TL;DR
Governance, Risk, and Compliance (GRC) tools help organizations automate auditing, manage risks, and prove regulatory compliance. Most platforms include document management, risk controls, analytics, and workflow automation. When evaluating vendors — such as MetricStream, SAP GRC, or StandardFusion — weigh factors like cost, training requirements, and fit for your organization's environment.
Who benefits from GRC software?
Governance, Risk, and Compliance (GRC) software combines three critical tasks. Companies of any size can benefit from this solution, but typically, large organizations invest in the technology to help them automate, optimize, and report.
What are GRC tools?
Software companies create products that fall under the GRC tools heading.
Software functions are embedded in the name of GRC tools. They help companies handle:
- Governance. What rules does your organization employ to manage employees, processes, and customers?
- Risk management. What hazards does your company face? How do employees tackle those concerns, and how well do those steps work?
- Compliance. Do you meet legal guidelines that govern your business environment? Can you prove it?
With GRC tools in place, a company can more effectively:
- Audit. You'll walk through processes and procedures to ensure you comply with applicable legislation. You'll have the forms to prove compliance too.
- Manage. You'll spot problems early and respond accordingly.
- Streamline. You'll identify inefficiencies and poor-performing employees.
- Automate. You'll allow software to do the work, so you can focus on effective management.
A GRC toolset can't eliminate management's role. Humans must always be in charge. But these packages can help a manager do the work quickly and effectively.
What do GRC tools include?
Companies differentiate their software packages. If everyone sells the same thing, customers can't make smart decisions.
But most GRC software packages include:
- Content or document management systems
- Risk and control management functionality
- Audits and regulatory compliance management
- Analytics, dashboards, and reports
- Workflows
The best GRC tools offer customization options, so you can alter the software to meet your group's unique needs. But if your organization is small and agile, you may not need this help (or be willing to pay for it).
What are the top GRC tools available?
Take your time while shopping for GRC software solutions. Every company is different, and a choice that's right for one organization may be wrong for yours.
Consider these companies as you shop.
| Tool | Key Differentiator | Best For |
|---|---|---|
| Acumen Risk | Threat and risk assessment with forecasting for decision-making | Integrating processes with a risk assessment platform |
| Enablon | Cloud-based, mobile-accessible with visibility into key processes | Improving performance and streamlining operations on the go |
| Fusion Risk Management | Interactive dashboard for identifying failure points and risks | Identifying failure points and next steps |
| MetricStream | Largest GRC provider; reduces organizational risks | Meeting objectives while reducing organizational risks |
| RSA Archer | User-friendly format designed for beginners | New users who struggle with GRC software functionality |
| SAP GRC | Automation-focused with risk identification and workflows | Identifying risks, dealing with threats, and setting up workflows |
| StandardFusion | Built specifically for information security teams | Information security teams assessing and treating risks |
What should you look for when choosing GRC software?
Every software provider will tell you they have the best solution for your business. But in the end, you and your company must make the final choice.
As you look for a GRC software provider, think about:
- Cost. How much of your budget can you devote to this piece of software?
- Training. How long will it take your team to learn how to use the software?
- Function. Will the tool help you to close gaps in your current processes?
- Environment. Is the tool made for a company like yours?
- Support. Who will help you if the software doesn't work as you expect it to?
If you're searching for compliance assistance, learn about how Okta's Lifecycle Management can be used to secure a business and learn how to use Identity Governance solutions to reduce audit costs.
Frequently asked questions
What does GRC stand for?
GRC stands for Governance, Risk, and Compliance — three interconnected functions that help organizations manage internal rules, identify and address hazards, and demonstrate adherence to applicable regulations.
What features are typically included in GRC software?
Most GRC platforms include content or document management systems, risk and control management functionality, audit and regulatory compliance management tools, analytics dashboards and reports, and workflow automation capabilities.
Do small organizations need GRC tools?
Companies of any size can benefit from GRC tools, though large organizations are the most common adopters. Smaller, more agile organizations may not require the customization options offered by enterprise-grade platforms and may not find the cost worthwhile.
Can GRC software replace human management?
No. GRC tools are designed to support — not replace — human decision-making. Managers remain in charge, but the software helps them work more quickly and effectively by automating routine tasks and surfacing key insights.
What factors should I consider when choosing a GRC tool?
Key considerations include cost relative to your budget, the time and resources required to train your team, whether the tool addresses gaps in your current processes, how well it fits your organization's environment, and the level of vendor support available.
Which GRC tool is best for information security teams?
According to the article, StandardFusion is built specifically for information security teams, enabling them to both assess and treat risks that threaten their organization.
