Governance, Risk And Compliance Tools (With Benefits)

With advancements in technology, risk and compliance tools have become increasingly indispensable for businesses. Some governance, risk and compliance (GRC) solutions are integral for businesses to accomplish their goals. Understanding the features of different GRC tools may help you choose one that best fits the organisation. In this article, we define governance, risk and compliance tools, outline their importance, highlight their features and discuss 10 of the most popular GRC tools.

What are risk and compliance tools?

Governance, risk and compliance (GRC) tools are specific operations that aid companies in designing and implementing their governance, compliance and risk management practices more efficiently. For instance, software and IT solutions assist team members in computerising GRC operations, helping them to simplify work and execution intricacies. Risk management involves recognising, evaluating and managing financial, security and legal risks to a business. To minimise risk, a company requires using resources to reduce, examine and manage the effect of unconstructive actions while capitalising on helpful events.

Compliance entails observing rules, principles, policies and laws established by businesses or government agencies. Non-adherence to the set rules and regulations may cost a business in form of fines, penalties, poor performance, lawsuits and costly errors. Regulatory compliance comprises external rules, policies and industry principles that relate to the firm. Internal compliance includes a set of laws, guiding principles and internal regulations established by a specific organisation.

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Why are GRC tools important?

Here are some benefits of GRC tools to businesses:

• boosts the speed and precision of data availability and risk evaluation

• enhances accessibility to risk information

• eases everyday duties and reduces human mistakes

• enables planned decision-making

• provides protection against litigation or financial penalties or unfavourable internal audits

• lessens the burden of disintegration and data silos

With the right plans, team and organisation in place, a GRC plan can save you time and help the business in accomplishing its objectives by managing internal and regulatory risks.

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Essential features of GRC tools

Here are some vital features you get from every GRC tool:

• Risk analysis: An effective GRC tool can examine risks and suggest proposals for future improvement.

• Compliance database: The ability to monitor compliance proposals in a manner that keeps every team knowledgeable is a crucial feature of GRC tools.

• Auditing tools: A tool created for auditing purposes can effectively complete suitable economic procedures or resource audits as required.

• Reporting and analytics: The reporting tools are powerful, flexible, modifiable and visually attractive. This makes them versatile and can help companies to customise inputs according to their set standards of evaluation, helping in reporting and developing analytics.

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Factors to consider when choosing GRC tools

You can consider the following factors when selecting GRC tools for review:

• Value for money: Consider the appropriateness of the price for the potential features and application of the tool.

• Usability: Find out if the tool is easy to understand and if the organisation gives good tech user and tech support tutorial training.

• Integrations: Check if you can link the tool easily with other software and if it has any pre-designed combinations.

• User interface (UI): Consider a tool with a clean and striking user interface.

Who uses GRC tools?

Almost any firm can gain from having a GRC plan, irrespective of the industry. Bigger corporations which may have GRC responsibilities spread across many divisions may profit more from embracing GRC tools. Companies in industries where compliance is fundamental for success can also gain from using a GRC tool.

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9 Effective GRC Tools

Here is a detailed list of 9 most popular GRC tools you can consider:

1. Fusion framework system

This framework is a cloud-based GRC tool built to function together with the Salesforce software. It enables firms to increase the digital transfiguration of their GRC program by combining structures, data, services, human resources and practices under one platform. This framework enables users to envisage their products and services from a consumer viewpoint, generating a plan of everyday tasks within the company.

The fusion framework also incorporates features for managing incidents and examining risks. You can customise the tool through clicks, and the directed workflow performance makes it simple for any customer to use the tool. Major features of the tool include coverage, dashboards, incident monitoring and exceptional configurability. The fusion framework is extremely user-friendly, which means you can customise it without coding, even if you are not very familiar with technical intricacies.

2. Standard fusion

The standard fusion tool was created to make GRC more friendly and available for all industries while minimising potential risks and interruptions by strategical planning. It is one of the most adaptable GRC tools today and can promote small and medium ventures. You can effortlessly operate the tool as it is simple and you can access the data you want in a short time. The software has a spontaneous design that enables new users to understand quickly how to operate it efficiently.

This tool's modules enable customers to control their GRC programs effectively. You can evaluate and monitor the effect and probability of each risk and mitigate measures and review their results through the report producer feature. The tool uses a specific set of universal controls in which customers can make, direct and examine their controls and security plans to guarantee compliance across various structures. With flexible auditing abilities, you can complete both internal audits and track external audits to promote compliance.

3. IBM OpenPages

This GRC tool is an amalgamation of the IBM artificial intelligence (AI) engine, Watson, from IBM. IBM OpenPages tool has key components that comprise services to restructure the administration of IT governance, monetary controls and regulatory programs. The tool also has components that support internal audits linked to GRC functions. Adjustable pricing and AI integration-by-default make it a suitable fit for enterprises of all sizes, particularly enterprises that wish to embrace machine learning (ML) and GRC tools concurrently. The OpenPages tool has an adaptable price that can function well for smaller groups that want to moderate their expenditure.

4. ServiceNow governance risk and compliance

The ServiceNow GRC tool aids in enforcing a culture of risk management with integrated data setting options by providing easy access to intuition and functions through mobile apps and portals. It has reporting and analytic facets that are all-inclusive and instinctive to use, providing adaptability for whichever figures you might want to monitor. One other advantage of using this tool is that it has clear graphics to enable you to envisage fundamental information.

5. Enablon

This tool enables top-down and bottom-up techniques for risk detection. You can evaluate risks by using a secure process to establish the basis and effects and identify precautionary and extenuating commands. One important feature of Enablon is its ability to manage bulky databases effortlessly and you can download your data in a format of your preference. It also has software that helps you set reminders or notifications for an expiring permit. If you require consistent reports and dashboards, this tool can gather information from all components and minimise the time spent on data analysis.

6. Riskonnect

This tool effectively combines data from various sources, computerises scheduled procedures and employs analytics to change complex information into concrete information. Riskonnect excels in the usability category of assessment as it has widespread resources for coaching. It has an efficient consumer care division with several methods of contacting them. It also has a blog with case history and endorsements about business influential leaders and a webinar series. The software allows GRC experts to generate audit strategies, store essential documents and review any consequential data efficiently.

7. SAP GRC

The SAP GRC tool allows users to incorporate GRC practices on a universal technology platform. This tool has noteworthy features that include audit planning, risk strategy and planning, compliance checks and exclusion detection. SAP provides many primary products and services to combine with its main GRC system. You can change the package you want and only pay for what you want. You may also prefer the tool's revolutionary way of creating a comprehensive storehouse, which is critical for easy GRC processes.

8. Nasdaq BWise

Nasdaq BWise is a unified set of compliance solutions created by BWise technology to enhance regulatory compliance strategy. You can assemble, access, share or move data assets and ensure data privacy with this GRC tool. Its most notable feature is its forthcoming adaptability alternatives that enable users to navigate diverse, distinctive compliance programmes across the company. Nasdaq BWise also has an efficient monitoring capability for audit testing and outcomes.

9. LogicManager

This is cloud-based GRC software designed for companies that wish to collect, control and evaluate data pertaining to risk management processes. LogicManager enables organisations to generate an integrated risk management policy, simplify reporting and take advantage of instantaneous data to spot and react to plausible threats more efficiently. Before purchasing and incorporating the tool, you can get support from a committed corporate adviser to help you implement the tool effectively and build a GRC program with the tool.

Please note that none of the companies, institutions or organisations mentioned in this article are associated with Indeed.