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The 6 Best Governance, Risk & Compliance (GRC) Tools for 2024 - Technology News

The 6 Best Governance, Risk & Compliance (GRC) Tools for 2024

5 days ago 7

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Compare the champion governance, hazard and compliance tools 2024 has to offer. Discover the champion GRC solution for your business's needs.

Top 6 GRC tools:

As businesses successful 2024 propulsion guardant successful pursuit of endeavor success, competitors aren’t the lone things lasting successful their way. Security, governance and compliance issues tin make important setbacks that dilatory organizations’ progress. After all, it’s acold easier for businesses to scope their objectives without factors similar compliance breaches, governance issues and cybersecurity threats nipping astatine their heels.

SEE: How to Start a Career successful Cybersecurity (TechRepublic Premium)

GRC bundle tackles this contented by helping users enactment a measurement up of the varying complexities of endeavor management. These solutions unify governance, hazard and compliance operations to lighten the load of managing these captious factors. Many GRC tools are disposable today, each equipped with features that alteration organizational teams to amended comprehend their operational requirements, negociate them efficaciously and debar immoderate threats connected their way to success.

If you’re acceptable to larn however GRC bundle tin heighten your business’s hazard and compliance operations, you’ve travel to the close place. This nonfiction compares the apical GRC tools disposable successful 2024.

Top GRC tools

GRC bundle solutions typically see modular features that let for businesslike and unified absorption of governance, hazard and compliance operations. The six tools covered successful this nonfiction each connection these capabilities, successful summation to their ain unsocial features that differentiate them from the rest.

Mitratech: Best for user-friendliness

Mitratech LogoImage: Mitratech

Mitratech’s GRC solution, Mitratech Alyne, is an integrated solution that offers users greater transparency implicit their organization’s hazard management. Using AI technology, the level provides tools to assistance users recognize their risks and instrumentality the due information effect measures to support against threats.

SEE: What Is Data Governance and How Does it Benefit My Organization? (TechRepublic)

All-in-all, Mitratech Alyne shines arsenic an intuitive strategy that takes the guesswork retired of governance and information portion offering a complete, real-time presumption of the organization’s hazard and compliance status. Continuous monitoring, information analytics and streamlined compliance features are conscionable a fewer of the perks included successful this intuitive platform.

Why I chose Mitratech Alyne

I chose Mitratech Alyne arsenic 1 of the champion GRC tools retired determination contiguous due to the fact that of its easy-to-use interface. Odds are, not everyone connected your squad is simply a tech whiz, and fortunately, this merchandise won’t necessitate an adept to comprehend its features and capabilities. I particularly bask Alyne’s customizable workflows, which tin let adjacent the astir non-technical users to align the strategy with their unsocial needs.

Zero-code workflows alteration   squad  members of each  method  backgrounds to program  and execute GRC processes. Zero-code workflows alteration squad members of each method backgrounds to program and execute GRC processes. Image: Mitratech

The strategy offers capable capabilities passim its intuitive interface for users of each method backgrounds to streamline their organizational hazard monitoring and management.

Pricing

Mitratech doesn’t database pricing for its Alyne GRC product. Interested parties tin interaction the institution straight to petition a demo and pricing for the bundle solution.

Features

  • Mobile-friendly design.
  • Analytics and reporting.
  • Risk assessments.
  • Policy and papers interpretations.
  • Multi-language capabilities.

Pros

  • The bundle provides 1,500 out-of-the-box, pre-defined hazard mitigation templates mapped to controls and regulations.
  • Mitratech offers integrated GRC tools and solutions and integrations with third-party providers, enabling users to negociate hazard crossed their organizational operations.
  • Users tin easy instrumentality customizations to their bundle utilizing the system’s no-code configuration and workflows, careless of their method background.

Cons

  • Mitratech does not supply transparent pricing accusation for its Alyne solution.

IBM OpenPages: Best for scalability

IBM LogoImage: IBM

If you’re looking for scalability successful your GRC solution, look nary further than IBM OpenPages. IBM’s unified GRC merchandise is disposable done 5 bundle pricing options, allowing users to prime the program that meets their organization’s changing needs.

SEE: 8 Best Identity and Access Management (IAM) Solutions successful 2024 (TechRepublic)

Each of the merchandise bundles incorporates real-time information analysis, AI and no-code configuration wrong its halfway features, making OpenPages a robust solution for harnessing close and broad insights. This flexibility offered to organizations, paired with the solution’s robust AI integrations, makes OpenPages an effectual prime for supporting increasing organizations.

Why I chose OpenPages

OpenPages stood retired to maine arsenic a highly scalable solution with options equipped to grip teams of each industries and sizes. The merchandise boasts awesome capabilities, arsenic it tin enactment implicit 2,500 concurrent front-office and back-office users portion enabling each indispensable members to transportation retired 24/7 hazard monitoring. That said, you tin remainder assured that OpenPages tin turn alongside your squad portion maintaining its effectiveness, adjacent erstwhile applied to large-scale operations.

Pricing

  • IBM Assessment for Third-Party Risk Management: Starts astatine $48,000.
  • OpenPages SaaS Single Solution: Starts astatine $75,000.
  • OpenPages SaaS Enterprise: Starts astatine $108,000.
  • OpenPages Client-Hosted / Hybrid Single Solution: Starts astatine $162,000.
  • OpenPages Client-Hosted / Hybrid Solution Bundle: Starts astatine $207,000.

Features

  • Predictive insights.
  • GRC virtual assistant.
  • GRC embedded workflows.
  • Customizable dashboards.
  • REST API integrations.

Pros

  • Users tin entree insights astir the organization’s information privateness maturity and risks done the privateness serviceman dashboard.
  • The merchandise features an intuitive, task-focused idiosyncratic interface.
  • Configurable workflows connection drag-and-drop functionality for casual workflow management.
The GRC embedded workflow diagnostic   is intuitive and user-friendly with drag-and-drop functionality.The GRC embedded workflow diagnostic is intuitive and user-friendly with drag-and-drop functionality. Image: IBM

Cons

  • Some users reported complexity erstwhile integrating the bundle with third-party tools and solutions.

Fusion Framework System: Best for third-party hazard management

Fusion Framework System LogoImage: Fusion Framework System

The Fusion Framework System by Fusion Risk Management is bundle designed to simplify hazard resilience for organizations. Through nonsubjective hazard insights and process mapping, it offers enhanced visibility into an organization’s risk-related operations.

SEE: What Is Cloud Security? (TechRepublic)

The solution lets users get the astir retired of its capabilities by providing informative data-backed insights and adapting to changes successful the organization’s GRC operations. To this end, businesses tin integrate their information from alternate systems wrong the solution, allowing for much important insights and enhanced operational resilience.

Why I chose the Fusion Framework System

Fusion Framework System felt similar an due prime for this list, arsenic its third-party absorption solution offers fantabulous worth for teams looking to negociate hazard crossed their full third-party ecosystem.

Businesses tin  easy  analyse  the information    of each   1  of their vendors done  the third-party absorption   features.Businesses tin easy analyse the information of each 1 of their vendors done the third-party absorption features. Image: Fusion Risk Management

From vendor evaluations to offboarding and terminations, the solution offers features designed to supply clarity and information crossed each of the organization’s third-party processes. I person recovered the scope of capabilities offered for assessing third-party relationships has helped maine confidently attack decisions regarding hazard mitigation and scope decisions to mitigate hazard and fulfill their integer translation initiatives.

Pricing

Fusion doesn’t database pricing for its Fusion Framework System product. Interested parties tin interaction the institution straight to petition a demo and pricing for the bundle solution.

Features

  • API integrations.
  • Consulting support.
  • Disaster betterment monitoring.
  • Workflow optimization.
  • Auto-generated reporting.

Pros

  • The solution is flexible, and businesses tin set their strategy based connected their unsocial GRC processes and KPI needs.
  • Fusion offers enactment from subject-matter experts done Fuel, its consulting services.

Cons

  • Fusion Risk Management is hosted connected the Salesforce level and is, therefore, constricted to the Salesforce platform’s capabilities.
  • Vast customization options whitethorn beryllium overwhelming for caller users.

StandardFusion: Best for concern expansion

StandardFusion LogoImage: StandardFusion

Not to beryllium confused with the Fusion Framework System, StandardFusion is simply a GRC solution aimed astatine supporting concern growth. The solution integrates and unifies GRC absorption wrong 1 broad system, allowing teams to bask exceptional visibility into their operations.

By simplifying information operations, the merchandise enables teams to enactment resilient against roadblocks and dedicate much clip and effort to concern expansion. Its adaptive information exemplary helps marque this imaginable by providing insights and capabilities that align with the business’s goals.

Why I chose StandardFusion

StandardFusion earned its spot connected this database by offering features that trim the effort required for teams to negociate their governance, hazard and compliance portion supporting their business’ expansion. It supports planetary concern maturation with scalable features disposable crossed antithetic industries and locations.

For me, the thought of maintaining compliance erstwhile expanding concern operations to caller regions tin beryllium nerve-wracking. But I was blessed to find that StandardFusion allows users to set the system’s absorption operations truthful that they tin fulfill each of their increasing planetary regulatory requirements.

Pricing

StandardFusion doesn’t database pricing for its GRC platform. Interested parties tin interaction the institution straight to petition a escaped proceedings and pricing for the bundle solution.

Features

  • Comprehensive dashboards.
  • Risk analysis.
  • Automated alerts.
  • Policy acceptance tracking.
  • Real-time compliance monitoring.
  • Customizable support workflows.

Pros

  • Centralized information and analytics features and collaborative argumentation editing capabilities enactment teams successful consolidating operations crossed their organization.
  • StandardFusion offers a seven-day escaped proceedings to funny parties done their website.
  • Risk investigation tools usage real-time analytics, providing users with data-driven insights into threats.
The data-driven hazard  investigation  tools connection    invaluable  insights into the organization’s hazard  landscape.The data-driven hazard investigation tools connection invaluable insights into the organization’s hazard landscape. Image: StandardFusion

Cons

  • Reviewers person cited dissatisfaction with the constricted customization options for strategy notifications.

ServiceNow: Best for Visibility

ServiceNow LogoImage: ServiceNow

ServiceNow’s Governance Risk and Compliance merchandise offers a real-time solution to managing concern risk. It helps organizations amended their resilience, with capabilities geared toward tackling disruptions head-on. Robust features similar continuous monitoring, script investigation and tolerance assessments are each elements recovered wrong the continuity, betterment and hazard programs included successful this unified GRC solution.

Why I chose ServiceNow

Call maine a control-freak if you indispensable (I similar cautious), but I similar to enactment in-the cognize astir immoderate issues that whitethorn travel my way. ServiceNow helps maine execute this by offering continuous, real-time monitoring of assorted factors pertaining to organizational risks, show and resilience.

Better yet, its dynamic dashboards marque it casual to presumption and way each indispensable metric continuously crossed captious concern services. This way, users similar maine tin rapidly place and negociate non-compliant controls portion maintaining a changeless consciousness of their business’s presumption successful real-time.

The ServiceNow GRC solution   offers businesses greater transparency implicit    their hazard  posture done  its broad   visualizations.The ServiceNow GRC solution offers businesses greater transparency implicit their hazard posture done its broad visualizations. Image: ServiceNow

Pricing

ServiceNow doesn’t database pricing for its GRC product. Interested parties tin interaction the institution straight to petition a demo and pricing for the bundle solution.

Features

  • Dynamic dashboards.
  • Unified information sharing.
  • Third-party hazard management.
  • Risk quality scoring.
  • Automated RMF processes.

Pros

  • Supports robust integrations with different ServiceNow solutions.
  • Boasts awesome automated hazard management, monitoring and remediation features.

Cons

  • Users person complained astir the tool’s idiosyncratic interface not being precise intuitive.

Hyperproof: Best for workflow optimization

Hyperproof LogoImage: Hyperproof

An organization’s resilience depends connected the ratio of its operations. Fortunately, the Hyperproof solution is aimed astatine optimizing captious workflows with task automation, hazard prioritization and squad reporting.

The bundle besides automates grounds postulation and wide reporting, providing broad visibility of the organization’s systematic hazard management. Proving compliance is simplified by the system’s papers repository.

Teams tin  store   compliance information  each  successful  1  spot  with Hyperproof’s papers  repository, making audits and inspections a breeze. Teams tin store compliance information each successful 1 spot with Hyperproof’s papers repository, making audits and inspections a breeze. Image: Hyperproof

Why I chose Hyperproof

I americium ever connected the lookout for solutions with workflow features that, well, work. By this, I mean ones that harness automation successful their workflows to signifier squad operations successful a mode that satisfies their objectives. Hyperproof achieves this beautifully done workflows that supply the close magnitude of automation and visibility to support organizations successful check.

Hyperproof’s enhanced compliance, audit, vendor and hazard absorption workflows align squad members connected the way to GRC occurrence with a assortment of robust capabilities. For instance, teams tin representation compliance controls crossed frameworks, nexus impervious to controls to simplify impervious collection, way issues and risks and adjacent centralize connection with auditors.

Pricing

Hyperproof doesn’t database pricing for its GRC product. Interested parties tin interaction the institution straight to petition a demo and pricing for the bundle solution.

Features

  • Customizable reports.
  • Risk register.
  • Continual lawsuit support.
  • Issues management.
  • Third-party integrations.

Pros

  • Hyperproof includes an intuitive idiosyncratic interface connected a unified platform.
  • The solution automatically adjusts to ongoing changes related to audits and different GRC absorption processes.
  • Users tin instrumentality customizable controls for flexible compliance management.

Cons

  • Hyperproof includes a wide array of features wrong its solution, resulting successful a important learning curve for caller users.

Businesses that tin payment from GRC tools

GRC tools are advantageous for immoderate enactment looking to optimize its procedures. These solutions bring much transparency into the processes progressive successful managing regulatory requirements and enactment an organization’s resilient information posture.

A cardinal facet of these tools is their quality to unify absorption objectives into 1 system. Leaders and lower-level users alike tin enactment up to day with tasks done the system’s automated features and trackable workflows, which heighten squad collaboration. That said, larger teams volition payment from the productivity-boosting capabilities of these streamlined solutions, similar the dynamic dashboards, alignment facilities and unified interfaces.

GRC frameworks are designed to assistance users negociate risks, truthful they are optimal for ample organizations with highly delicate data. However, adjacent tiny businesses tin acquisition important losses from a information breach and should instrumentality cybersecurity solutions similar these to safeguard their data. GRC tools attack information nonaccomplishment by identifying risks and executing mitigation strategies to support invaluable assets, making them an important enactment of defence for smaller organizations.

Another perk of GRC systems is that they marque tracking and managing compliance obligations a breeze for organizations juggling indispensable regulatory responsibilities. It tin connection an easier mode for businesses with captious governance standards to support up with evolving interior and outer rules and regulations. So, alternatively of struggling with audits oregon facing penalties, businesses tin efficiently support their compliance with ever-changing policies and run with integrity.

At the extremity of the day, GRC tools tin person affirmative effects connected astir organizations but whitethorn not beryllium worthy the outgo and effort required to instrumentality them. If you’re wondering whether a GRC strategy is simply a bully prime for your business, see however 1 would acceptable into your organizational operations. For example, if your operations impact delicate data, third-party relationships, governance standards, and regulatory requirements, a GRC strategy whitethorn beryllium the instrumentality for you.

How bash I take the champion GRC instrumentality for my business?

The champion instrumentality for your concern volition beryllium connected its unsocial GRC absorption requirements. By considering your organization’s indispensable obligations and existing GRC processes, you tin place which bundle features volition beryllium astir beneficial for enhancing its operational activities.

Businesses’ GRC requirements tin alteration based connected factors similar their size, manufacture and stakeholders. Larger organizations looking to streamline processes betwixt galore users and teams should question a GRC instrumentality with collaborative features similar flexible workflows, squad reporting and unified information sharing. These tin interruption down accusation silos and beforehand much transparency crossed teams.

If your enactment aims to amended compliance audit efficiency, its GRC absorption instrumentality should see capabilities to enactment this. Hyperproof is an fantabulous illustration of a strategy that provides supportive features for managing audit requirements, arsenic it has customizable reporting and automatically updates successful accordance with applicable compliance and governance updates.

Consider your organization’s cardinal hazard factors. Some GRC tools whitethorn beryllium much suitable for remediating definite risks than others, truthful it’s important to prime 1 that satisfies your business’s captious needs. For instance, StandardFusion whitethorn beryllium a bully prime for organizations requiring assistance with their operations and compliance standings, arsenic it comes with features similar real-time compliance monitoring. Alternatively, a concern with invaluable assets whitethorn privation to prioritize cybersecurity features alternatively erstwhile searching for a GRC tool.

Fortunately, galore GRC bundle vendors let businesses to effort retired their products with escaped trials and demos. Take vantage of these, arsenic they tin springiness you a consciousness for the system’s interface, customization capabilities and user-friendliness. If you are stuck betwixt 2 comparable options, taking a trial thrust of the bundle whitethorn supply adjuvant penetration into which instrumentality would beryllium astir suitable for your organization.

Review methodology

I wrote this method reappraisal of GRC tools utilizing compiled lit from applicable databases, including vendor websites, idiosyncratic testimonials and third-party reviews.

Additionally, I leveraged my idiosyncratic acquisition with the GRC technologies covered successful this review. Applying this knowledge, I considered however each featured merchandise would service businesses and organizations arsenic they transportation retired GRC operations.

The accusation I referenced successful this nonfiction was gathered from vendor websites, my idiosyncratic acquisition findings and an aggregate of idiosyncratic feedback to guarantee a high-quality review.

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