Top 10 Best Governance, Risk & Compliance (GRC) Tools in 2024

Governance, Risk, and Compliance (GRC) tools are essential software solutions designed to help organizations manage their governance, risk management, and compliance processes in an integrated and systematic manner.

These tools provide a framework that allows businesses to align their strategies, processes, and information technology with regulatory requirements and industry standards.

The primary objectives of GRC tools are to ensure that an organization adheres to relevant regulations, effectively manages risks, and maintains corporate governance standards.

Choosing the best Governance, Risk, and Compliance (GRC) tools requires careful consideration of various factors to ensure they meet your organization’s needs. Here are 10 key points to help you select the best GRC tools:

1. Integration Capabilities: Ensure the tool can integrate seamlessly with your existing systems (e.g., ERP, CRM, ITSM).
2. Scalability: Choose a tool that can grow with your organization, accommodating increased data volume and additional users.
3. User-Friendly Interface: A tool with an intuitive and easy-to-navigate interface will encourage user adoption and minimize training time.
4. Customization Options: The ability to customize workflows, dashboards, and reports to fit your specific processes and requirements is crucial.
5. Compliance Coverage: Verify that the tool supports compliance with the relevant regulations and standards applicable to your industry (e.g., GDPR, SOX, HIPAA).
6. Risk Management Features: Look for comprehensive risk management functionalities, including risk assessment, mitigation, and monitoring capabilities.
7. Audit Management: Ensure the tool provides robust audit management features, including audit planning, execution, and reporting.
8. Reporting and Analytics: Advanced reporting and analytics features are essential for extracting actionable insights and making informed decisions.
9. Vendor Reputation and Support: Research the vendor’s reputation, customer reviews, and the quality of their customer support and service.
10. Cost and ROI: Consider the total cost of ownership (TCO) and evaluate the potential return on investment (ROI) to ensure the tool provides value for money.

By considering these points, you can make a well-informed decision when selecting the best GRC tools for your organization.

GRC Tools	Short Feature	Stand alone feature	Pricing	Free Trial / Demo
1. SAP GRC	1. Fraud Management 2.Audit Management 3. Cybersecurity 4. Compliance Management 5. Continuous Monitoring 6. Segregation of Duties (SoD) Management 7. Policy Management 8. Identity Management 9. Authorization Management 10. Data Privacy Management	Risk management and compliance automation.	Custom pricing based on requirements	Yes
2. Enablon	1. Sustainability Management 2. Supply Chain Management 3. EHS Management 4. Product Stewardship Management 5. Quality Management 6. Performance Management 7. Environmental Management 8. Health and Safety Management 9. Sustainability Reporting 10. Data Management and Analytics	Integrated risk and compliance platform.	Pricing varies, contact for quote	Yes
3. IBM OpenPages	1. Policy and procedure management 2. Audit management 3. Issue and remediation management 4. Business continuity management 5. Vendor risk management 6. Financial controls management 7. IT governance and management 8. Regulatory change management.	Enterprise risk and compliance management.	Enterprise pricing, customized per client	Yes
4. SAI Global Compliance 360	1. Environmental, Health and Safety (EHS) Management 2. Cybersecurity Management 3. Financial Controls Management 4. Third-Party Management 5. Ethics and Compliance Management 6. Case Management and Incident Reporting 7. Business Continuity Management 8. Regulatory Change Management 9. Sustainability Management.	Comprehensive compliance and risk management.	Tailored pricing, contact for details	Yes
5. MetricStream	1. Enterprise Risk Management (ERM) 2. Compliance Management 3. Internal Audit Management 4. Vendor Risk Management 5. Incident and Claims Management 6. Business Continuity Management 7. Policy and Procedure Management 8. Environmental Health and Safety (EHS) Management 9. IT Risk Management	Integrated risk and compliance management.	Custom pricing, request a quote	Yes
6. Riskonnect	1. Enterprise Risk Management (ERM) 2. Compliance Management 3. Internal Audit Management 4. Vendor Risk Management 5. Incident and Claims Management 6. Business Continuity Management 7. Policy and Procedure Management 8. Environmental Health and Safety (EHS) Management 9. IT Risk Management	Comprehensive risk management and compliance.	Enterprise pricing, contact for details	Yes
7. Fusion Framework System	1. Risk management 2. Compliance management 3. Incident management 4.Business continuity management 5. Reporting and analytics 6. Policy management	Business continuity and risk management.	Custom pricing, based on needs	Yes
8. ClickUp	1. Task management 2. Project organization and structure 3. Time tracking and time management 4. Team collaboration and communication 5 .File and document sharing 6. Goal and milestone tracking 7. Customizable dashboards and views	Customizable task and project management.	Free and paid plans available	Yes
9. StandardFusion	1. Compliance management 2. Policy management 3. Audit management 4. Incident management 5. Vendor management 6. Continuity management 7. Asset management 8. Control management 9. Reporting and analytics.	Integrated governance, risk, compliance management.	Custom pricing, request a quote	Yes
10. ServiceNow	1. Continuity management 2. Asset management 3. Control management 4. Reporting and analytics. 5. Policy management 6. Audit management	Scalable enterprise risk management solution.	Tailored pricing, enterprise-grade solutions	Yes

• SAP GRC
• Enablon
• IBM OpenPages
• SAI Global Compliance 360
• MetricStream
• Riskonnect
• Fusion Framework System
• ClickUp
• StandardFusion
• ServiceNow

1. SAP GRC

SAP GRC is one of the best compliance management solutions for any business and helps manage corporate resources in a way that minimizes risk, builds trust, and reduces compliance costs.

This tool automates the process to perform the task to improve control and visibility and monitor risks.

SAP solutions help you detect internal and external threats in your environment and achieve audit and data protection compliance.

It also provides the ability to provide transparency, governance, and oversight to ensure adherence to compliance requirements such as GDPR, CCPA, and HIPAA.

It also helps with business integrity screening to detect exceptions and validate compliance.

SAP solutions also simplify the management and verification of user access. This allows you to set up an automated process for user provisioning.

Why Do We Recommend It?

• Access Control: SAP GRC offers access control management capabilities to ensure that users have access to the right data and applications based on their roles and responsibilities.
• Process Control: SAP GRC provides process control capabilities to help companies identify, document, and monitor their key business processes. It enables companies to automate controls testing and monitoring to ensure compliance with regulations and standards.
• Fraud Management: SAP GRC has fraud management capabilities to help companies detect, prevent, and investigate fraud. It allows companies to monitor and analyze transactions to identify fraudulent activities.
• Audit Management: SAP GRC provides audit management capabilities to help companies manage their internal and external audits. It allows companies to plan and schedule audits, assign tasks, and track progress.
• Compliance Management: SAP GRC enables companies to manage compliance with various regulations and standards such as GDPR, SOX, HIPAA, and PCI-DSS. It helps companies automate compliance activities and provides reports to demonstrate compliance.
• Policy Management: SAP GRC has policy management capabilities to help companies create and manage policies and procedures. It allows companies to define policies, assign responsibilities, and track compliance.
• Dashboard and Reporting: SAP GRC provides real-time dashboards and reporting capabilities to help companies monitor and track key risk and compliance metrics. It offers customizable dashboards and reports to provide visibility into compliance activities.

Demo Video

Pros and Cons of SAP GRC

Pros	Cons
1. Useful for real-time automated risk assessment.	1. Implementing access control requires a lot of effort and coordination.
2. Helps monitor and control critical transactions.
3. This solution is smooth and easy to implement.

Price

You can get a free trial and personalized demo from here.

SAP GRC – Trial / Demo

2. Enablon

Enablon is an integrated GRC solution that helps you assess risk, align for compliance and streamline your business processes. Comprehensive and reliable, this tool helps increase productivity and accelerate business growth.

This tool helps reduce risk and increase profits at the higher levels of the organization. This tool enables data-driven decision-making while reducing costs.

 This solution helps users track global and local regulatory requirements, internal policies, and procedures.

Suitable for businesses of all sizes and industries with a focus on sustainability. This tool helps with document management and audit management. 

The tool has powerful automation features that reduce manual work and increase efficiency. This tool securely centralizes all document workflow processes.

This tool simplifies the inspection process with automated workflows and standardized documentation.

 It helps you assess and anticipate risks and maintain operational integrity. It has interactive dashboards and improved data visualization.

Why Do We Recommend It?

• Risk management: The tool offers an integrated risk management system that enables organizations to assess, analyze, and mitigate risks across various business units and functions.
• Compliance management: Enablon GRC tool allows companies to monitor and manage compliance with regulatory requirements, industry standards, and internal policies.
• Audit management: The tool offers a centralized platform for managing all audit-related activities, including planning, execution, and reporting.
• Environmental, Health and Safety (EHS) management: Enablon GRC tool provides features for managing EHS compliance and risk across all operations and locations.
• Sustainability management: The tool enables organizations to track, analyze, and report sustainability-related data and metrics.
• Vendor and supply chain management: The tool allows organizations to assess and manage risks associated with vendors and suppliers, ensuring compliance with regulations and internal policies.
• Policy management: Enablon GRC tool provides features for creating, distributing, and managing policies across the organization.
• Data privacy management: The tool offers a range of features for managing data privacy compliance, including data inventory, consent management, and breach reporting.
• Third-party risk management: Enablon GRC tool provides features for managing risks associated with third-party vendors and contractors.

Demo Video

Pros and Cons of Enablon

Pros	Cons
1.  It helps in enhancing operational excellence by monitoring assets in real time.	1. The implementation process can be exhausting sometimes.
2. It uses AI and Machine Learning to identify potential threats and risk incidents.	2. It requires comprehensive training.
3. Streamline collaborative efforts across multiple departments.

Price

You can get a free trial and personalized demo from here.

Enablon – Trial / Demo

3. IBM OpenPages

IBM OpenPages is one of the best cloud-based grc tools. It helps in compliance management and risk management. Suitable for businesses of all sizes.

Support operational risk, corporate policy, standards compliance, IT governance, and system audits.

It is highly scalable and efficient and provides continuous assessment. Suitable for monitoring and assessing financial data risks, suitable for Full GRC managing financial data.

GRC utilities are affordable and available for small businesses. It provides a standards-compliant, very high-level, and guided implementation. Use AI for real-time risk scoring and scoring.

This tool is also useful for internal revision control. Logs are stored in a suitable storage structure that allows easy access to examine the logs. Provides built-in GRC workflow and user management.

It also features automated dashboards with grid views, timesheets, filters, and reports.

This GRC solution helps users manage internal policies in compliance with external regulations. Integrate with grid views, timesheets, filters, and reports. Prices are available upon request.

Why Do We Recommend It?

• Risk Management: Allows for the identification, assessment, and management of risks across the organization.
• Compliance Management: Helps in managing regulatory requirements and compliance activities by providing an integrated view of compliance obligations, controls, and assessments.
• Policy Management: Enables organizations to define policies, standards, and procedures and track their adherence to mitigate risks.
• Internal Audit: Provides an end-to-end solution for managing internal audit processes, including planning, execution, and reporting.
• Incident Management: Helps in managing incidents and breaches by providing a centralized platform for reporting, investigation, and remediation.
• Third-Party Risk Management: Provides a framework for assessing and monitoring third-party risks by allowing organizations to track and manage vendor risks.
• Reporting and Analytics: Enable organizations to generate reports and dashboards to monitor the performance of their GRC programs, identify trends, and gain insights.

Demo Video

Pros and Cons of IBM OpenPages

Pros	Cons
1. Easy configurations and  reporting	1. Expensive for custom configurations.
2. Continuous monitoring
3. Automated risk assessment
4. Generate compliance with a given standard

Price

You can get a free trial and personalized demo from here.

IBM OpenPages – Trial / Demo

4. SAI Global Compliance 360

It is one of the most effective GRC solutions for integrated risk management. Formerly known as Nasdaq BWise. It is a security-based solution that provides effective standards and compliance management.

It focuses on data management and risk analysis. This solution effectively helps implement the GDPR standard and focuses on who has the physical location and accessibility of data storage.

This tool helps with risk assessments, compliance policies, and data access audits. 

Provides a dashboard to help track your implementation. Monitor and track your exams in a timely manner to help you manage your exams. This tool helps you meet your company’s compliance goals.

After the risk assessment, there are system-tuning recommendations. Tracking user access helps protect sensitive data.

 It offers flexible, scalable, and configurable modules that help businesses flexibly manage risk. It helps you customize your program easily and efficiently.

We provide customized real-time monitoring and ensure corporate culture. Streamline workflows and ensure efficient results with agility.

Why Do We Recommend It?

• Regulatory Compliance: The tool provides a comprehensive library of regulatory content, including laws, regulations, and standards from around the world. The content is updated regularly, and users can receive alerts when there are changes that affect their business.
• Risk Management: SAI Global Compliance 360 offers a risk management module that allows organizations to identify, assess, and prioritize risks. The tool also provides workflows for risk mitigation and monitoring.
• Policy Management: The policy management module enables organizations to create and distribute policies, track attestation and policy acceptance, and manage policy exceptions.
• Incident Management: The tool provides a module for tracking and managing incidents, including investigations, corrective actions, and reporting.
• Training Management: SAI Global Compliance 360 offers a learning management system (LMS) that allows organizations to manage and deliver training programs, track completion, and generate reports.
• Audit Management: The audit management module provides a framework for planning, scheduling, and conducting audits. The tool also includes workflows for managing audit findings and recommendations.
• Third-Party Management: SAI Global Compliance 360 offers a module for managing third-party relationships, including due diligence, risk assessments, and monitoring.
• Reporting and Analytics: The tool provides a range of reporting and analytics capabilities, including dashboards, ad hoc reporting, and trend analysis. Users can also create custom reports and share them with stakeholders.

Demo Video

Pros and Cons of SAI Global Compliance 360

Pros	Cons
1. Design solutions that work for our end users.	1. No free trial is available
2. Effective data management.
3. Protects sensitive data.
4. Constantly re-checks to ensure compliance.

Price

You can get a free trial and personalized demo from here.

5. MetricStream

MetricStream offers Risk Governance and compliance (GRC) solutions for enterprises to streamline and automate their processes to adhere to standard compliances.

It provides a unified environment that assesses, documents, control, audit, and address risks and exposures within organizations.

 The integrated solution monitors and assesses all the risks related to the enterprise, vendors, and the involved third party.

The solution helps processes and sub-processes for risk management and helps organizations align with standard compliance

The tools help in audit management.  The entire solution of the tool provides an intelligent design to drive business performance by delivering operational efficiencies.

The tool is also efficient in incident management. The system captures risk-related incidents including cause and result. 

For GRC policy management supports policy lifestyle, including creation, approval, and communication.

Why Do We Recommend It?

• Integrated platform: MetricStream GRC provides an integrated platform for managing risk, compliance, and audit functions across an organization.
• Customizable workflows: Users can customize workflows, forms, and reports to meet their specific needs.
• Risk management: MetricStream GRC helps organizations identify, assess, and mitigate risks across the enterprise.
• Compliance management: The tool provides compliance management capabilities, including regulatory content libraries and compliance assessments.
• Audit management: MetricStream GRC provides audit management features, including audit planning, scheduling, and tracking.
• Policy management: The tool enables organizations to create, review, and manage policies.
• Third-party risk management: MetricStream GRC helps organizations manage third-party risks by enabling them to assess the risks associated with vendors, suppliers, and partners.
• Reporting and analytics: The tool provides a range of reporting and analytics capabilities, including dashboards, scorecards, and trend analysis.

Demo Video

Pros and Cons of MetricStream

Pros	Cons
1. Common repository of GRC items.	1. The speed of the solution could be sometimes bothersome.
2. Easy to navigate
3. Helps in GRC policy management.

Price

You can get a free trial and personalized demo from here.

MetricStream – Trial / Demo

6. Riskonnect

A tool that provides a cloud-based GRC solution. These tools provide integrated solutions for compliance management, business continuity management, enterprise risk management, and audit management.

It has an agile dashboard that presents risk issues from different angles. It helps assess insurance risk and is effective for data security and privacy. Can be customized to specific standards.

It helps with procedural data protection and provides an automated process for securing data.

It also helps identify threats and take corrective action. The tool’s automation capabilities make it easy to fix many manual tasks.

It also helps with audit management, conducting internal and operational audits of all processes within an organization.

It also provides a nice reporting module to store the required documents and summarize the results.

Help implement safe work practices, train staff on this and make necessary recommendations.

Why Do We Recommend It?

• Risk Management: Helps to identify, assess, and prioritize risks based on severity and likelihood of occurrence.
• Compliance Management: Helps to manage compliance obligations across various jurisdictions and regulations, including tracking compliance activities and managing policies and procedures.
• Incident Management: Enables organizations to report, investigate, and manage incidents and breaches, and provide reports and analysis of incidents for better decision-making.
• Audit Management: Helps to manage the audit process, including planning, scheduling, and executing audits, as well as tracking findings and actions.
• Vendor Risk Management: Enables organizations to manage risks associated with third-party vendors and contractors, including assessing and monitoring their performance and compliance.
• Business Continuity Management: Helps to manage disruptions to operations, such as natural disasters or cyber attacks, by providing business continuity plans and response procedures.
• Analytics and Reporting: Provides powerful data analytics and reporting tools to help organizations gain insights and identify trends related to risk and compliance.
• Integration and Collaboration: Offers integration with other systems and tools, as well as collaboration features that enable users to share information and work together more effectively.

Demo Video

Pros and Cons of Riskonnect

Pros	Cons
1. Provides assessing insurable risk.	1. Gives administrative recommendations for manual actions.
2. Helps with automated processes for risk analysis
3. It provides procedural data protection.
4. It helps in formulating audit plans and procedures.

Price

You can get a free trial and personalized demo from here.

Riskonnect – Trial / Demo

7. Fusion Framework System

The Fusion Framework System is a GRC solution developed by Fusion Risk Management that helps reduce risk, simplify operational complexity and improve visibility.

The tool uses automated processes to perform tasks, reducing the burden of manual, time-consuming, and repetitive tasks and increasing efficiency.

It provides customized risk management that supports organizational structures, tracks key risk and performance indicators, updates plans, creates incidents, manages supplier relationships, and more.

It provides interactive dashboards suitable for any business, helping him track updates, changes, and deletions in a single action.

It provides enhanced visualizations that contribute to enhanced data management and monitoring and helps track business performance metrics.

Incorporating vendor criticality and risk reports into reassessment priorities improves functionality.

 It also helps with real-time updates and interactive analytics. Manage underperforming assets in your organization while tracking key metrics.

It provides a streamlined workflow to manage resources in a more optimized manner. It also provides real-time reporting and aids in incident management.

Why Do We Recommend It?

• Risk management: Fusion Framework System provides tools for identifying, assessing, and monitoring risks across the organization. Users can track risks in real-time, assign ownership, and create mitigation plans.
• Compliance management: The platform enables organizations to manage compliance with a wide range of regulations and standards. It provides a centralized repository for policies and controls, and automates compliance reporting.
• Incident management: Fusion Framework System helps organizations respond to and manage incidents when they occur. It enables users to track incidents, assign tasks, and generate reports to identify areas for improvement.
• Audit management: The platform provides tools for managing internal and external audits. It enables users to schedule audits, assign auditors, and track progress.
• Business continuity planning: Fusion Framework System enables organizations to develop and test business continuity plans. It provides tools for creating plans, identifying critical resources, and testing plan effectiveness.
• Vendor risk management: The platform provides tools for managing vendor risks. Users can assess vendor risks, track vendor performance, and generate reports to monitor vendor compliance.
• Reporting and analytics: Fusion Framework System provides real-time reporting and analytics capabilities. Users can generate customized reports and dashboards to monitor key risk and compliance metrics.

Demo Video

Pros and Cons of Fusion Framework System

Pros	Cons
1. It provides interactive dashboards.	1. Primarily used for business continuity, with limited disaster recovery support.
2 .Provides automated risk assessment.
3. Maintain impact tolerances.
4. It helps in monitoring vendor performance.

Price

You can get a free trial and personalized demo from here.

Fusion Framework System – Trial / Demo

8. ClickUp

ClickUp is a dynamic risk management solution that detects potential risks and makes the customer feel a sense of accountability and ownership over their tasks.

It provides an automated solution with real-time reporting to help you stay organized. This tool helps in managing the time required for repetitive tasks. 

It provides various templates for risk management and helps to mitigate them and boost productivity.

It helps in effective project management with different features. The tool helps in document storage and interaction tracking.

It provides an interactive activity dashboard. It also helps in task and lead management.

Why Do We Recommend It?

• Custom fields and templates: ClickUp allows users to create custom fields and templates to capture and track information related to GRC tasks and workflows.
• Checklists and task management: ClickUp provides robust task management features, including checklists, due dates, assignees, and more, to ensure that GRC tasks are completed efficiently and effectively.
• Collaboration and communication: ClickUp offers a range of collaboration and communication features, including comments, mentions, and notifications, to ensure that all stakeholders are kept informed and involved in GRC processes.
• Integrations: ClickUp integrates with a wide range of GRC tools and platforms, such as Jira, ZenGRC, and more, to provide a seamless experience and ensure that GRC tasks are managed effectively.

Demo Video

Pros and Cons of ClickUp

Pros	Cons
1.
2. Easy to assign and manage tasks.

Price

You can get a free trial and personalized demo from here.

ClickUp – Trial / Demo

9. StandardFusion

Standard Fusion is a web application GRC tool that helps in Guided standards implementation, Risk assessment, and Sensitive data management.

It is suitable for both large and small-level enterprises.

It helps small enterprises that are just starting with the standard compliances. It assists in managing GRC programs by complying with the best practices.

With the help of this tool, the system can be attuned to fit a specific number of data protection standards including HIPAA, GDPR, PCI-DSS, ISO, SOC2, NIST, CCPA, and FedRAMP.

It also helps us to modify and alter the scope of our compliance requirements.

The tool helps in Risk Management with the associated system and helps to assess different threats and risks and later help in mitigating them with proper methodology. 

The automated risk analysis feature of the tool helps in analyzing the associated risk with the system and provides important insights to cope with the different real-time risks associated with the system.

It helps in meeting compliance from a single source and helps the system to comply with the new standards and compliances.

It helps in control management for creating and monitoring organization-specific controls and helps in achieving the requirements and tracking control maturity and testing.

The audit management feature of the tool helps in performing internal or external audits and helps to access the recorded audit and track it.

Also, provide discovery and event logging plus log management. All these features are easily available with an easy-to-use and custom dashboard of the tool with reporting capabilities.

Why Do We Recommend It?

• Automated workflows: StandardFusion offers pre-built templates for common workflows and allows users to create their own customized workflows, which can help to streamline and automate various GRC processes.
• Integrated risk management: The tool includes a risk management module that allows users to identify, assess, and prioritize risks in real time. It also provides risk reporting and analysis capabilities.
• Compliance management: StandardFusion supports compliance with various standards and regulations, including ISO 27001, NIST, HIPAA, GDPR, and more.
• Vendor risk management: The tool includes a module for managing vendor risk, which allows users to assess and track risks associated with third-party vendors.
• Audit management: StandardFusion allows users to manage the entire audit process, from planning to execution and reporting. It also provides audit trail tracking and reporting capabilities.
• Document management: The tool offers a centralized repository for managing GRC-related documents, such as policies, procedures, and evidence.
• Analytics and reporting: StandardFusion provides dashboards and customizable reports that allow users to gain insights into their GRC program and track progress over time.

Demo Video

Pros and Cons of StandardFusion

Pros	Cons
1. Guided standards implementation	1. One of the most expensive tools.
2. Provides automated risk analysis.
3. Helps in assessing and meeting with the standard compliances.
4. Discovers and protects sensitive data.

Price

You can get a free trial and personalized demo from here.

StandardFusion – Trial / Demo

10. ServiceNow

ServiceNow is an important GRC tool.  It provides a combined solution for risk management in the decision-making processes for enterprises.

It helps in IT services for automating business tasks and their management. 

It provides a structured work environment pattern with the help of artificial language. It is a risk management-centered tool and helps to change management and business evolution.

It provides a business strategy for adhering to compliance. The ServiceNow system tracks the performance of the implemented projects and helps to achieve goals.

It provides a range of risk assessment tools. It helps to evaluate the risk involved in entering new markets, as well as it helps to track standards compliance.

It provides Automated and manual tools for risk assessment. It helps in instance-based implementation.

It helps in the easy tracking of assets and the approval process can be controlled. Its dashboard can be used to track activity.

It helps in the visualization of real-time analysis of your processes. Easy customization of settings according to requirements.

ServiceNow security provides important security features like confidentiality and integrity of data. 

Why Do We Recommend It?

• Integrated risk management: Provides a centralized view of all the risks across the organization and helps identify, assess, and manage them.
• Compliance management: Enables organizations to monitor and manage compliance with various regulations and standards such as SOX, GDPR, HIPAA, etc.
• Policy and control management: Allows organizations to define and manage policies, controls, and procedures to mitigate risks and maintain compliance.
• Third-party risk management: Helps organizations manage the risks associated with third-party vendors and partners.
• Audit management: Provides a platform for planning, executing, and managing audits and compliance assessments.
• Reporting and analytics: Provides real-time reporting and analytics to help organizations monitor their GRC activities and make informed decisions.
• Workflow automation: Automates GRC processes to improve efficiency and reduce errors.
• Collaboration and communication: Enables teams to collaborate and communicate effectively on GRC activities.

Demo Video

Pros and Cons of ServiceNow

Pros	Cons
1. Improves IT Service Management.	1. No free trial is available.
2. Help in checking system compliance.
3.  Better customer support with negligible maintenance costs.
4. Easily track assets.

Price

You can get a free trial and personalized demo from here.

ServiceNow – Trial / Demo

Final Thoughts 

The GRC framework helps organizations establish policies and practices to mitigate compliance risks. GRC solutions help with effective risk assessment, compliance management, and internal audits.

GRC tools offer strategic support and excellent performance.

Help manage operations and ensure companies meet compliance and risk standards.

An effective GRC creates and distributes policies and controls and maps them to regulations and compliance requirements. GRC solutions can also be tailored to your data protection standards.

Identify sensitive data stores, track activity in those locations, and assist with reporting and logging capabilities.

The best GRC solutions are cost-effective, keeping organizations from being penalized for non-compliance.

Frequently Asked Questions

Why do we need a GRC tool?

Every industry be it finance, healthcare, manufacturing, etc. has some compliance to meet. 

All these industries also possess many threats and risks which need to be timely assessed and dealt with.

GRC solutions help these industries to meet standard compliance and assess the different external and internal threats.

These tools provide a top-down approach to managing organizations and following appropriate business strategies.

GRC solution helps to prevent, detect, and respond to vulnerabilities that can impact your organization from all perspectives. And most important it helps to meet different compliance requirements.

Hence GRC solution boosts productivity, accelerates growth, enhances the efficiency of the workforce, and inbuilt trust among the customers.

What are GRC and its components?

Governance, Risk, and Compliance (GRC) is a program that includes an organization’s entire governance, enterprise risk management, and regulatory compliance.

Governance- Main components are Corporate Management, Strategy Management, and Policy Management.

Risk – It helps in the identification of all risks related to the organization and addresses it. Its components are Risk identification, Risk assessment, and Risk management.

Compliance- It ensures that the company’s policies and functioning adhere to standard guidelines and compliances.

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