goals. 

This integration ensures that projects are completed on time, within budget, and in compliance with regulatory requirements, thereby contributing to the overall success of the organization.

The introduction of GRC tools into the organizational framework marks a strategic shift towards a more integrated, efficient, and compliant approach to managing governance, risk, and compliance. By leveraging these tools, organizations can not only ensure compliance and mitigate risks but also achieve a competitive advantage through improved decision-making and operational efficiency.

Evolution and Trends in GRC Tools

Governance, Risk Management, and Compliance (GRC) tools are rapidly evolving, propelled by technological advancements and changing regulatory demands. As we look towards 2024, several key trends are shaping the future of GRC tools, promising to enhance their integration within business systems, leverage advanced analytics, and incorporate artificial intelligence (AI) more deeply. These developments are not just technical enhancements but are transforming how organizations approach and manage GRC on a strategic level.

Integration with Other Business Systems (ERP, CRM)

One of the most significant trends is the deeper integration of GRC tools with existing business systems such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) platforms. This integration enables a seamless flow of information across departments, enhancing visibility into governance, risk, and compliance data.

As a result, businesses can make more informed decisions backed by comprehensive insights from across their operations. This trend reflects a move towards more interconnected and transparent GRC processes, which are essential in the dynamic business environment of 2024.

Advanced Analytics and Artificial Intelligence (AI)

The incorporation of advanced analytics and AI into GRC tools marks a leap forward in how organizations can predict, analyze, and respond to risks. These technologies enable predictive risk analysis, offering businesses foresight into potential risks before they materialize.

AI algorithms can sift through vast amounts of data to identify patterns and trends that human analysts might overlook, making risk management more proactive and precise. Furthermore, AI-driven insights can streamline compliance management by automating the monitoring and reporting tasks, thereby reducing manual effort and increasing accuracy.

Key Evolving Features:

Automated Compliance Management and Real-Time Risk Monitoring:

As part of this technological evolution, two features stand out for their impact on the efficiency and effectiveness of GRC strategies: automated compliance management and real-time risk monitoring. Automated compliance management tools are becoming more adept at keeping pace with the rapidly changing regulatory landscape, automatically updating compliance tasks and reducing the risk of non-compliance.

Meanwhile, real-time risk monitoring offers organizations the ability to detect and respond to risks instantaneously, ensuring that they can mitigate potential issues before they escalate. These features exemplify the shift towards more dynamic and responsive GRC tools, capable of adapting to both the external environment and internal changes within an organization.

The evolution of GRC tools in 2024 is characterized by greater integration with business systems, the sophisticated use of analytics and AI, and the development of features that support automated compliance management and real-time risk monitoring.

These trends not only enhance the capabilities of GRC tools but also redefine how organizations manage risk and compliance, making these processes more integrated, intelligent, and proactive. As we move forward, the adoption and implementation of advanced GRC tools will be a key differentiator for businesses seeking to navigate the complexities of the modern regulatory and risk landscape effectively.

Core Functionality of GRC Tools (Evaluation Criteria)

When evaluating GRC (Governance, Risk, and Compliance) tools, understanding their core functionality is critical. These functionalities form the backbone of any effective GRC platform, providing the necessary capabilities to manage an organization’s governance, risk management, and compliance activities efficiently. Here, we explore the essential functionalities that GRC tools offer, serving as a guide for businesses seeking to enhance their GRC processes.

Risk Assessment

Risk assessment is at the heart of GRC tools, enabling organizations to identify, analyze, and prioritize risks. This functionality supports the creation of risk profiles and the evaluation of potential impacts on the organization, facilitating informed decision-making and strategic planning.

Compliance Management

Compliance management functionality ensures that organizations can effectively navigate the complex landscape of regulatory requirements. These tools automate the tracking and reporting of compliance statuses, making it easier to adhere to legal, industry, and internal standards and policies.

Policy Management

Policy management features allow for the creation, distribution, and enforcement of organizational policies. This functionality ensures that all stakeholders are aware of and adhere to the set policies, which is crucial for maintaining governance standards and compliance.

Incident Management

Incident management capabilities enable organizations to quickly respond to and manage adverse events or violations. This includes logging incidents, tracking their resolution, and analyzing them to prevent future occurrences.

Audit Management

Audit management features streamline the planning, execution, and reporting of audits. They facilitate the assessment of compliance with policies and regulations, ensuring that governance standards are met across the organization.

Reporting and Analytics

Advanced reporting and analytics functionality provide insights into GRC processes, offering visibility into compliance statuses, risk profiles, and audit results. This enables organizations to make data-driven decisions and to report to stakeholders transparently.

Third-Party Risk Management

As organizations increasingly rely on third parties, managing the associated risks becomes essential. This functionality helps assess and monitor the risks posed by vendors and partners, ensuring they align with the organization’s risk tolerance levels.

Document Management

Document management features support the storage, management, and sharing of GRC-related documents. This ensures that all relevant information is accessible, organized, and secure, facilitating efficient GRC processes.

Workflow Automation

Workflow automation capabilities streamline GRC processes by automating tasks and workflows. This not only improves efficiency but also reduces the likelihood of errors, ensuring that GRC activities are conducted consistently and in compliance with policies.

Additional Standout Features

While core functionalities are essential for GRC (Governance, Risk, and Compliance) tools, additional standout features can significantly enhance their value. These features bring innovation and efficiency, allowing organizations to go beyond traditional GRC processes and leverage advanced capabilities for a more dynamic and proactive approach to governance, risk management, and compliance. Here, we explore some of these innovative features that set some GRC tools apart from the competition.

Integration Capabilities

In today’s complex digital ecosystem, GRC tools must seamlessly integrate with other business systems such as ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) software. This integration capability ensures that risk management and compliance processes are embedded within the organization’s operations, enhancing data accuracy and decision-making processes.

AI and Machine Learning for Predictive Risk Analysis

Advanced analytics powered by AI (Artificial Intelligence) and machine learning offer predictive insights into potential risks, allowing organizations to anticipate and mitigate them before they materialize. This technology can analyze patterns and trends from vast amounts of data to forecast future risks, providing a strategic advantage in risk management.

Automated Compliance Management

Automated compliance management features streamline the monitoring and reporting of regulatory compliance, reducing manual efforts and the risk of errors. This automation ensures that compliance processes are consistent, efficient, and up-to-date with the latest regulations, saving time and resources while enhancing accuracy.

Real-time Risk Monitoring

The ability to monitor risks in real-time is a game-changer for many organizations. This feature allows for the continuous assessment of risk exposure, enabling quick responses to emerging threats. Real-time monitoring ensures that organizations can maintain an up-to-date risk profile, crucial for dynamic decision-making and risk mitigation strategies.

Regulatory Change Management

With regulations constantly evolving, GRC tools that offer regulatory change management capabilities are invaluable. These features keep organizations informed about changes in compliance requirements, helping them adapt their policies and processes promptly to maintain compliance.

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Selection Criteria For GRC Tools

Selecting the right Governance, Risk, and Compliance (GRC) tool is crucial for effectively managing an organization’s regulatory obligations and risk exposure. The process involves a detailed evaluation framework that considers various factors to ensure the chosen tool aligns with the organization’s specific needs and objectives. This section outlines key criteria to consider when selecting a GRC tool, emphasizing functionality, innovation, usability, onboarding, support, value, and customer feedback.

Detailed Evaluation Framework

Functionality: The core functionalities of GRC tools, such as risk assessment, compliance management, policy management, and incident management, should be evaluated against the organization’s specific requirements. The tool should offer comprehensive capabilities covering all governance, risk, and compliance aspects.

• Innovation: 

The ability of the tool to integrate with other business systems (ERP, CRM) and utilize advanced technologies like AI for predictive risk analysis is a significant consideration. Innovation in GRC tools can provide a competitive edge by enabling more proactive and efficient risk management strategies.

• Usability: 

An intuitive interface and responsive design are critical for ensuring that users across the organization can easily adopt the tool. The tool should facilitate a smooth user experience, minimizing the learning curve and enhancing productivity.

• Onboarding: 

The availability of support resources, training materials, and assistance with data migration and integration setup can significantly impact the implementation process. Effective onboarding ensures a smooth transition to the new tool and a quick realization of its benefits.

• Customer Support: 

Consideration of the tool’s customer support, including availability, responsiveness, and the presence of dedicated account management, is essential. Strong support services can help resolve issues promptly and ensure continuous, effective use of the tool.

• Value for Money: 

The tool’s cost should be evaluated in the context of the features and benefits it offers. A transparent and scalable pricing plan that aligns with the organization’s size and needs is crucial for ensuring long-term value.

• Customer Feedback: 

Reviews and feedback from current users provide insights into the tool’s performance, usability, and support quality. Positive customer feedback can be a strong indicator of the tool’s reliability and effectiveness in real-world applications.

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Conclusion

The journey towards effective governance, risk management, and compliance is ongoing and ever-evolving. By embracing the innovative features, advanced analytics, and integrative capabilities of today’s leading GRC tools, businesses can not only ensure compliance but also unlock new opportunities for innovation and strategic success.

The future of GRC is bright, and with the right tools in hand, organizations are well-equipped to meet it head-on, turning potential risks into catalysts for growth and transformation.

FAQ

What are GRC tools?

GRC tools are software solutions designed to assist organizations in managing governance, risk management, and compliance processes effectively. These tools provide a framework for tracking, managing, and reporting on enterprise risks, ensuring compliance with laws and regulations, and maintaining governance standards.

By integrating these areas, GRC tools help organizations achieve a holistic view of their risk exposure and compliance status, facilitating strategic decision-making and operational efficiency.

What is the best GRC tool?

Identifying the “best” GRC tool varies based on an organization’s specific needs, size, industry, and regulatory requirements. From the discussed tools, platforms like Netwrix Auditor, StandardFusion, IBM OpenPages, and SAP GRC are highly regarded for their comprehensive features, scalability, and innovation in integrating advanced analytics and AI. The choice of the best GRC tool should align with the organization’s strategic objectives, operational needs, and budget constraints.

Which GRC is best?

The best GRC platform is subjective and depends on an organization’s unique needs. For example, IBM OpenPages is renowned for its use of AI and data governance capabilities, making it a strong candidate for organizations looking for advanced analytics in financial oversight.

SAP GRC offers robust data management and analytics tools, ideal for large enterprises with complex risk landscapes. It’s essential to evaluate each tool’s features, scalability, customer support, and pricing to determine which GRC solution aligns best with your organizational goals.

Is Jira a GRC tool?

Jira, developed by Atlassian, is primarily known as a project management and issue-tracking tool rather than a traditional GRC platform. However, plugins can be configured or extended to support GRC functionalities, such as risk management, compliance tracking, and audit workflows.

Despite its versatility, Jira may not offer the comprehensive GRC-focused capabilities found in dedicated GRC tools, especially in areas like integrated risk management, compliance automation, and advanced analytics. Organizations often use Jira in conjunction with specialized GRC software to achieve a more complete GRC solution.

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