Risk and compliance management is more important than ever thanks to high-profile data breaches and increasing pressure within the type of regulations just like the EU’s General Data Protection Regulation (GDPR). Suppliers have responded with a variety of Governance, Risk, and Compliance (GRC) solutions to mitigate threats and manage risk.
This article will help you quickly compare and assess the simplest governance risk and compliance platforms (also known as the GRC platform) and other tools for compliance and risk management. This post, I will provide you with easy comparison of GRC tools and tell you what to look for in GRC software vendors. Here we listed out the Best GRC Softwares 2020 for you.
Best GRC Softwares 2020: #1 Navex Global Risk Rate
Navex Global RiskRate has the latest fashion and the organization of elegant and contemporary software. Users of any experience level will feel comfortable and well versed in this type of interface, which rated them highly in the UX section of the evaluation.
500 regulatory lists, 200,000 unique media posts, 1.5 million politically exposed persons (PEP), and 8 million media profiles. adverse.
Navex Global RiskRate starts at $ 5000 / year and has a free demo.
Best GRC Softwares 2020: #2 SAI Global Compliance 360
This GRC tool allows a point of view for third-party business interruptions. It also offers an improved user interface and an intuitive browsing experience along with some robust risk intelligence reporting.
SAI Global Compliance 360 stands out for some notable features: A) the power to run enterprise-wide training on current policies and procedures, and B) automate critical workflow steps for permits, etc., for people to be held accountable.
As for navigation and simple use, UPS Global Compliance 360 can be a bit complex and messy. Users may wish that they need to run multiple clicks for tasks that should take one or two. So they lost a couple of evaluation points within the usability criteria section.
If you are trying to find the right GRC, know that SAI Global Compliance 360 can be a very flexible product; ask your support team to help you customize exactly what you would like.
SAI Global Compliance 360 offers custom pricing upon request and presents a free demo.
Best GRC Softwares 2020: #3 StandardFusion
StandardFusion takes the pain out of your spreadsheet by employing a single recording system. Identify, evaluate, treat, track, and report risks with confidence. Convert audit-based activities into a uniform process. Carry out audits with certainty and direct access to evidence. Manage compliance with multiple standards; ISO, SOC, NIST, HIPAA, GDPR, PCI-DSS, FedRAMP, and more.
Manage vendor and third-party risks and security questionnaires easily in one place. StandardFusion can be a cloud-based SaaS or local GRC platform designed to make InfoSec compliance simple, accessible, and scalable. Connect what your organization does, with what your organization should do.
Best GRC Softwares 2020: #4 SAP GRC
SAP offers countless premium products and services available to integrate with your core GRC system. Users can customize the package they have and only buy what they need. Therefore, they scored well in the integration segment of the assessment.
A downside to the software is that it takes a short time to implement and train it, leaving users to deal with an abrupt learning curve and minimal assistance resources.
Users will enjoy the sophisticated way of manufacturing a global repository solution, which is crucial for smooth GRC processes.
SAP GRC costs between $ 500 and 15,000 per license and features a free demo.
Best GRC Softwares 2020: #5 Service Now
Service Now was named a pioneer in the 2019 Magic Quadrant for Integrated Risk Management. This GRC tool helps drive a culture of risk management with a unified data environment by providing fast-track access to information and tasks through chat, mobile apps, and portals.
The reporting and analytics features for ServiceNow are comprehensive and intuitive to use and offer great flexibility for any metric you want to track. Therefore, they scored well during this consideration of the Characteristics and Functions evaluation criteria.
One downside to being aware of is that the ServiceNow Governance Risk and Compliance software could use some fixes when it comes to its reporting tools, which lack advanced filters and it would be better to extend your available data visualization schemes. But as you will see in the screenshot above, it has some very easy to read charts to help you visualize basic data.
ServiceNow Governance Risk and Compliance offers custom pricing on demand and presents a free demo.
Best GRC Softwares 2020: #6 IBM OpenPages
Used by the likes of industry titan General Motors, IBM OpenPages with Watson provides core services and functional components that span operational risk, policy and compliance, financial controls management, IT governance, and internal audit.
Although any cost per user can become unmanageable as the team grows, IBM OpenPages presents a flexible cost that would work well for smaller groups that need to moderate their spending. The annual fee is cheap enough to give them high marks within the Value for Cost evaluation.
One downside to this software to notice is that it is often a bit slow to implement risk assessments, create and log problems, and fix workflow automation. In general, your users will need patience when using this tool.
IBM OpenPages starts at $ 272 / user/year and features a free demo.
Best GRC Softwares 2020: #7 HighBond
HighBond by Galvanize – The end-to-end GRC platform, designed by industry experts, to strengthen IT security, risk management, compliance, and assurance. Created by industry experts who wanted much better thanks to the work. HighBond is made up of a variety of diverse products, each covering a special area of your organizational governance. All together these products create a collective HighBond software platform.
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Best GRC Softwares 2020: #8 Enablon
Enablon can be GRC software designed to facilitate top-down and bottom-up approaches to risk identification. Analyze risks by using the bow tie functionality to resolve causes and consequences, and define preventive and mitigating controls.
Some things Enablon excels at is its ability to easily handle large databases and download their data in Excel, PDF, or perhaps PowerPoint. Also, its tools to set reminders/notifications for expired permissions are useful.
Enablon lacks a touch on usability, based on evaluation criteria, because auditing tools are often a bit tricky; Also, forms can be more flexible, as many lack copy-and-paste functionality and other expected features.
If you want reliable dashboards and reports, Enablon goes above and beyond to capture information from all modules and hinder data analysis time.
Enablon offers custom pricing upon request and presents a free demo.
Best GRC Softwares 2020: #9 Riskonnect
Riskonnect can be a world leader in integrated risk management technology and therefore the world’s largest provider of RMIS. It seamlessly consolidates data from multiple sources, automates routine processes, and uses analytics to display complicated information in actionable intelligence.
Riskonnect has extensive resources for training, ranking them well within the usability category of the assessment. They need a strong customer service department with a few ways to succeed, a blog with case studies and testimonials from industry leaders, and a series of webinars.
One criticism of Riskonnect software is that several of the features of hospital administrators are a bit clunky and difficult to use.
This solution enables GRC professionals to make audit plans, store important documents, and easily summarize the resulting data.
Riskonnect offers custom pricing on demand and features a free demo.
Best GRC Softwares 2020: #10 Nasdaq BWise
This integrated suite of compliance solutions, powered by BWise technology, is designed to streamline your regulatory compliance program. Collect, access, transfer, or share data assets and protect privacy and data protection with the BWise GDPR compliance solution.
Nasdaq BWise does a ton of things well, but there are a couple of standout features I’d like to note here, like its friendly customization options that allow users to navigate different and unique compliance initiatives across the organization. Also, mixing with TeamMate is useful for testing purposes.
The interface can be a bit gloomy and therefore the organization of the information is somewhat rigid; Although it does the trick, it is neither modern nor attractive. Therefore, Nasdaq BWise lost a couple of marks within the UX segment of the evaluation criteria.
A special thanks to BWise’s ongoing monitoring of audit results and tests; If audits are causing you pain, this solution can help.
Nasdaq BWise offers prices on demand and features a free demo.
Best GRC Softwares 2020: Buyer’s Guide
What is GRC Softwares?
Government Risk Management and Compliance Software (GRC Software) can be a means for public companies to manage IT-related operations that need regulation and ensure they meet compliance and risk standards. Risk navigation software tends to focus on four components: strategy, processes, technology, and other people.
What are the benefits of GRC Softwares?
Increase your value by providing a preventive strategy
Generate quick reports so decisions are made more quickly and safely.
Catch exceptions to reduce damage as quickly as possible
Automate detection controls to increase efficiently
Reduce compliance costs in the future
Receive real-time alerts if / when regulations change
Shorten audit cycles
What are the features of GRC Softwares?
Most GRC tools will have a point of later features: content management; document management; input/output of user events, distribution and communication; risk analysis; risk management and control; workflow management; audit management; and dashboards and reports.