GRC software helps organizations to more effectively manage their risk profile, ensure regulatory compliance, and promote transparency and accountability. It accomplishes this by automating and centralizing the collection, analysi... Read Buyer’s Guide
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Brand: TIBCO Software
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Tibco Foresight is a complete Legal Compliance Management Software designed to serve Startups, SMBs, SMEs and Agencies. This Legal Compliance Management So...
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Tibco Foresight
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Brand: METRICSTREAM
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Metricstream is a complete GRC Software designed to serve Startups, SMBs, SMEs and Agencies. This GRC Software for has a simple interface and is easy to us...
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Metricstream GRC Advisory Management
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Brand: RSA Security
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Rsa Archer is a complete GRC Software designed to serve Startups, SMBs, SMEs and Agencies. This GRC Software for has a simple interface and is easy to use....
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Rsa Archer
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Brand: navex-global
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Navex Global is a complete GRC Software designed to serve Startups, SMBs, SMEs and Agencies. This GRC Software for has a simple interface and is easy to us...
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Navex Global
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Brand: rsam
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Rsam Grc is a complete GRC Software designed to serve Startups, SMBs, SMEs and Agencies. This GRC Software for has a simple interface and is easy to use. R...
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Rsam Grc
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Brand: Skillmine Technology Consulting
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COMPLYment is an all-in-one compliance management and audit cycle software that helps organizations streamline their IT GRC (Governance, Risk, and Complia...
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COMPLYment
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Last Updated on : 23 Sep, 2023
GRC Software Comparison
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The full form of GRC is Governance, Risk, and Compliance.
GRC software is a subset of ERP software that manages regulatory compliance and minimizes the risks within an organization.
Here are some popular examples of GRC software Tibco Foresight, Metricstream GRC Advisory, Rsa Archer and Rsam Grc.
The best GRC software are StandardFusion, 6Clicks,?Tibco Foresight, Rsa Archer and Parapet.
Found our list of GRC Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!
The term "GRC" (Governance, Risk & Compliance) is used in business to refer to the procedures and equipment that organizations use to coordinate their overall governance, risk management, and compliance initiatives. OCEG has defined GRC as "the integrated set of skills that allow an organization to seamlessly achieve goals, act with integrity and address uncertainty". GRC software helps organizations in identifying, assessing, and managing risks and it ensures utmost compliance with defined standards and regulations.
The GRC software primarily includes modules for audit management, risk assessment, policy management, and reporting. It assists companies in streamlining their GRC processes, enhances overall compliance process, and reduces any chances of compliance violations.
There are numerous reasons for using Governance, Risk, and Compliance (GRC) software such as
Here are some prominent features of GRC software.
Let’s look at some noteworthy benefits of GRC software
Here are a handful of recommendations if you are planning to implement a GRC platform that will assist you in getting the maximum return on your investment.
Choosing the perfect Governance, Risk, and Compliance (GRC) software can be a daunting task, as there are numerous points to consider. Here are some useful tips to keep in mind while choosing GRC software for your company:
Without a GRC platform, managing the adoption of new frameworks, gathering evidence, and maintaining compliance becomes a time-consuming and challenging process. There are various security and legal dangers (not to mention the growing number of data breaches). Because of this, you should choose a tool that will streamline your work and ease out the compliance process, help you in allocating duties to stakeholders and assess the risks. Without a GRC platform, you might find it difficult to know if your program is successful or not, plus the idea of adding more frameworks is also stressful. That's why having a system that can scale as per requirement can help relieve some of the stress.
All top-quality GRC software can grow with the organization and make the processes simpler and more reliable. Moreover, you want the product to grow with you, not stagnate as your company expands plus it also ensures that you are fully secure and compliant, no matter how much you expand.
If your GRC management software can't integrate with the existing tools, you'll have to do a lot of manual work and to & fro between multiple systems. From pulling data from the system to manually uploading reports on the platform, your day will get more complicated. Therefore, a platform with a robust integration with Okta, Cloudflare, AWS, Jira, and more will surely make your life easier. You can access all the compliance data, controls and evidence in one place, which will give you peace of mind and more time to focus on essential tasks.
Seamless integration allows your team to collaborate effortlessly. Moreover, who would want a GRC platform that doesn’t have the necessary integrations? It will only increase the amount of manual work.
The next step in the process should be to speak to numerous stakeholders, as multiple departments in your organization will be using this tool such as security, IT operations, corporate compliance, audit department and disaster recovery.
Stakeholder insights will provide critical information on the objectives and needs of each department. Additionally, you should also watch how your staff members use the software. It’ll be difficult for you to achieve your compliance management or enterprise risk management objectives if you purchase GRC software without considering the requirements of your stakeholders.
When you have a clear picture of what you want from your software, you can start searching for vendors. You can visit their official website to know what type of requirements and which industry their software caters to. Ask your team to repeat the same process with numerous vendors, once you get down to the list of 5 potential vendors, then you can contact them using a request for information (RFI). Let them know about your specific needs and then ask them if they can provide an on-premise demonstration.
Make sure that all stakeholders, external or internal, are present during the demonstration. Ask them to develop a meticulous system to assess and rank the GRC software, which will help in rationalizing the choosing procedure.
Owing to the increased dependence on digital applications and modifications in regulatory frameworks, companies require a new strategy for GRC compliance. GRC solutions that can seamlessly combine automation capabilities, expert guidance and compliance content can assist in bridging the gap between strategies and their execution. Bringing the data into one centralized interface or portal which is supported on mobile phones can deliver a more user-friendly experience to the business.
Let's look at the costs of various GRC software in detail:
Software | Price |
---|---|
Resolver | $10,000 per year |
Enterprise Process Center (EPC) | $10/month/ per user |
AdaptiveGRC | $750 per month |
6Clicks | $19,000 per year |
StandardFusion | $1500 per month |
Parapet | $3.00 per month |
Author: Kalpana Arya
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