These products won a Top Rated award for having excellent customer satisfaction ratings. The list is based purely on reviews; there is no paid placement, and analyst opinions do not influence the rankings. Read more about the Top Rated criteria.
Oracle Cloud Enterprise Resource Planning (ERP) is a core suite of Oracle Cloud software-as-a-service (SaaS) applications. Oracle Expense Management and Oracle Risk Management are part of this solution. Other apps include Financials, Revenue Management, Accounting Hub, PPM, and…
Egnyte provides a unified content security and governance solution for collaboration, data security, compliance, and threat detection for multicloud businesses. More than 16,000 organizations trust Egnyte to reduce risks and IT complexity, prevent ransomware and IP theft, and boost…
Forcepoint DLP promises to address human-centric risk by providing visibility and control everywhere your people work and everywhere your data resides. Security teams apply user-risk scoring to focus on the events that matter most and to accelerate compliance with global data regulations.…
ADAudit Plus offers real-time monitoring, user and entity behaviour analytics, and change audit reports that helps users keep AD and IT infrastructure secure and compliant.Track all changes to Windows AD objects including users, groups, computers, GPOs, and OUs.Achieve hybrid AD…
RSA Archer, from the security, governance, and risk division of RSA Security is an integrated risk management / GRC platform.
Many organizations that use Office 365 are exposed to security risks that they are unaware of. As they extend SharePoint to meet their business needs, they build applications using technologies that range from end-user Microsoft Flow to developer-focused SharePoint Framework.…
Workiva is a cloud platform supporting ESG protecting, designed to provide collaboration, data integration, and an audit trail. The platform helps mitigate risk, and improves productivity.
ServiceNow Governance, Risk, and Compliance provides the tools businesses use to proactively manage risk by measuring, testing and auditing internal processes. This solution helps business users ensure compliance to regulations, policies, standards and frameworks. It is available…
NAVEX Global launched NAVEX One in 2020. It is described by the vendor as a complete GRC platform, providing a comprehensive set of applications and workflows integrated into a single platform, for compliance, legal, or HR professionals.
AuditBoard is a cloud-based audit management software solution from the company of the same name in Cerritos.
Clear Analytics is a business intelligence solution that enables non technical end users to perform analytics by leveraging existing knowledge of Excel coupled with a built in query builder. Some key features include: Dynamic Data Refresh, Data Share and In-Excel Collaboration.
Vanta is an automated security and compliance platform. Vanta helps businesses get and stay compliant by continuously monitoring people, systems and tools to improve security posture.
HighBond is a Governance, Risk Management, and Compliance Platform from Galvanize, the company formed from the merger of Rsam and ACL Services and more recently acquired by Diligent Corporation in February 2021.
Software AG's Business Process Analysis Platform, ARIS, uses robust architecture and process management / analysis capability to drive integrations with the existing business processes along with information technology and SAP systems.
The OneTrust Privacy and Data Governance Cloud provides privacy and data governance automation to help organizations better understand their data across the business, meet regulatory requirements, and operationalize risk mitigation to provide transparency and choice to individuals.…
Mitratech PolicyHub is a policy management solution designed to create, update, approve and communicate policies to automated knowledge assessments, audit and reporting.
SAI360 (formerly Compliance 360) is offered as a cloud-first EHS and GRC platform offered by SAI Global headquartered in Sydney, Australia. SAI Global acquired Compliance 360 in 2012.
Onapsis, headquartered in Boston, offers application security software to enterprises in the form of the Onapsis Security Platform for SAP and the Onapsis Security Platform for Oracle E-Business Suite.
SAP Process Control Simplifies uses continuous control monitoring, and streamlined testing, and reduces risk with real-time insight into control status and key issues. It can be deployed on premise or in the cloud.
BWise is an Governance, Risk Management, and Compliance (GRC) platform formerly owned and supported by Nasdaq, acquired by SAI Global in April 2019.
The NICE Compliance Center provides a call center, record tracking and call recording policy compliance solution.
PolicyManager is a web-based enterprise policy and procedure management platform designed for healthcare. The platform allows hospitals and integrated healthcare delivery networks to streamline, consolidate, standardize and centralize all policies in one electronic repository. According…
Cura GRC is a governance, risk management, and compliance platform from Cura Software in Singapore.
Predict360, the flagship software solution by 360factors, is a Risk and Compliance Intelligence Platform augmented with Artificial Intelligence technology to predict and mitigate operational risks while streamlining regulatory compliance. Predict360 integrates regulations and obligations,…
What is Governance, Risk, and Compliance (GRC) Software?
Governance, Risk, and Compliance (GRC) software helps to streamline the workflows involved in managing a wide range of governance, risk, and compliance issues across an organization. These include several specific domains, such as IT, Finance, and Legal, and broader areas, such as compliance management and enterprise risk management. GRC software can be integrated, domain, or point solutions.
Integrated solutions span the entire enterprise, integrating many domains and other concerns into one package. Domain-specific GRC solutions tend to be more specific. They will often be much more tailored than a generic solution and also more flexible within the domain. Point solutions typically handle one aspect of GRC, such as compliance management systems or third-party risk management software, even if that singular aspect affects the entire organization.
IT GRC Software
GRC within the information technology domain focuses on areas such as data privacy, access control, remediation, cyber risk assessment, and process auditing. It seeks to help quantify these risks and provide information about them to key stakeholders instead of siloing them within technical departments.
Financial GRC Software
GRC within the finance domain heavily revolves around legal compliance with various accounting and disclosure standards. The two biggest of these are the Sarbane-Oxley Act (SOX) and, for publicly traded companies, the Securities Act.
These acts require establishing internal controls to ensure transparency in financial reporting. These internal controls, which are rules and policies established by the company to prevent fraud, are often the main focus of Financial GRC software. Managing these numerous rules and ensuring compliance can be a tedious task, and Financial GRC often helps streamline them and make compliance easier. It also makes information more accessible for audits, which are typically a critical part of Financial GRC strategies.
There are additional aspects to Financial GRC beyond internal controls. These include requirements around reporting, attestment, and storage of various financial information. GRC software can help structure the workflow around these areas and ensure compliance with designated procedures.
Policy Management and Compliance Management Software
There are often policies that cover employees across the entirety of the company. For example, a company may adopt policies about employee training on harassment, DE&I, and other workplace topics. The company may also adopt employee policies governing a wide range of workplace behaviors and interactions.
These policies need to be accessible to employees and leaders, and measures of compliance with these policies need to be obtained and accessible. This is where policy management software and compliance management software come in. Policy mangement software can help organize policies for easy, as well as streamline the creation and approval for new ones.
Similarly, compliance management software can help ensure compliance with these polices. For example, by recording who has completed training and making both individual data and summary statistics available to decision makers.
While many of the examples here have been HR-centric, general policy management and compliance management can affect many different departments. Policy management software in particular is mostly discipline agnostic, since it serves mostly a storage purpose. Compliance managment software may need to be more specialized, since a generic package may not have the tools to adequately measure certain types of compliance.
Governance Risk & Compliance Features and Capabilities
- Policy management
- Risk management and mitigation
- Automated compliance management
- Document and information management, including version control, audit trail and archiving
- Training record manager
- Audits and inspection management
- Incident management, including root cause analysis and corrective action (CAPA) tools
- Third party/supplier risk management
- Access and privilege control
- Ongoing monitoring of business processes
- Reporting tools
Governance Risk & Compliance Tool Comparison
There are a range of factors to consider when comparing GRC tools:
- Business-wide GRC vs. system-specific: GRC tools vary in their scope of governance and compliance capabilities. Some products offer an all-in-one experience for governing data and facilitating regulatory compliance across the entire business. However, others focus on specific environments or processes, such as Office 365 systems or data integration processes. Buyer should consider what specific areas or processes require GRC support, and what scope best fits their needs.
- Compliance focused vs. process-focused: Governance, risk management, and compliance tools usually focus on two business goals- preventing losses of data or resources, and ensuring regulatory compliance. Most GRC tools can serve both goals, but they may be more specialized in one area over the other. For instance, resource control-focused GRC platforms will emphasis Data Loss Prevention or policy management, while compliance-focused tools will prioritize reporting and audit support.
- Usability: A key benefit of GRC tools is making governance and compliance easier for InfoSec professionals. The general usability of each product will have a large impact on realizing that benefit. For instance, how well does the platform streamline policy management, compliance reporting, etc.? Pay particular attention to the user interface’s ease of use and how streamlined workflows are. Both features are good metrics to gauge GRC tools’ usability on prior to purchasing.
Vendors do not provide prices on their websites as the cost of a solution depends on many different variables, including the number of businesses processes that will be managed, number of modules implemented, number of administrators and users, and if the software is subscription-based or locally installed. However, online users estimate the cost of implementing a GRC solution to be between $10,000 and $600,000.