Governance, Risk and Compliance (GRC) is becoming increasingly important in the age of big data and digital transformation.
As companies invest in new opportunities for growth, data management, and user experience, embracing GRC standards has never been more important for the success of the enterprise.
Yet, no matter their size, many organizations, still struggle with compliance management. Just over €2.1 billion was dished out in GDPR fines alone in 2023, with large enterprises and tech companies making up the brunt of the offenders failing to comply with the data protection legislation.
And that number is only set to increase in 2024 as new regulations, such as the Digital Markets Act and the EU AI Act, enter into force.
With GRC more complex than ever before, GRC software solutions and tools are becoming increasingly important for organizations to stay ahead of the regulatory curve.
What are GRC tools?
GRC tools are software applications that help businesses manage their governance, risk management, and compliance processes.
They allow organizations to identify and mitigate compliance risks before they become problems, preventing financial losses, reputational damage, and other negative consequences that come from breaching compliance standards.
GRC tools can be used by organizations of all sizes, in any industry. They are especially beneficial for organizations that are subject to complex regulatory requirements, such as financial institutions, healthcare providers, and government agencies.
Many organizations don’t have a good handle on the data they store or how they’re required to protect it. GRC software provides businesses with a plan for protecting their most sensitive data by addressing security vulnerabilities and limiting damage in the event of data breach.
By automating GRC practices, GRC tools can help companies prevent the damage and huge fines and losses that can come from failing to protect personally identifiable information (PII) and critical company data.
What are the Benefits of GRC Software?
The main benefit of GRC software is that can help organizations identify and mitigate compliance risks before they become problems. This can help to protect the organization from financial losses, reputational damage, and other negative consequences.
GRC tools also automate repetitive tasks like risk assessments, policy management, and compliance reporting, freeing up valuable time for employees to focus on strategic initiatives and help organizations track and monitor their compliance with regulations.
By streamlining processes, automating tasks, and improving risk management, GRC tools can help organizations save money while also Demonstrating strong governance and compliance practices to improve brand reputation and customer trust.
Types of GRC Tools
There are many different types of GRC tools available today, each designed to address specific needs and challenges within the GRC framework. Here's a breakdown of some common categories:
1. Enterprise Risk Management (ERM) Tools
- Focus: Identifying, assessing, and mitigating risks across the organization.
- Features: Risk registers, heatmaps, scenario modelling, risk mitigation plans, and incident management.
2. IT Governance and Security (IT GRC) Tools
- Focus: Managing IT risks and ensuring compliance with security regulations.
- Features: Access control management, vulnerability scanning, security incident and event management (SIEM), log management.
3. Compliance Management Tools
- Focus: Tracking and monitoring compliance with specific regulations and standards.
- Features: Regulatory mapping, compliance calendars, automated reporting, audit management.
Read more: Top 10 Compliance Management Software Solutions for 2024
4. Third-Party Risk Management (TPRM) Tools
- Focus: Assessing and managing risks associated with third-party vendors and suppliers.
- Features: Vendor onboarding and offboarding, risk assessments, due diligence, and performance monitoring.
5. Policy Management Tools
- Focus: Creating, storing, and managing corporate policies and procedures.
- Features: Policy authoring, work
6. Business Continuity Planning (BCP) and Disaster Recovery (DR) Tools
- Focus: Helping organizations prepare for and recover from disruptions and disasters.
- Features: Business impact analysis, risk assessments, BCP development, DR testing and execution.
7. Internal Audit Management Tools
- Focus: Planning, conducting, and reporting on internal audits.
- Features: Audit scheduling, risk assessments, workpapers, issue tracking, reporting.
8. Integrated GRC Platforms
- Focus: Providing a comprehensive suite of tools for all GRC domains.
- Features: Combine functionalities from the categories mentioned above, offering a unified approach to GRC.
Choosing the best GRC tool for your business
Choosing the best GRC tool for your business is a crucial decision, but with the variety of options available, it can also be overwhelming.
Before diving into features, understand your needs. What industry are you in? What regulations bind you? What are your business's size and complexity? How much can you invest? What specific functionalities are essential (risk assessments, policy management, etc.)? Answering these questions sets the foundation for your search.
With your needs mapped, explore potential vendors. Read reviews, and analyst reports, and compare features and pricing. Don't forget to factor in implementation and training costs, and request demos and free trials to experience the tools firsthand.
You’ll also need to consider crucial aspects like scalability, integration capabilities, data security, and vendor support. A reliable vendor with excellent training options is invaluable.
Make sure you Involve key stakeholders from different departments impacted by GRC at every stage of the process too. Their input will ensure the chosen tool aligns with various needs.
Best GRC Software Solutions for 2024
There are a number of different GRC tools available on the market today, each with its own unique features and functionalities.
In this list, we’re counting down the ten best GRC Tools for 2024, each of which provides businesses with the tools they need to stay ahead of the regulatory curve.
ZenGRC
Built by Reciprocity, ZenGRC is a complete ecosystem of safety and compliance tools for GRC. Intended to help companies move beyond the basics of “check the box” compliance, Reciprocity equips organisations with a convenient, streamlined solution, powered by award-winning customer service and industry-leading GRC teams.
ZenGRC solutions equip organisations with quick and convenient tools for tracking risks and overcoming compliance issues. You’ll also be able to align all of your information in one place, and there’s access to plenty of documentation and learning resources to help you make the most of your ecosystem too. Overall, ZenGRC is a great GRC solution that makes it easy for organizations of all sizes to manage their compliance risks in a single, easy-to-use platform.
Resolver
Offering a fully customisable and configurable risk management platform, Resolver is an industry-leading service for governance, risk and compliance management. With this state-of-the-art software, companies can deliver best-in-class GRC programs with a convenient all-in-one technology ecosystem. There are even tools available for automating your processes, so you can accomplish more when upgrading your business.
Risk management processes, compliance and ethics management, and auditing solutions are all bundled into the same cloud-based package from Resolver. There’s also support for things like incident reporting, vendor risk management processes, and so much more.
SAI360
Popular among companies big and small, SAI360 isn’t just a GRC technology, it’s a comprehensive system for cloud-based risk management processes. You will access everything from business continuity tools to vendor risk assessment, internal audits, and EHS in the same environment. The comprehensive technology focuses on monitoring third parties with access to your systems, automating workflows to fill crucial gaps, and creating a culture of compliance.
SAI Global was named a leader in the Magic Quadrant for IT risk management by Gartner, and it’s one of the most comprehensive GRC tools on the market today. The GRC solution even comes with things like digital risk assessment and ERM technology built-in.
SAP GRC
Built by one of the most popular technology innovators in the current marketplace, the SAP GRC platform offers top-of-the-line big data management and analytics tools. Meaningful insights combined with reports for risk analysis and business management help companies to operate at their top speed without compromising on safety.
SAP’s solution comes with features like risk analysis, so you can track the potential problems in your business landscape and make immediate changes to avoid violations. You’ll also have access to things like Access Request management and business role management to help with wider company growth.
OneTrust
The leading tool for operationalising your business, OneTrust has earned the respect of over 10,000 customers around the world. With a comprehensive range of privacy, risk, compliance, and governance solutions OneTrust ensures you can always manage your data as effectively as possible. You’ll have access to everything from awareness training and privacy management on the same platform.
Data discovery and classification help companies combine streams of information from multiple environments into a single solution for compliance purposes. The simple and streamlined interface also makes it easier for businesses of all sizes to find the crucial company information they need for auditing purposes.
LogicGate Risk Cloud
Designed to help companies manage all their risk needs in one flexible, extendable platform, LogicGate Risk Cloud is a state-of-the-art solution for GRC. A no-code intuitive workflow builder with hands-on assistance included from GRC experts ensures you can design the risk management strategy that’s right for you. LogicGate's platform helps risk managers and other professionals understand how issues and problems are connected on the business back end.
LogicGate makes it easy to track risks and implement potential solutions with speed. At the same time, the platform offers an excellent environment for managing and organising information for compliance and auditing purposes.
ServiceNow
A well-known name in the digital technology landscape, ServiceNow has its own dedicated GRC solution designed to empower better business decision-making. The Governance Risk and Compliance technology helps companies to improve resilience by tracking data across multiple environments in a unified space. You can gain real-time visibility into your everyday business operations, and access tracking tools for collaboration with internal or external teams.
ServiceNow’s software also serves as a valuable tool for project management in many cases, allowing employees to connect over shared insights and reports. Dynamic dashboards and easy-to-understand reporting features make this product extremely easy to adopt.
RSA Archer
The RSA Archer platform is a tool designed to support business-level management of governance, risk and compliance matters in the enterprise. As the foundation behind all RSA Archer GRC solutions, the platform allows business users to adapt a broad range of solutions to suit their requirements, building new applications and integrating with external systems easily. The RSA archer offering helps develop the company’s GRC program based on the industry's best standards.
Named as a leader in the Gartner Magic Quadrant for IT risk management processes and vendor risk management tools several times, the Archer platform is a top-performing solution for all kinds of companies, with no extending coding or database development required.
LogicManager
A compelling choice for risk management processes and compliance, the LogicManager platform prepares companies for all kinds of future threats, with state-of-the-art risk data. The GRC solution from this company comes with specific use cases and technology for industries like financial services, government, education, healthcare, and technology. Similar to some of the other top-rated GRC solutions, this technology speeds up the process of collecting and managing data.
Users of LogicManager can benefit from everything from rapid report building and file management to extensive customisation options. The system also helps companies with bridging risk data insights across all business silos, so you can build a more unified business.
Hyperproof
With its user-friendly interface, flexible risk assessment framework, and powerful reporting capabilities, Hyperproof is a phenomenal choice for organisations looking to manage their risk and compliance programs. The cloud based-platform is designed with the user in mind, featuring an easy-to-navigate dashboard that allows users to users to manage diverse compliance requirements seamlessly – from regulatory mandates to internal policies. Users also have access to a huge collection of quickstart templates from the get-go, covering SOC 2, NIST 800-53, NIST CSF, NIST Privacy, PCI, and SOX, among others.
What makes Hyperproof stand out from other entries on this top GTC tools list is the sheer range of features built into its platform. Users can automate everything from data collection to risk management and reporting, allowing them to easily visualise and analyse compliance data. The hyperproof platform is also extremely customisable and can be integrated with a wide range of software including Slack, Zoom, AWS, Azure Google Drive and more. You can also sign up to be a Hyperproof and take advantage of their API to create your own, custom integrations.
