When it comes to running a tight ship, Governance, Risk, and Compliance (GRC) practices are your organization’s best friends. They ensure that you’re not just meeting regulatory and legal requirements, but also doing so with transparency and efficiency. But let’s be honest—keeping up with all these demands can feel like juggling flaming swords.
That’s where GRC software swoops in to save the day, making those tricky processes a whole lot smoother and more manageable.In this article, we’re not just going to give you a laundry list of features that GRC software should have—though that’s part of it, too. We’re diving into GRC solutions for 2024, and spoiler alert: InvGate Asset Management tops our list as the best option out there.
Why? Because it’s built to make your GRC journey not just easier, but also smarter and more effective. And we’re going to break down exactly why it deserves that top spot.
Whether you’re a seasoned pro or just dipping your toes into the world of GRC, your final choice should align with your organization’s unique needs. So, stick with us as we walk you through the must-have features and the top ten GRC software solutions that can help you stay ahead of the curve in 2024.
Ready to find the perfect fit? Let’s dive in!
What is GRC software?
Imagine how difficult must be trying to manage all your organization's policies, risks, and compliance requirements without the right tools. That’s where GRC software comes into play. GRC (Governance, Risk, and Compliance) software is your organization’s all-in-one tool for tackling these challenges head-on, making sure everything from policy creation to Risk Management is handled smoothly and efficiently.
GRC software integrates various functionalities, enabling you to manage, implement, and improve your GRC practices seamlessly. These tools help you craft and distribute policies, set controls, and ensure that everything aligns with your organization’s regulatory obligations. And the best part? They make it easier for GRC professionals to assess whether those controls are effective, boosting your overall Risk Management strategy.
So, whether you’re facing a mountain of regulations or just trying to stay on top of your Risk Management game, GRC software is the tool that brings it all together—making the complex world of governance, risk, and compliance more manageable, efficient, and even a bit more fun.
Governance, Risk, And Compliance (GRC): A Deep Dive Into The Framework
The 10 best GRC platforms for IT
The GRC market is crowded, and there are many great solutions out there to choose from. GCR tools functionalities usually fall under the domain of IT Asset Management (ITAM) tools that incorporate these capabilities to their offerings.
So, here are our top ten picks when looking for GCR solutions.
1. InvGate Asset Management
InvGate Asset Management isn’t just another IT asset management tool—it’s your ultimate ally in conquering the challenges of Governance, Risk, and Compliance. Designed to give you a unified view of your infrastructure, InvGate Asset Management simplifies the complex task of managing, controlling, and protecting your assets. With its No-Code/Low-Code configuration, navigating through GRC activities has never been easier or more intuitive.
Let’s dive into the key features that make InvGate Asset Management stand out as a top-tier GRC solution:
1. Inventory Management
Before you can manage risks, you need to know what you’re working with. InvGate Asset Management excels IT Inventory Management Software. It enables you to build a comprehensive IT Asset Inventory in as little as 24 hours. By combining multiple methods, it ensures that every asset in your environment is accounted for and under control, laying the foundation for all your GRC activities.
2. Risk Management automation
Once your inventory is in place, InvGate Asset Management takes things up a notch with powerful Risk Management automation options. You can set Asset Health Rules to monitor asset status and receive notifications when something needs attention. This feature empowers you to act swiftly and mitigate risk, ensuring that risks are managed proactively rather than reactively.
3. Software compliance features
Staying compliant is non-negotiable, and InvGate Asset Management’s software compliance feature has you covered. It monitors your software assets continuously as part of comprehensive compliance processes, reporting on any unused or non-compliant systems. This way, you can avoid the pitfalls of non-compliance and keep your organization’s software landscape in check.
4. Contract Lifecycle Management
Keeping track of asset contracts can be a headache, but not with InvGate Asset Management. Its Contract Lifecycle Management feature ensures that you stay on top of all your contracts, helping you avoid penalties and ensuring full compliance. Never miss a renewal or critical deadline again!
5. Integrations
InvGate Asset Management’s full set of integration options include directory services and Identity and Access Management tools, allowing you to enhance your GCR measures. Plus, it is designed to work hand in hand with InvGate Service Management, so you can set up workflows and unify your service and asset support capabilities.
6. Reporting capabilities
Data is power, and InvGate Asset Management gives you all the power you need with its advanced reporting capabilities and customizable dashboards. It consolidates relevant information across your entire environment, enabling you to identify weaknesses and areas for improvement.
This feature is particularly invaluable when preparing for audits, giving you the insights you need to stay ahead of the game.
InvGate Asset Management's functions don't end here, this is just a quick overview of what the tool can do for your organization. If you want to see a little more, remember you can book a free trial (no strings attached!) to explore the solution or book a call with our experts to clear out any other questions or doubts.
2. ManageEngine
ManageEngine AD Audit Plus offers GRC functionality for Active Directory (AD) environments with real-time AD change auditing. Key functionality includes AD change tracking, user behavior analytics, log-on / log-off auditing, file server auditing, SIEM integrations, data archiving, and compliance toolkits.
3. RSA Archer
RSA Archer offers a variety of GRC functionality in a single tool, such as third-party governance, ESG management, Risk Management, and corporate resiliency. It is known for its flexibility and scalability, making it suitable for large enterprises with complex GRC requirements, including third-party Risk Management. It also offers extensive reporting and analytics features to provide insights into GRC data.
4. SureCloud
SureCloud aims to make GRC easier for organizations to manage and is focused on business outcomes. They are Gartner-recognized and also offer GRC advice and guidance. Key functionality includes risk, compliance, data privacy, cyber risk, and vendor risk. It provides a user-friendly solution that may be better suited for smaller to mid-sized organizations or those looking for a more intuitive interface.
5. SAP GRC
SAP GRC offers industry-leading monitoring and control capabilities, including predictive capabilities, User Identity Management, integrity screening, Compliance Management, and Risk Management. it integrates with SAP's broader suite of enterprise software, making it a choice for organizations heavily invested in SAP solutions.
6. Service Now
Service Now offers workflow-based GRC functionality that can be integrated into other work streams such as Project Management or IT Service Management (ITSM). It is ideal for organizations that want to integrate GRC processes with their broader IT and business operations. Key functionality includes monitoring, automation, and analysis tools to identify real-time risks.
7. Standard Fusion
Standard Fusion focuses on user experience and incorporates GCR capabilities related to Risk, Compliance, Audit, and Policy Management. It focuses on automation and Workflow Management to enhance GRC processes and it is good fit for organizations seeking simplicity and ease of use.
8. Fusion Framework
Fusion Framework offers a data-driven approach to resilience. Key functionality includes risk, third-party risk, IT security, Incident Management, business continuity, crisis, and Risk Management. This solution offers a comprehensive set of tools to enhance an organization’s resilience in the face of various disruptions.
9. SAI360
SAI360 connects GRC and learning and offers an app. Functions include Risk Management, Access Management, and data visualization, and it has preloaded best practice content, control libraries, and compliance content. It is suitable for organizations seeking for a holistic approach to GRC, including risk and compliance across different business areas.
10. Riskonnect
Riskonnect offers risk analytics, insights, and management. Its main area of focus is internal auditing, and it provides use cases for typical risk scenarios. Key functionality includes Risk Management, internal audit processing, business continuity and resilience, and Policy Management.
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6 benefits of having GRC solutions
In today’s fast-paced, high-stakes business world, having a robust GRC solution isn’t just a luxury—it’s a necessity. With the right GRC tools, you’re not just checking off compliance boxes; you’re gaining a strategic advantage that can transform how your organization operates.
From minimizing risks to ensuring smooth audits, GRC software is the key to keeping your organization on the right track.
Let’s break down the top six benefits of incorporating GRC software into your organization:
1. More effective GRC capabilities
Think of GRC software as your command center for governance, risk assessment, and compliance. It's usually part of a robust risk and compliance program and centralizes all your practices, streamlines processes, and reduces the chances of human error, making GRC implementation not just easier, but also more effective.
2. Better audit performance
Audits can be a nightmare, but GRC tools turn them into a breeze. These software help you identify, capture, and manage issues in real-time through effective audit management, ensuring that both internal and external audits are conducted smoothly and efficiently.
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3. Enhanced decision-making
With all your GRC information in one place, decision-making becomes a whole lot easier. GRC solutions provide centralized data and reporting capabilities, helping you conduct thorough risk assessments to analyze your practices and identify areas for improvement with confidence.
4. Higher competitive advantage
Incorporating GRC software isn’t just about meeting requirements—it’s about showing the world that your organization takes governance, risk assessment, and compliance seriously. This commitment can give you a competitive edge, making it easier to satisfy third-party and customer expectations.
5. Streamlined scalability
As your organization grows, so do your GRC needs. GRC tools scale with you, ensuring that as your operations become more complex, your processes remain efficient and effective through comprehensive risk mitigation.
6. More sustainable IT practices
Sustainability IT isn’t just a buzzword; it’s a critical business objective. GRC tools helps you achieve more sustainable IT practices by automating processes, reducing duplication and rework, and making tasks more accessible through app-based functionality.
Seven must-have GRC tools features
A robust GRC platform does more than just check off your compliance boxes—it aligns your IT GRC tasks with your broader business objectives. The right features ensure that your organization is not just compliant, but also proactive, efficient, and well-positioned for future growth.
Let’s dive into the seven must-have features that your GRC tool absolutely needs.
1. Workflow Management
At the heart of any good GRC platform is Workflow Management. This feature helps you design, manage, monitor, and improve your GRC processes and tasks, ensuring that every step is carried out effectively and nothing falls through the cracks.
2. Risk Management automation and tracking
Proactive risk management is key to staying ahead of potential issues. A GRC tool should enable you to identify and measure risks early, automating responses so that small problems don’t escalate into major crises.
3. Software compliance features
Compliance isn’t optional, and your GRC tool should make it easier to meet all your requirements. This feature helps you avoid non-compliant solutions and ensures that all your software is up-to-date and within regulatory standards.
4. Document Management
Keeping track of your GRC documentation is crucial, especially when audit time rolls around. A good GRC platform offers centralized document management, making it easy to create, track, and store all your GRC information in one place.
5. Reporting and dashboards
Data is only useful if you can understand it. Look for GRC tools that offers comprehensive reporting and dashboards, giving you real-time insights into your GRC performance and helping you make informed decisions.
6. API integration
Your GRC software shouldn’t exist in a vacuum. The ability to integrate with other tools—like directory services and service desk tools—is essential for ensuring that your GRC processes are connected and seamless.
7. Pre-loaded frameworks
Why start from scratch when you can have a head start? Some GRC platforms offer pre-loaded frameworks, providing templates and a body of knowledge that support your GRC activities and make implementation faster and easier.
What is Enterprise Risk Management?
Before we come to an end, we will explore some key strategic concepts that will assist you in your GCR efforts.
Enterprise Risk Management (ERM) is like your organization’s safety net, designed to catch potential pitfalls before they become full-blown disasters. It’s a comprehensive approach to identifying, assessing, and managing risks that could impact your organization’s ability to achieve its objectives.
Think of ERM as your organization’s strategy to stay one step ahead of uncertainties, whether they’re financial, operational, or strategic. In the context of GRC software, ERM is crucial because these tools are specifically designed to streamline and enhance your Risk Management processes, making sure you have the right data and insights to protect your organization effectively.
By taking a holistic view of risks across the entire organization, ERM ensures that no stone is left unturned. It helps you not only manage risks effectively but also turn them into opportunities for growth and improvement.
What is Compliance Management?
Compliance Management is the backbone of your organization’s commitment to playing by the rules. It involves the processes, systems, and policies that ensure your organization adheres to all relevant laws, regulations, and industry compliance standards.
Whether it’s data privacy laws, environmental regulations, or financial reporting requirements, compliance management keeps you on the right side of the law and out of hot water. This concept is a cornerstone of GRC software, as these tools are built to help organizations manage and monitor compliance efficiently, reducing the risk of non-compliance and the associated penalties.
But it’s not just about avoiding fines and penalties—compliance management also builds trust with customers, partners, and stakeholders. By demonstrating that your organization takes its responsibilities seriously, you enhance your reputation and reduce the risk of legal and financial repercussions.
This is why Compliance Management is so critical to this article and GRC software, as these solutions ensure your organization can meet its obligations smoothly, reinforcing your commitment to ethical and legal standards.
The IT Compliance Management Process: Steps, Roles, And Main Tasks
What is Risk Assessment?
Risk Assessment is your organization’s crystal ball, giving you a glimpse into potential future challenges. It’s the process of identifying, analyzing, and evaluating risks that could impact your operations, projects, or objectives.
By understanding what could go wrong and how severe the impact might be, you can make informed decisions on how to mitigate or avoid those risks altogether. Risk assessment is a fundamental aspect of GRC software, which automates and optimizes this process, allowing organizations to proactively address risks before they escalate.
Final thoughts
GRC tools helps organizations manage obligations by offering integrated software functionality for implementing, managing, and improving GRC practices. Some key capabilities to look out for include Workflow Management, Risk Management, audit support, and compliance registers.
Here we have listed our top alternatives available in the market today, but the final choice will always depend on your needs and what you wish to prioritize when incorporating a solution to your business.
Remember that you can book InvGate Asset Management's 30 day free trial and explore the solution as a whole to make sure you are making a well informed decision!
Frequently Asked Questions (FAQs)
1. What does GRC software do?
GRC software creates a central point for all IT GRC tasks. It can also automate the tasks associated with organizational governance, risk, and compliance to increase efficiency, transparency, and effectiveness.
2. How does the technology in GRC software work?
It depends on the tool and what your organization needs. However, key functionality includes Risk Management, Policy Management, and support for internal audits.
3. Is GRC outdated?
No, quite the opposite. GRC helps organizations continue to grow and evolve by ensuring they operate transparently, safely, and legally.
4. What is another name for GRC?
GCR stands for governance, risk, and compliance.
5. What are the three main areas of a GRC solution?
The three main areas are managing Enterprise Risk Management programs, corporate governance policies, and regulatory compliance.
