Governance, Risk, and Compliance (GRC) are the practices that help protect your organization, ensuring that it meets its regulatory and legal requirements and operates transparently. As you can probably guess, GRC software can help you make these processes more effective and efficient.
In this article, we will take a look at what these solutions look like and which are the must have software features they should include. Then we will break down the ten best GRC software solutions in the market for 2024.
Your final decision will depend on your organization’s specific requirements and priorities, so make sure you are informed before making it.
Ready to get started? Let’s get into it.
What is GRC software?
GRC software is a tool that helps organizations manage their obligations by offering integrated software functionality for implementing, managing, and improving GRC practices.
These solutions are able to effectively create and distribute policies and controls and align them to your organization's regulatory and compliance requirements. These tools can also help GRC professionals assess whether controls have been deployed and performed effectively, improving their Risk Management.
7 benefits of having GRC software solutions
In short, GRC tools help companies manage their IT security risks effectively and meet compliance requirements, avoiding fines and other unwanted consequences. Let’s see in a little more detail how incorporating GRC software can benefit your organization:
- More effective GRC capabilities - This one is quite straightforward, but these solutions streamline the GCR implementation process by centralizing its practices and offering functionalities that make them more efficient, reducing time and human errors.
- Better audit performance - These tools help ensure any issue can be identified, captured, and managed timely, thus supporting both internal and external audits execution.
- Enhanced decision-making - Having centralized GCR information and reporting capabilities helps organizations analyze their practices and find places for improvement.
- Higher competitive advantage - Incorporating a solution helps demonstrate commitment to GRC activities, making it also easier to satisfy third-party and customer requirements.
- Streamlined scalability - A GRC tool can make your processes easier to scale as your organization grows and increases in complexity.
- More sustainable IT practices - A competent solution can make your GRC processes more sustainable by introducing automation, reducing duplication and rework, and making tasks more accessible by offering app-based GRC functionality.
Seven must-have GRC software features
GRC platforms offer a structured approach to aligning IT GRC tasks with business objectives. Every organization will have its own set of specific requirements, but typical GRC platform functionality includes:
- Workflow Management to help design, manage, monitor, and improve GRC processes and tasks, making sure every step is carried out effectively and nothing is missed.
- Risk Management automation and tracking that enables organizations to identify and measure risks proactively and act accordingly before they become critical.
- Software Compliance features to help meet requirements by avoiding the presence of unused or non-compliant solutions.
- Document Management to help organizations create, track, and store GCR information from a centralized place. This is particularly useful for audit preparation as it can help organize information and streamline processes for conducting internal audits.
- Reporting and dashboards that provide a central interface where GRC performance can be monitored in real time.
- APIs so they can integrate with other tools, such as directory services and service desk tools for incident reporting.
A bonus is that some of these platforms incorporate pre-loaded frameworks so that organizations can use templates and have a body of knowledge to support their GRC activities.
The 10 best GRC platforms for IT
The GRC market is crowded, and there are many great solutions out there to choose from. GCR software 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 Insight
InvGate Insight is an ITAM solution designed to support organizations in managing, controlling, and protecting their assets by offering a unified view of the infrastructure. Also, its No-Code/Low-Code configuration makes it easy to navigate through while performing GCR activities.
Key functionalities for GCR include:
- Inventory Management: Insight combines different methods to help you build a unified IT asset inventory in just 24 hours. This is the first step to make sure everything in your environment is accounted for and under control.
- Risk Management automation: With your inventory in place, the tool also offers different automation options to alert you when something needs to be attended to. For instance, you can set Health Rules to send you different notifications depending on how critical an asset’s status is so you can decide when and how to act on it.
- Software compliance feature: This module monitors your software assets and reports on any unused or out of compliance systems.
- Contract Lifecycle Management: With InvGate Insight you can also stay on top of all your asset’s contracts, ensuring compliance and avoiding penalties.
- Integrations: InvGate Insight’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 Desk, so you can set up workflows and unify your service and asset support capabilities.
- Reporting capabilities: Finally, the instance offers reporting capabilities that bring together relevant information on your whole state enabling you to identify weaknesses and areas for improvement. As we mentioned, this is particularly useful to prepare for audits.
InvGate Insight’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.
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. It also offers extensive reporting and analytics features to provide insights into GRC data
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, 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.
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.
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.
GRC software 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.
Frequently Asked Questions
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.
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.
Is GRC outdated?
No, quite the opposite. GRC helps organizations continue to grow and evolve by ensuring they operate transparently, safely, and legally.
What is another name for GRC?
GCR stands for governance, risk, and compliance.
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.