Governance and 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
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).
7 top GRC tools for 2021
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.
1. Acumen Risk
Tap into a threat and risk assessment platform through Acumen Risk. Integrate your processes with the software, and develop a forecast for quick and efficient decision-making.
Use this cloud-based software to improve performance, identify risks, and streamline your operations. Enablon allows you to log in while on the go and have clear visibility into crucial processes.
3. Fusion Risk Management
An interactive dashboard sets Fusion Risk Management apart. Use the platform to identify failure points, important risks, and next steps.
Billed as the largest provider of GRC software, MetricStream offers a robust product that can help you meet objectives while reducing organizational risks.
5. RSA Archer
GRC software is sophisticated, and new users often struggle with functionality. RSA Archer offers robust help in a user-friendly format made for beginners.
6. SAP GRC
Automation is a core part of SAP GRC. Use the tools to help you identify risks, deal with threats, and set up meaningful workflows.
Made just for information security teams, StandardFusion allows you to both assess and treat risks that threaten your organization.
What to look for as you shop
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.