The Best 10 GRC Tools To Navigate Risk And Compliance Concerns For Public Companies

This article will help you quickly compare and evaluate the best governance risk and compliance platforms (AKA a GRC platform) and other tools for compliance and risk management. In this post, I’ll provide a simple GRC tools comparison and tell you what you should look for in GRC software vendors.

Our List Of GRC Tools

Here’s a shortlist of the best governance risk and compliance software solutions:

1. StandardFusion
2. IBM OpenPages
3. ServiceNow Governance Risk and Compliance
4. SAI Global Compliance 360
5. Navex Global RiskRate
6. Enablon
7. Riskonnect
8. SAP GRC
9. Nasdaq BWise
10. MetricStream GRC

GRC Tools Criteria

What are we looking for when we select tools for review? Here’s a summary of my evaluation criteria:

1.User Interface (UI): Is it clean and attractive?

2.Usability: Is it easy to learn and master? Does the company offer good tech support, user support, tutorials, and training?

3.Features & Functionality:

• Risk Analysis– Can the software analyze and assess risks and provide suggestions for future mitigation?
• Compliance Database — Does the tool track and teach compliance initiatives in a way that keeps each team informed and on track?
• Auditing Tools — Is the software built for appropriate financial, resource, or procedure audits as needed?
• Reporting and analytics — Are the reporting tools robust, customizable, flexible, and visually appealing? Can they be exported into popular files types for review?

4.Integrations: Is it easy to connect with other tools? Any pre-built integrations?

5.Value for $: How appropriate is the price for the features, capabilities, and use case? Is pricing clear, transparent, and flexible?

About Managing Risk In Information Systems

Managing risk in IT is the process by which companies navigate potential uncertainty and damages using software and tools specifically designed to help do so. IT GRC tools may help determine and mitigate risks associated with the use, ownership, operation, involvement, influence, and adoption of IT within a company and for all the users involved.

Risk governance in IT is generally considered to be one part of a larger, all-encompassing risk management strategy for the enterprise. IT risk management may involve being able to define digital assets, having the ability to apply and monitor controls over IT systems, determine risks based on business criticality or technical severity, imagine and evaluate various remediation options, and set risk thresholds for IT processes.

Information technology is constantly changing — evolving in scope, capabilities, and the laws that surround it. In that sense, compliance control is vital to ensure your processes are always up-to-date, particularly around security and privacy protocols.

Keep reading to see the full article of Best GRC Tools

Originally published at https://thedigitalprojectmanager.com on May 28, 2020.