Establish a positive business standing and avoid any complications in your business to ensure an obstacle-free journey towards success. Achieve all of that and aim to prepare and equip your organization with the data and procedures necessary to deal with unexpected situations by securing extensive GRC software at your disposal. Get yours from this article.
12+ GRC Software
What Is GRC Software?
GRC software is a digital solution designed to help businesses streamline and simplify the processes involved in governance, risk management, and compliance. With this software solution, you can access a centralized interface that integrates essential information technology processes and necessary functionalities, allowing businesses to gain more control and understanding of how to respond and resolve issues optimally.
It monitors data analytics and measures metrics from varying business functions across multiple platforms to track compliance and detect risks and inefficiencies in the processes. In addition, this technology offers digital tools to digitize audit management processes and other tasks in coordinating and orchestrating policies in the organization.
Utilizing this software will contribute to making your complicated GRC tasks a breeze. Also, it is a rich data source allowing you to gain better insights into the multiple facets of your business, helping you identify shortcomings and increase the effectiveness of your governance processes. In addition, it allows you to complete these tasks using more cost-efficient and productive methods.
The software market has a variety of GRC software solutions that specializes in different aspects and offers impressive unique features provided by GRC software vendors. That said, each of them can help you in varying ways, and considering the lengthy list of options you can choose from, you should effectively filter them and single out the one that meets your needs the best. Some elements that will help you identify which to choose are their service offerings, supported digital devices, and compatible business sizes. Also, consider the following features:
- Task delegation tools
- Workflow automation capabilities
- Compliance management functionalities
- Risk analysis tools
- IT security risk management features
- Incident management tools
- Policy management functionalities
- Scalability features
- Artificial intelligence capabilities
Top 10 GRC Software
OpenPages is a compliance software that has IT governance and regulatory compliance management tools. Its developer, IBM, has 73.62 billion dollars in generated revenue and has 345,900 employees working for them.
Controls audit and data visualization digital tools are examples of features in this digital solution. They have employed 100,330 people and have generated a revenue of 30 billion dollars.
OneTrust is a GDPR software with functionalities for legal risk management and audit management. They have 1,894 people working for them and have 221.4 million dollars in generated revenue.
With this risk management software, you can streamline the processes of corrective and preventive actions and risk assessment. They have a revenue of 199 million dollars and have 1,300 people working for them.
Riskonnect provides its users with safety management and audit planning capabilities. They have a generated revenue of 105 million dollars and have employed 500 people.
With this GRC management software, you can use risk mitigation and powerful analytics features. They have 477 employees in their team and have 100 million dollars in generated revenue.
When you use this software, you can utilize capabilities for investigation management and incident reporting. They have a generated revenue of 31.6 million dollars and have 218 employees.
This audit software has tools for task management and internal controls management. They have 31.2 million dollars in generated revenue and have 215 people on their team.
This risk management solution has capabilities for operational risk management and business process control. They have 69 employees and have 10 million dollars in generated revenue.
You can streamline complaint management and root cause analysis. ZEBSOFT has 12 employees in its team and has a generated revenue of 557 thousand dollars.
What processes fall under the scope of GRC services?
GRC encompasses activities involved in ensuring to align IT services with business objectives and strategic goals. Also, it includes integrating compliance documentation and administering compliance training to ensure that your organization complies with regulatory requirements. In addition, this practice covers managing audits, assessing impacts, undertaking quality management, and running control monitoring tasks.
Why is GRC essential?
An effective GRC strategy in place will help you quickly identify risks and effectively employ a response plan to eliminate them and minimize losses. Also, it gives you a more comprehensive view of your processes and helps you take targeted and data-driven methods to improve internal control. In addition, with it, you can ensure that you are utilizing and allocating your IT resources efficiently.
What are the differences between governance and compliance?
Governance and compliance often go hand-in-hand, which is why people mistake them as similar terms. Despite that, they have differences that separate them and will help you identify which is which. The former term, governance, focuses more on the business framework and management strategies businesses employ to improve performance and achieve operational efficiency. On the other hand, the latter aims to ensure that the organization is operating ethically and is conforming with stated requirements, and making appropriate changes to stay within the regulatory standards.
Maintain a smooth and seamless flow of information and resources across the departments within your workforce without uncertainty by taking to modern solutions to help you with your GRC strategy. Manage these three functions with just a few clicks and swipes of the tips of your fingers by equipping the best GRC software for you.
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