The Top 10 Enterprise Governance, Risk, and Compliance Software Solutions
Governance, risk, and compliance (GRC) tools are gaining a huge market as the modern digital world is exploring how a GRC tool can help them in their business. More businesses are turning into active customers of GRC tools all over the world, as they plan for growth, risk management, better reputation, and stable process management. Through the recent market demand for GRC tools, it is easily recognizable that every GRC tool and software is making a positive impact in improving the way of managing businesses.
As the demand for GRC tools is increasing day by day, top business optimization solutions and service providers have introduced GRC software engines for other global businesses to take advantage of digitally powered GRC capabilities.
Comparing the top 10 Governance risk compliance software providers, the below listed are the best and most reliable GRC tools that any business can trust to improve their business.
Just not being a GRC tool, isorobot is a web-based one-stop solution enterprise management system that can manage any of your business domains easily with its digital capability and vast features. As a GRC software, isorobot is robust to effectively manage every aspect of business that falls under Governance, Risk and Compliance. It removes silos from the organization structure to ensure collaborative work culture and to boost inter-connected departments. This directly eliminates most operational risks in an organization.
It allows a user-friendly platform that is totally intuitive, attractive, and easy to work on, where any relevant data can be added without a struggle. The isorobot GRC solution is highly configurable for users with role-based access and login history.
Any data that is fed into isorobot is secured with its top-notch security features where the risk of data loss and cyber-attacks is eliminated. From recent surveys, isorobot claims that their customers experienced a 75% increase in control efficiency and pro-active control monitoring with 55% less time spent on the same process.
isorobot provides 7 solutions according to the business domains like GRC, Quality and management, Enterprise Risk Management, Internal Audit Manager, QHSE, Information Security Management System and Business Assessments and Awards.
isorobot also provides module wise solutions according to business maturity as Basic, Standard, Excel, Premium and Enterprise, where every module can be added or removed as per customer requirements at any time. It is the most flexible solution that any organization wish to have. It is easily configurable according to the customer’s needs that can be tuned up for a specific process, specific report or a specific dashboard with the KPIs provided.
2. RSA Archer
RSA Archer is a risk management tool that mainly focuses on risk management and process organizing. The configuration options of the tool help its user to add or modify data without coding or database development. RSA Archer provides solutions in sectors such as business resiliency, operational and enterprise risk management, audit management, public sector, security and IT risk management, third-party governance, and regulatory compliance management.
3. SAI 360
An organization’s operational GRC needs are tracked, monitored, updated, and managed through SAI360. Specifically, it’s designed to monitor third parties who have access to your systems, automate workflows to fill any gaps, and implement best practices for compliance within your team. They provide solutions in Compliance & Policy Management, Regulatory Change Management, Enterprise & Operational Risk Management, Internal Control & SOX Compliance, Business Continuity Management, Audit Management, IT Risk & Cybersecurity, Third-Party & Vendor Risk Management, Environmental, Health, Safety & Sustainability and Ethics & Compliance Learning.
4. Fusion Framework System
Fusion is one of the GRC tools for dependency visualization. Fusion helps to adopt a data-driven approach where risk management is focused more rather than being a GRC tool. They aim and offer solutions for organizational resilience, where the organization can become sustainable in long run. They focus on risk management where most types of risks are addressed with their solutions made for Information Security, Business Continuity and disaster management, incident management etc.
5. IBM OpenPages
IBM OpenPages is an AI-infused and AI-driven tool that helps in implementing highly scalable governance, risk, and compliance for any organization where they offer it to run on any cloud. As a product from IBM, it carries many features for monitoring, identifying, managing, and reporting risk and regulatory compliance issues, as it changes day by day.
They provide users with a good experience with their intuitive UI and expertise in AI. They help organizations easily integrate third-party APIs and other tools with OpenPages. OpenPages improves the operational efficiency of an organization as it controls every aspect of a business.
ServiceNow is a GRC automation tool, who are well renowned for IT risk management specifically. It plays a great role in GRC by ensuring zero risk by mapping risks within an organization and by controlling them. It maps inherent risks in the dashboard, every time a risk arises, and this helps the organization improve their business resilience. It checks for non-compliance and links it with risk data to control it smoothly.
ServiceNow helps in increasing productivity by checking for open issues and failed control actions. Once the open issues are addressed and managed, they could be controlled next time which results in increased productivity.
Enablon is a GRC tool that is built for reporting GRC issues within an organization. They help organizations to achieve its objective by continuously monitoring their risk management process and generating reports according to risk data. Enablon allows users to check whether the business operations are reliable, efficient, and productive enough to achieve the objectives of an organization.
Enablon is a reliable tool for ESHQ and sustainability monitoring purposes that ensure compliance with the environmental, safety, healthy and quality of a workspace or a workstation in any organization. Enablon is very efficient to transform any data into valuable insights.
SAP is a powerful GRC tool that possesses various features within its GRC package. It manages financial, vendor-related, and operational risks that may limit an organization from growth. It controls key processes and helps to maintain the best compliance all the time. Apart from the GRC tool, SAP works well for cyber security and cyber risk management. SAP is also known for its enterprise resource planning (ERP) software.
SAP is a multinational software vendor and market leader in ERP. Currently, the company serves more than 180 countries and provides on-premises, cloud, and hybrid deployment models.
9. MetricStream GRC
MetricStream GRC is an AI powered tool that aims for organizational agility and resilience. MetricStream enables risk-aware decision making that helps organizations to forecast future threats and plan according to the proper action plans.
It plays a vital role in preventing occurrences of risk due to compliance violations. Through this, it is easy to maintain brand reputation and reduce the operational risk losses to be spent by the organizations.
Another unavoidable feature that MetricStream carries its audit program and audit planning ability. Continuous audits provide insights to strengthen the collaboration across departments at work.
10. LogicGate Risk Cloud
LogicGate Risk cloud is a state-of-the-art solution that helps companies manage all their risk needs within one flexible platform. An intuitive workflow builder with hands-on assistance from GRC experts ensures you can design the risk management strategy that’s right for your business. Risk managers and other professionals can understand how issues and problems are interrelated by using LogicGate’s GRC technology.
It is easy to track risks with LogicGate and implement potential solutions quickly. In addition, the platform provides an excellent environment for managing and organising information for auditing and compliance.
GRC tools are making a trending market with their capabilities and wide range of features. The business turning out its shape in this digitally compelling world should have the required resources to meet the challenges. Every GRC tool is meant to make businesses stable with maximized control options and risk-based evaluations and insights. GRC software plays an important role in achieving long-term success, which completely depends on factors like continuous assessments, corrections, and implementation of corrections. It is not possible to do this in one go.
According to Disaster Recovery Journal (DRJ) / Forrester Research, The State of Enterprise Risk Management, 2019; 44% of organizations plan to implement or expand/upgrade their existing implementation of GRC or risk management software as they foresee the future scope of improvement with GRC tools. GRC tools are reliable where every data can generate relevant and valuable reports and insights through which your business planning becomes an easy task. This can lend you more time for better risk-based planning and decision making. Apart from just managing Governance, Risk and Compliance; a GRC tool is capable enough to ensure environmental, social and governance along with sustainability that every business is looking to achieve.
In simpler words, the scope of GRC solutions and software is becoming an essential part of every business for their well-being and success. According to Ropes & Gray / The Financial Times Group, Risky Business: Mitigating Exposure Through Comprehensive Risk Management, 2017; 69% of executives are not confident that their current risk management policies and practices will be enough to meet future needs. The time has moved further at a great pace, the numbers might have increased as most of the organizations are still not aware of the benefits of having a GRC system in place. Now, it is your turn to think about implementing a GRC system into your business to meet future needs.
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