How We Chose the Best GRC Software
Choosing the right governance, risk, and compliance (GRC) software is a daunting task. There are myriad solutions available to fit organization needs. Additionally, the solution needs to facilitate compliance across all departments, including IT and finance. The first thing organizations need to do is outline their objectives and then use that document as a guide for choosing the right GRC solution. To help your organization with that task, we’ve come up with some of the best applications based on three key criteria.
We chose the best GRC software applications based on the features it has, including how they work with other modules in those software suites and the organization’s preexisting structure. Some key features include disaster recovery and business continuity, auditing, and incident management. The primary objective with GRC software is to ensure that the system of rules and processes in place is more visible and serves to improve overall workflow.
Types of Compliance
All companies are subject to some kind of regulation, and with the increasing amounts of customer data being gathered and housed by companies, ensuring proper management and evaluation has to be top of mind. In addition to this type of IT and operational risk compliance, there needs to be financial audit readiness and even environmental compliance. The ability of GRC software tools to keep track of any changes becomes more important when dealing with multinational corporations with local offices.
Detailed reporting that helps users assess their efforts and find ways to improve compliance, minimize risk, and tighten governance is important. These software solutions provide a variety of reporting tools that offer a level of visibility that ensures accountability and gives all necessary team members abundant visual access to qualitative and quantitative analysis. This enables faster mitigation of risk, better insight into opportunities, and a smoother process.
The 15 Best GRC Software Programs of 2021
AuditBoard is an integrated GRC solution with a handful of specific products that help users manage multiple aspects of their compliance. Its features include:
- Role-based dashboard and ready-to-use reports that increase visibility
- Better version control through update syncing across risks, controls, and testing
- Simplified SOX reporting and streamlined testing and certification
- Team collaboration and resource allocation on audit plans
- Real-time reporting on plan status and issues
- Built-in workflows with documentation and review for more streamlined fieldwork
- Strong variety of regulations and standards to implement
- Unified risk data across your organization
Users can integrate AuditBoard with pre-built integrations or the API. Available applications including Jira and Slack. The software offers a free demo, and organizations can get a quoted price.
|Custom Quote||Free Demo Only||>Better version control
>Simplified SOX reporting
>Unified data across organizations
>More features at AuditBoard
Pros & Cons of AuditBoard GRC Software
AuditBoard is extremely helpful for companies that need help with SOX as well as SOC, PCI, and NIST, just to name a few standards. It’s easy to manage, especially with documentation, and it’s a time-saver. For all it has to offer, the tiered pricing is a significant concern. It’s based on the number of controls, which means that for those that have more comprehensive requirements, setting up all risks and controls makes AuditBoard one of the more expensive choices available.
|>Handles many standards|
>Easy to manage and saves time
|>Cost determined by the number of controls|
What Customers Are Saying
Customers like how sensible AuditBoard is. It’s helpful and aligns nicely with audit practices and needs. One manager notes, “The system well-documents audits from start to finish, provides great oversight and dashboard reporting to audit management.” Continuous communication helps businesses manage their projects more efficiently. According to one director, ”Being able to manage PBC request within AuditBoard and then link them to the control testing significantly reduces email traffic.”
Founded in 1994, BWise from SAI Global is a comprehensive GRC software solution that helps companies stay ready in their coverage of ever-changing regulations. They get to easily prove compliance and increase transparency. This improves the confidence in all levels of the company and potentially reduces risk exposure and associated financial losses. BWise also helps with SOX compliance and GDPR compliance. Some of its features include:
- Ability to streamline compliance programs to ensure ROI
- Modularity and adaptability for custom configuration
- Interactive role-based dashboards
- Intuitive interface with in-line tutorials
- Data Protection Impact Assessments for data freedom and risks insight
- COSO-based practice configuration for SOX compliance
- Automated control test scheduling
- Email alerts that keep projects on track
While organizations can request a demo, there may also be a free trial of some modules. Pricing is quote-based.
|Custom Quote||Free Demo, Free Trial||>Modular for custom configuration
>SOX compliance specialization
>More features at BWise
Pros & Cons of BWise GRC Software
BWise is useful in helping managers write and share reports. Organizations can manage their information and keep track of audits. This increases visibility and overall efficiency. While the software is customizable, that’s not so easy to implement, which could require custom help. Also, it’s not as intuitive as it needs to be. This means that users have a slightly deeper learning curve that delays productivity in the initial stages.
|>Track and manage audits|
>Write and share reports
What Customers Are Saying
Customers like BWise’s reporting capabilities and how flexible it is. One analyst notes, “Almost everything can be tailored to an organization’s needs, assessments, audits, issues, recommendations, tasks, etc.” The software’s ability to make processes more visible increases accountability through robust auditing. It even has automated emails to help keep projects on-track. As one user states, “One area can see and benefit from another areas’ work.”
HighBond by Galvanize is an end-to-end GRC platform with a suite of products, such as ThirdPartyBond for continuous vendor risk management and reporting in addition to PolicyBond for automation of the entire policy lifecycle. Solutions are placed in the context of strategic objectives helping teams get focused on addressing compliance and policy obligations. Its features include:
- Dynamic rule-based prioritization
- Dashboards that provide a holistic view of cyber risk posture
- Identifying, assessing, and monitoring enterprise risks
- Automating repetitive tasks and managing internal controls
- Detecting and preventing fraud
- Streamlining IT risk and compliance activity
- Bidirectional REST API for importing from any security tool
This platform is powered by ACL Robotics and Rsam technology, This means it provides advanced data analysis solutions that use machine learning to drive prescriptive and predictive analytics. Users have access to comprehensive script libraries for testing and can create visualizations that help key players in the organization respond quickly to risks and opportunities. Companies can schedule a custom demo and, when they’re ready, can get a price quote based on their needs.
|Custom Quote||Free Demo Only||>Dynamic dashboards
> Task automation
>ACL Robotics for predictive analytics
> More features at Galvanize
Pros & Cons of Galvanize GRC Software
Galvanize GRC is powerful and versatile. It has a lot of built-in functions that customers can really take advantage of, including automation and predictive analytics. Because it has so many products, organizations may find the price tag a little hefty, especially when compared with other similar GRC solutions. That may be a concern that will be weighed against the time it saves.
>Task automation and predictive analytics
|>Software price tag|
What Customers Are Saying
Most of the customers who use Galvanize love how quick it is to implement and use. According to one specialist, “Among so many good things, it is a platform that works hand in hand with audit and risk professionals through data.” They also like how the software keeps them in check, especially when it comes to compliance. It’s a single source of truth that is “clean and quick, and very easy to learn.”
LogicGate is an end-to-end GRC software solution that specializes in automating risk and compliance. Organizations can automate their workflows by creating self-contained apps. This no-code platform empowers non-technical staff to learn how to create reliable solutions for any project needs. These processes help them solve the compliance and risk issues that may come up. Some of LogicGate’s features include:
- Rapidly deploying processes using templates
- Tracking progress and spotting bottlenecks before they cause problems
- Easy ways to populate forms and get approval and feedback
- Drag-and-drop interface for designing repeatable processes
- A comprehensive view of an organization’s risk profile
- Compliance with industry frameworks by plugging into LogicGates’ repository
- Linking different audit processes to perform regulatory assessments
- Generating comprehensive reports for auditors and executives
- Routing tasks to the right units by using logic
Users can connect LogicGate to popular apps by using its RESTful API. It lets companies create their own connections with popular programs, such as Zapier, workday, and NetSuite, which further expands the teams’ capabilities. It has a demo for interested organizations, which can request a price quote based on features, applications, and the number of users.
|Custom Quote||Free Demo Only||>Drag-and-drop interface
>Repository of industry frameworks
>Comprehensive reports for auditors and executives
>More features at LogicGate
Pros & Cons of LogicGate GRC Software
LogicGate is extremely comprehensive and allows users to build their own apps to automate workflows. It’s got a significant repository for different frameworks, and users can extend many of its capabilities through integrations with apps, such as Zapier and Power BI. Compared to other similar tools, LogicGate may take extra time to learn. The idea of getting the hang of it and then using it may lead to frustration. It’s a good idea to go through the training before using it.
>Useful app integrations
|> Longer learning curve|
What Customers Are Saying
Customers love how LogicGate really rises to meet their needs, especially when it comes to governance and record-keeping. They can consolidate so many of their processes and practices with the software. As one executive put it, “It is like hiring 3-4 compliance analysts as well as 10 SMEs across multiple compliance verticles.” Users also appreciate that LogicGate grows with them. The software’s flexibility helps them tailor their own solutions to a variety of business problems. According to one analyst, “I am able to build, grow, and edit the various different applications within the tool as I see fit.”
LogicManager is a risk management platform that’s useful for a range of sectors, including healthcare and finance. Users become more engaged in the governance process as the organization takes a standardized, actionable approach. Some features include:
- Better risk assessments with the industry-specific centralized library
- Create your own repository of risk mitigation controls and procedures
- Streamlined testing, metrics collection, and remediation
- Visualizing real-time progress data for more effectiveness
- Identifying dependencies for a better understanding of how organizational risks affect resources
- Built-in interactive dashboards, heat maps, and risk matrices
- Collecting actionable information and tracking project status
- Pre-built business impact analysis templates help you evaluate each business process.
- Automatic notifications and reminders
LogicManager has plug-ins, which are content sources that are available as automated feeds. These plug-ins cover customer-inspired use-case scenarios within the topics of frameworks/standards, legal registers, and RCSAs. They aim to help other organizations tailor their own platform standards. The company offers a free demo and quote-based pricing.
|Custom Quote||Free Demo Only||>Identify dependencies for better risk assessment
>Create risk mitigation repository
>Real-time progress reporting
>More features at LogicManager
Pros & Cons of LogicManager GRC Software
LogicManager is adaptable and flexible enough to work with other programs while still maintaining its core functionality. It’s consistent and gives a truly global perspective. One of the tools that’s helpful would be direct integration so that users can share data easily with other trusted systems. This is a challenge that could be of concern to some organizations trying to choose between LogicManager and its competitors.
|>Adaptable to pre-existing software|
>Consistent with global perspective
|>Hard to share data with other trusted systems|
What Customers Are Saying
One word that keeps coming up for those who give LogicManager top marks is “invaluable.” The array of features the software has and how customizable it is makes it immediately useful to many. According to one manager, ”The software allows you to centralize processes and create efficiencies throughout the organization.” It’s such an extensive product that many users really appreciate how versatile the program is. For many organizations “Logic Manager is a vendor that is truly viewed as a partner for our success.”
MetricStream is an all-in-one GRC software application that’s built on the M7 Integrated Risk Platform that promotes a comprehensive holistic approach. Its features include:
- A centralized federated data model across risks, assets, and organizational entities
- Creating and monitoring policies, procedures, and compliance assessments
- Algorithms for risk identification, analysis, and scoring
- Harmonized mapping for IT and cyber compliance management
- Streamlined audit processes and risk assessments
- Real-time tracking of policy management life cycle
- Consistent case and incident management
- Policy creation, review, approval, and communication
- Supplier management processes, including risk compliance and performance status
- Tracking supplier KPI and other performance metrics
MetricStream APIs enable data integration with different systems. It has a scheduling engine for processing batches in addition to pre-built connectors for applications, such as Qualys and ServiceNow. Organizations can get started with a free demo, and pricing is quote-based.
|Custom Quote||Free Demo Only||>Centralized federated data model
>APIs for data integration
> More features at MetricStream
Pros & Cons of MetricStream GRC Software
MetricStream is a healthy suite of tools that’s functional and useful right out of the box. It’s customizable and does a good job of tracking and auditing. As powerful as it is, it’s not as user-friendly as it needs to be. The look and feel of the software make it a little tougher for some users to grasp, which could prolong the learning curve.
|>Powerful and customizable|
>Good job of auditing and tracking
What Customers Are Saying
Customers like how functional MetricStream is right from the beginning. They like how easy it is to customize and tailor for their needs. One IT specialist says, “MetricStream is a great tool to automate and streamline an organizations internal security review and audit process.” They also like how much easier it is to get things done with the software. As one user put it, “The comprehensive packaging of the product removed the majority of the manual work.”
Onspring is an audit management solution that streamlines the audit process. It can be adapted to the organization’s needs without coding. Admins have complete control over the necessary audit and assurance functions. Some features include:
- Establishing key interrelationships between elements
- Assigning task ownership and monitoring actions of critical aspects
- Dynamic dashboards for real-time reporting
- Documenting risks, controls, and audit procedures
- Automating ITIL-aligned workflows
- Conducting design and operating tests
- Building a secure contract repository for end-to-end processes
- Online policy portal for employee tracking
As a no-code platform, Onspring empowers admins to update and maintain their own processes. They can create dynamic surveys and get automated task reminders. Reports are role-based so that users get the reports they are supposed to get. It connects with a variety of third-party software solutions, such as Salesforce and LexisNexis.
Organizations can request a demo, and for teams of up to 20 users, the monthly cost is just $175/user. For organizations with more than 20 users, there is discounted custom pricing.
|Team Edition: $175/user/month|
Enterprise Edition: Custom Quote
|Free Demo Only||>Dynamic dashboards
>Secure document repository
>More features at Onspring
Pros & Cons of Onspring GRC Software
Onspring is relatively easy to use, and it can be easily customized to suit specific user needs. The list of connectors is great because it expands the capabilities of the software to suit more users. The resources the company has to help users is extremely useful, but it may not be as helpful to those with no previous GRC experience. As a result, there may be a bit of a learning curve for them after implementation.
|>Easy to use|
>Good list of connectors
|>Challenging for users with no previous GRC software experience|
What Customers Are Saying
Customers like how flexible the software is and how it can become such a useful part of their daily routine. As one user finds, “We primarily purchased the tool to manage projects, contracts and vendors but continue to expand scope and automate processes.” Users like that it’s ready for configuration and testing. One user calls it a “tool that provides outstanding solution for the administration of suppliers and more.”
ProcessGene GRC Software Suite
ProcessGene GRC software suite is a tool for multi-subsidiary organizations that need a comprehensive set of tools to help them with IT GRC, corporate governance, risk management, internal audit, and regulatory compliance. This system covers global compliance programs, including those in the United States, Asia, and EMEA countries. Because it’s a cloud solution, implementation is quicker, and companies can get up and running sooner. Some notable features include:
- Heat maps that monitor risks and assess capabilities
- Recording and categorizing loss events and prevention activities
- Map controls to original regulations and avoid duplication and redundancy
- Integrated corporate governance
- Configure tests that analyze data for a variety of instances, including accuracy and completeness
- Direct connection to ERP systems for easy data sharing
- Diagnostics and tracking for analyzing corporate governance progress
- User-friendly wizard for audit completion
At the heart of the software is the Multi-Org technology, which works by treating subsidiaries as local organizations with unique practices. Local organizations can accept or reject the business process from the global baseline and create its own. ProcessGene is available through worldwide partners, and there is a free trial available. Pricing depends on the vendor but starts at $30 per user per month.
|$30/user/month||Free Trial||>Recording and categorizing loss events
>Integrated corporate governance
>Directly connect with ERP and other systems
>More features at ProcessGene GRC Software Suite
Pros & Cons of ProcessGene GRC Software Suite
ProcessGene is good for larger companies that have multiple subsidiaries. The rollouts are structured and easy to control. The fact that it helps with such a wide array of standards is a great feature, but when it comes to pricing, some organizations may find it steep, especially because there’s no volume discount. Because it’s cloud-based, it’s easy to deploy, but it does require connectivity, which is a problem in some regions.
|>Support for many global standards|
>Structured and controlled deployment
|>Price is steep
>Always need web connectivity
What Customers Are Saying
Customers love how extensive ProcessGene is and how it has streamlined their work. One user states, “Technically the suite is excellent and we chose it after a very detalied RFP. The implementation was simple and fast.” Users like that it’s easy to use, especially when it comes to SOX compliance. The dashboard manages many tasks and policies easy, helping users keep an eye on all aspects of GRC. According to one user, “We just completed the certification workflow for the entire organization with 36 branches and all worked great!”
Resolver is a cloud-based corporate security and GRC software solution that helps organizations understand what they may be seeing and how to mitigate and possibly prevent future incidents. With Resolver, organizations get to flesh out and analyze the relationships between risks, individuals, objects, locations, and the related financial impacts as well as identify opportunities. Its features include:
- Monitoring critical compliance programs to get ahead of legal and regulatory issues and reduce noncompliance costs
- Improving SOX program efficiency
- Creating custom reports that impact the bottom line and that are visible to the right people
- Automated, flexible workflows with notifications of due and pending tasks
- Disseminating best practices to employees and improving internal process
- Linking between strategic risks and daily operations
- Tracking vendor SLA adherence
- Proactive trigger assessments to mitigate risks so owners can update risks and controls
Resolver Core UI lets organizations enable single sign-on or SSO for authentication. Users can opt for a free demo, and pricing is based on quotation.
|Custom Quote||Free Demo Only||>Monitor critical compliance
>SOX program efficiency
>More features at Resolver
Pros & Cons of Resolver GRC Software
Resolver improves office efficiency, letting them get ahead on audit plans and automate workflows. It’s easy to customize, and the charts are helpful for improving visibility of the company’s GRC progress. While it’s an excellent tool, it’s not as user-friendly as it needs to be, making it tough to use at times. It does take a bit to configure certain parts, but the support team is helpful in walking users through any bumps they encounter.
|>Improves office efficiency|
|>Not as user-friendly as it should be|
What Customers Are Saying
Customers like that Resolver helps them stay on track and on budget. For companies with special configuration needs, the support teams were able to help them get the product implemented. With regards to efficiency, one executive states, “It handles everything you need for an audit function, including risk assessments, electronic workpapers, audit report generation, review and approval workflows, etc.” Users like the reporting part because it helps them better visualize their progress and challenges. According to one analyst, “To be able to carry a documentation of the incidents is great.”
RSA Archer is an integrated risk management suite that can be deployed on-premises or as a SaaS. The software offers a centralized all-in-one risk management opportunity for organizations. Its features include:
- Robust documentation for better risk quantification
- Reports on risks, controls, vulnerabilities, and regulatory obligations on security incidents
- Standardized the risk management process for better consistency
- Consistent risk view for better decisions at all levels
- Engages managers to improve accountability and oversight
- Clarifies third- and fourth-party relationships and dependencies
- Monitors and manages vendor relationships in a single system
- Streamlines incident response and assigns proper team members
Dashboards give senior management and executives insight into program budget and progress. RSA Archer integrates with RSA NetWitness for sending alerts. It also integrates with Tableau, and users can access the RSA community documents for directions. The company offers a free demo, and companies can request a free trial, but pricing is only available by quote.
|Custom Quote||Free Demo, Free Trial||>Consistent risk view for better decision-making
>Manage vendor relationships
>Streamline incident response
>More features at RSA Archer
Pros & Cons of RSA Archer GRC Software
The modules in this RSA Archer suite help organizations build a more comprehensive view of their risks. The reporting feature is informative and helps with the auditing process. Because RSA Archer is so extensive, new users can get lost in all of the screens. This poses a navigation challenge that shows the software to be less user-friendly.
|>Informative reporting for better audits|
>Comprehensive IT risk view
|>Many screens to navigate|
What Customers Are Saying
Customers like that the process of risk management is more streamlined and that it helps them develop their business continuity planning and compliance framework. One HR professional says, “Archer allows you to visually set up your compliance framework — from Enterprise Policy, supporting guidelines, processes, SOPs, and process maps.” They also find it easy to implement, and many use all of the modules from the RSA Archer Suite. “It is flexible and can be customized to suit business needs. It is a good investment,” according to one IT specialist.
SAI Global Compliance 360
SAI Global Compliance 360 offers streamlined, manageable GRC solutions. It offers risk and standards compliance management with features that include:
- Streamlined critical vendor risk management with in-depth assessments
- Multilingual ethics and compliance training and content
- Continuous KPI monitoring and actionable analytics for strategic insights
- Real-time risk and control self-assessments
- Risk consolidation techniques for a quick summary
- Identification of gaps and problems early for quicker response
- Automation and centralization of workflow for better audit management
- Monitoring and management of SOX compliance with streamlined internal processes
Compliance 360 has a Data API for developers to integrate with third-party applications. There is a free 30-day trial of its vendor risk management module.
|Custom Quote||Free Demo, 30-day Free Trial of VRM software||>Manage SOX compliance
>Continuous KPI monitoring
>Automate and centralize workflows
> More features at SAI Global Compliance 360
Pros & Cons of Sai Global Compliance 360 GRC Software
Compliance 360 helps companies keep track of new statutes and regulations. It has many solutions available, making it useful for many sectors. Because each solution is compartmentalized, it’s not modular, so it may not be possible for customers to combine different solutions without incurring significant costs. With that in mind, it’s good that there is an API available for integrating any additional tools users may need.
|>Tracks new statutes and regulations|
>Integration option with API
|>Combining different solutions may lead to hefty costs|
What Customers Are Saying
Users like how they can stay on top of their compliance and regulation statutes easily with Compliance 360. According to one user, “Compliance 360 allows a ticket to be submitted to address that. It gives accountability to the tasks.” Others like how it makes employees more aware of current policies. As one user put it, “There isn’t anything we can’t do in Compliance 360!”
StandardFusion is an integrated risk management GRC software platform that can be deployed via the cloud or on-premises. IT organizations use it to help them manage multiple standards including ISO and NIST. Its features include:
- Identification and tracking of risks and associated assets
- Built-in or customized qualitative and quantitative risk methodologies
- Auditing of internal controls and compliance requirements
- Event logs, versioning, and historical findings for real-time progress reporting
- Management of company-wide task delegation
- Categorization controls for easy management
- Policy development, approval, mapping, and distribution company-wide
- Vendor and third-party identification and tracking
- High-level summaries and detailed reports based on progress and trends
StandardFusion integrates with Jira, which works with methodologies such as Scrum or Kanban as well as a few more add-ons for popular applications, such as Slack and Google. Companies can request a demo, and there is a 14-day trial. Afterward, there are four plans to choose from: Starter is for two users and is $750 per month; Professional is for five users and is $1,700 per month; Enterprise costs $3,500 for 10 users; and Enterprise+ is $8,000 per month. For the first three levels, the onboarding fee ranges from $2,500 to $8,000, and Enterprise+ is for a dedicated implementation and doesn’t indicate how much the fee is.
|Starter: $750/month |
|Free Demo, 14-Day Free Trial||>Policy development and approval
>Real-time progress reporting
>Integration with Jira
> More features at StandardFusion
Pros & Cons of StandardFusion GRC Software
StandardFusion streamlines GRC by automating some administrative activities. It’s also got a user-friendly interface that’s easy to navigate. While the Starter plan is for smaller teams, simple features like SSO are only available for Enterprise-level subscribers. This may cause concern because some believe it’s something that should be accessible to everyone and not treated as a $200-per-month add-on. Additionally, API access is also an add-on for Starter and Professional levels, meaning companies won’t be able to automatically integrate data sources.
|>Easy to use|
|>SSO and API Access only available for Enterprise subscribers|
What Customers Are Saying
Users like how comprehensive StandardFusion is and how easy it is to use and navigate. One executive calls it, “A single tool for all of our compliance needs.” They like how good the software is at tracking multiple standards and how it reduces the number of duplicate requests certain asset owners may receive during auditing. The ability to effectively communicate with team members and the ease with which users can create standardized reports make StandardFusion a great tool for GRC. According to one executive, “Compliance is not a simple thing, but StandardFusion makes it simple to understand.”
SYNERGi GRC Platform
SYNERGi is an integrated GRC platform from IRM Altran. It’s a cloud-based cybersecurity software solution that helps organizations meet their regulatory obligations. It’s a modular cybersecurity suite from which users can choose their solution based on their business objectives.
There are seven modules: Business Continuity, IT Security Management, Audit Management, Compliance Management, Vendor Management, and Risk Management. Some features include:
- Automating manual risk and compliance process
- Real-time data reporting through advanced endpoint technologies
- Monitoring legislation and certification insights
- Unifying various frameworks, such as ISO and PCI DSS, into one centralized repository
- Machine learning and AI for predictive analytics
Penetration testing is a way for organizations to test their infrastructure or security integrity. Teams can better manage these tests and ensure that there’s adequate resource allocation to handle the security risks that pop up. SYNERGi connects with Power BI and Qualys for more robust vulnerability reporting. There is a free trial available, and companies can get quote-based pricing.
|Custom Quote||Free Trial||>Centralized repository for data
>Legislation and certification insights
>ML/AI predictive analytics
> More features at SYNERGi GRC Platform
Pros & Cons of SYNERGi GRC Platform GRC Software
SYNERGi is great at helping organizations come up with the maps for their specific compliance needs, thanks to the built-in modularity. It gives IT professionals the necessary visibility so that they can manage their risks more proactively, but its limited integration options mean that users are limited in their ability to automatically connect to their desired applications to safely share data
|>Users can choose necessary modules|
>Greater visibility for more proactive actions
|>Limited third-party integrations|
What Customers Are Saying
Users like the fact that SYNERGi helps them quickly come back into compliance. As one user who had a system that was out of compliance for over a year put it, “All the groups policies were put into SYNERGi and I was able to map across all the controls that are relevant to each policy.”
Workiva’s Wdesk is a cloud-hosted GRC platform that specializes in audit, risk, regulation, and SOX compliance management. It helps organizations be more transparent and communicate while enforcing cross-team accountability. With its SOX compliance solutions, organizations can boost decision-making efficiency and avoid costly risks. Additionally, companies can manage feedback from teams and use it to upgrade and improve coordination and collaboration throughout the organization. Its features include:
- Merging data from various sources, such as ERPs and other software tools
- Building tasks list from documentation that include reviews, revisions, and approvals
- Conducting audit-risk assessments
- Real-time updating to centralized SOX compliance repository
- Drag-and-drop annotations and automated workflows
- Full audit trail for better version control
- Collaborative workspaces with specific access functionality
- Supporting SEDAR and SEC 20-F filing needs from multiple sources
Wdesk has default connectors with apps, such as Google Drive and Boomi, with additional connectors from a host of solutions including SQL, Sage, and Tableau, just to name a few. These connectors help deliver more accurate statements for faster closing.
Organizations can request a demo and get a quote for specific pricing.
|Custom Quote||Free Demo Only||>Audit risk assessments and building task lists
>Centralized SOX repository
>SEDAR/SEC 20-F filing support
> More features at Workiva
Pros & Cons of Workiva GRC Software
Wdesk is efficient for companies that have to produce SEC reports. It’s good at keeping documents ready for audit deadlines and provides great dashboards to help users analyze and plan what they need to do. It’s a powerful platform that does have a steeper learning curve than normal, which may take some a little longer to get up and ready. Implementation can be complicated and could require a dedicated team, which may incur additional costs. The good thing is that once users get to know the system, they get more efficient at using it.
|>Keeps documents ready for SOX/SEC filings and audits|
>Dashboards for more-informed decision-making
|>Implementation can be complex
>Learning curve is a bit steeper
What Customers Are Saying
Customers like how efficient Wdesk is at handling and preparing the documentation they need. It’s secure, and real-time reporting helps staff keep track of all of the projects and tracking issues that come up. One analyst states, “Task management also works flawlessly and a list of tasks can be created from the required data.” With all of the information centralized and ready for analysis, users find it easier to work with. As one engineer put it, “It is easy to use, especially for making XBRL marking. We have a business vision quickly, and we can make more conscious and improved decisions.”
ZenGRC from Reciprocity Labs is a GRC software tool that can be deployed as SaaS or on-premises. It claims it can have companies ready in three weeks. Because management becomes more proactive, employees can be more efficient and productive. ZenGRC’s flexibility comes in its deployment options as well as in the fact that it doesn’t need any pricey equipment to run. You’re also able to add collaborators to watch the company’s compliance progress. Features that help with these and other benefits include:
- Customizable risk calculations with multivariable scoring across networks, registers, and calculated methods
- Visual dashboards for monitoring and tracking risks
- Ability to easily compile evidence for quicker assessment for audits
- Compliance dashboards for a unified view of progress status, tasks, and pending deadlines
- Automatic alerts from customized watch lists
- Secure Controls Framework, ZenGRC’s proprietary framework that supports over 750 controls and 32 domains
- Business continuity management assessment reports for seeing how goals and objectives match business continuity planning
With ZenConnect, ZenGRC offers the means to enable smoother data collection and workflow. Some of the pre-built integration options available include Jira, AWS, and Slack. ZenGRC has the Startup, Pro, and Pro+ plans that companies sign up to after scheduling a demo, but the cost isn’t provided on the vendor site. However, some sites report users paying about $2,500 per month for Startup and Pro plans, which come with one-time onboarding fees for $5,000 and $10,000 respectively. For Pro+, the monthly cost jumps to $6,000 per month, with a one-time onboarding fee of $15,000.
|Custom Quote||Free Demo Only||>Customizable risk calculations
>Unified views of progress and pending deadlines
>ZenConnect for third-party integration
> More features at ZenGRC
Pros & Cons of ZenGRC GRC Software
ZenGRC is a flexible solution that provides a centralized dashboard that you can customize to see whichever assessments and data need to be tracked. It also helps organizations with in-depth inspections during audits, and the number of templates available for various frameworks saves users time when performing recurring tasks. However, the sheer number of framework concepts companies must use can make it confusing for them to decide which ones they need to use immediately.
>Time-saving templates for recurring tasks
>In-depth inspections for audit preparation
|>Number of framework concepts can be confusing|
What Customers Are Saying
Customers like how ZenGRC gave them the ability to customize their needs, especially if they have a lot of requirements. One IT engineer states, “ZenGRC provides me a great quick view of the compliance of my systems. The software helps me track issues that need to be resolved.” The efficiency of the software helps users easily migrate their disparate files into one unified location. As one user puts it, ”ZenGRC gets the job done without being overly complicated.”
What Is GRC Software?
When people talk about GRC, two sectors immediately come to mind: IT and finance. While both are essential to the process, the fact is that governance, risk, and compliance is a strategy that aligns all departments to overall business objectives. Let’s break down what each function means:
- Governance: This means that all policies and processes align with business objectives.
- Risk: This ensures that risks are handled in ways that support organization objectives. While many people assume this just means handling disasters, such as losing control of data through fraud or theft, the fact is that positive risks, known as opportunities, must also be identified and addressed.
- Compliance: The business’s activities meet the standards of external laws and regulations impacting the sector or the location.
GRC software provides the technical framework to guide companies in refining and developing their own customized functions that carefully straddle these lines.
Benefits of GRC Software
When measuring the value of GRC software, here are a few benefits to consider:
- Better ROI: The return on investment comes from a few sources. The reduction of legal fines due to noncompliance is one savings. Streamlining financial and operational processes reduces inaccurate reporting and improves productivity.
- Optimizing IT investments: With GRC platforms in place, the need to improve data integrity means investing in network and application security tools that will improve data privacy management from internal and external sources.
- Reduced fragmentation: Fragmentation increases the cost burden to organizations due to their need to maintain multiple solutions and the support associated with them. By reducing fragmentation, this means centralized management and no more silos.
- Built-in accountability: The closed-loop system created by management and reporting increases transparency and accountability by forcing the appropriate team members to take necessary and timely action for things to move forward.
- Better business insight: Improved reporting and visualization lead to the ability to pinpoint upcoming opportunities and challenges. With this level of insight, the actions you take in the present will have greater impacts on future resources.
Must-Have Features of GRC Software
Committing to the right GRC software means having the ability to seamlessly handle the policy and regulations without too much hassle. In many cases, it will take months for organizations to really settle into their software solution, especially if they have more complex needs. In the initial stages, however, companies have to ensure that their needs are being met with some essential features, such as:
- Flexibility and scalability: With higher achievement of company objectives comes growth. A good GRC software tool is both flexible enough for necessary customization and scalable enough to handle necessary expansions.
- Centralized controls: The ability to have all of the information you need in one location reduces the chances of error, increases visibility, and improves trust in the data. Centralized controls make the ability to search for what you need less time-consuming.
- Automation: Routine tasks that are automated free up employee time for more productive projects. Additionally, it helps speed up the approval and review processes.
- Collaboration: The elimination of silos is key because regulations measure the entire organization’s efforts, and this demands cross-unit collaboration.
- Merging frameworks: HIPAA, SOX, and PCI DSS are just a few of the regulatory frameworks certain U.S.-based companies have to deal with. GRCs have to unify frameworks to help businesses comply even when those regulations cross international borders.
- Ease to use and learn: This means that the user interface is clean and attractive. Ideally, it would be intuitive. Along with this, the GRC software is easy to learn, and users can be productive within hours. If there are questions, users can seek help via a knowledge base, tutorials, or various support channels.
While this is not required or supported in some cases, built-in and third-party integrations with other tools are necessary as companies may want to securely import from or export data to another trusted ERP, CRM, or legacy system. Pre-built connectors make it easy to move data, but there need to be other ways to connect different systems that fulfill the governance, risk, and compliance requirements.
The Cost of GRC Software
The cost of GRC software can be hefty. Some vendors report having to spend hundreds of thousands of dollars between hardware and software components, as well as implementation services, maintenance, and support. Some companies quote $200,000 or more per year. Your organization will need to assess business needs before taking the time to do a free trial, which may require partial integration. Many companies do quote-based pricing, but it’s not unusual to spend anywhere from a couple of hundred dollars per user per month with a minimum of licenses or have a few thousand dollars as a flat monthly fee for a certain number of controls. Whatever the structure, be prepared for a stiff implementation cost during the initial setup.