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9 Best GRC Platforms for Risk Management [2023]

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Check out the best GRC platforms that will ensure maximum security and compliance while reducing business risks.

GRC stands for governance, risk, and compliance. Organizations need to implement this strategy to securely follow government and industry regulations while managing risks that may appear on the way. 

GRC is a combination of practices and processes that lets you structurally align IT with business objectives. With its help, organizations can cost-effectively manage potential IT and security risks. By meeting compliance requirements, this policy also improves organizational performance and decision-making.

These tasks might seem complex, but with the right GRC platform, you can get the best results with the least manual effort.

What Is the GRC Platform and How Does It Work?

GRC platforms are solutions or application suites that can implement and manage the GRC program of an enterprise. Using these tools, companies can create, map, and distribute their governance policies. Also, the solutions enable you to control regulations and compliance needs. 

What-Is-the-GRC-Platform-and-How-Does-It-Work

GRC software applications are usually SaaS products that involve complex installation processes. Organizations need to go through vendor negotiation for that. There is also data coordination between multiple teams of vendors and the organization, including technical, security, compliance, IT, and business teams.

All the GRC users receive training for smooth usability and maximum benefit. Sometimes, the work culture has to be changed to facilitate the collaborative nature of GRC applications. Regular testing is also done to ensure that the platform is functioning properly. The platforms are also included in the disaster recovery plans for continual use during disruptive events.

Reasons to Use a GRC Platform

  • Monitor resources and set up framework rules
  • Make quick data-driven decisions
  • Streamline operations around work culture and ethics
  • Promote ethical decision-making
  • Develop a healthy environment 
  • Better security with robust data security measures 
  • Protect customer data and privacy
  • Comply with data privacy and industrial regulations

How to Choose the Best GRC Platform

Depending on your organizational requirements, you need to find a suitable GRC platform considering the following points:

How-to-Choose-the-Best-GRC-Platform-1
  • Vendor assessment is an essential step of this process. All the stakeholders should be on the same page about their needs.
  • Make sure the application is user-friendly and does not involve a steep learning curve. It should have a functional interface for efficient use by every team member.
  • Since security is a top priority for GRC, the platform you choose should not come with any internal or external risks in terms of security. 
  • If your GRC solution is scalable, business growth will not be an issue for you.
  • Customization is another important point to look for while choosing a GRC platform so that you can tweak it according to your needs.
  • Vendor support is another crucial aspect you need to consider to stay prepared for rainy days. 
  • Choose an affordable solution for your business so you can achieve ROI without compromising security.
  • Last but not least, go for a reputed platform as it involves security and compliance issues.

Now we explore some best GRC platforms you should choose.

Diligent

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Diligent is a flexible GRC platform that helps you make a greater impact on your decision-making through enhanced transparency and data integration. This digital solution digitally transforms the way companies collect, analyze, and utilize data. It offers the following features for modern organizations:

  • Digitized board material
  • Seamless entity management
  • Time-saving automation and audit workflows
  • Real-time monitoring to ensure regulatory compliance
  • Data centralization for governmental, social, and environmental purposes
  • Single source of truth for collaboration and cost management

Diligent also provides the necessary support for the organizations so that they can perform better for their stakeholders, employees, shareholders, and the community as a whole.

SAI360

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Are you looking for software that can assist in disruption prevention through precise monitoring and management? SAI360 helps you build a resilient organization with its range of integrations. 

This platform provides you with a unified view of enterprise risk management. As a result, you can quickly operationalize the GRC program quickly using pre-configured modules. The top features of this platform include:

  • Scalable, secure, and reliable solution for GRC
  • SaaS application deployment with maximum uptime and compliance standards
  • Single source of truth with reporting tools and analytics dashboards
  • Aggregation of multi-dimensional risk data 
  • User-friendly interface for extracting, storing, and managing risk data

SAI360 supports the operationalization of GRC all over the world with pre-mapped standards and controls.

LogicGate

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If you want to identify risks at the earliest possible stage and turn them into opportunities, LogicGate is an ideal choice for your organization. Using this platform, you can build no-code workflows for assistance in risk-related decision-making. This solution allows you to access the following features:

  • Automated processes and comprehensive reports
  • GDPR and CCPA compliance for customer data protection
  • Cyber risk visibilities with assets, controls, and vulnerabilities
  • Spot and monitor enterprise risks
  • Quick vendor onboarding with maximized security

Whether you’re an expert or novice in the field of GRC, LogicGate lets you set up, manage, and improve your program. 

OneTrust

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OneTrust is a risk management platform that helps you face all challenges and uncertainties with confidence. Whether it is about government policy, security assurance, IT risk management, and audit management, this should be your go-to option. This platform also makes your organization and supply chain resilient to global security threats and cyber-attacks.

Some highlighted features of this application are:

  • Unified platform for risk prioritization
  • Manage security regulations and security frameworks
  • Get regulatory intelligence and compliance insight
  • Central policy development with collaboration and Business Intelligence
  • Automate evidence collection process
  • Streamline exams and audits

Companies can also reduce risks involved in the third-party lifecycle and take full control of issue management with this platform.

Predict360

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Predict360 is an integrated GRC platform for compliance and risk management. It uses AI for automated processes and streamlined workflows. Using this application, enterprises can maximize profitability, productivity, and innovation through risk prediction. Moreover, you can also identify, quantify, and mitigate risks. Here, you get the following features:

  • Complete GRC solution with all the necessary tools
  • Get insights into risk program and control it with speed
  • Flexible options to choose modules that your business needs
  • Cloud-based platform for quick integration
  • Powerful content plugins and regulatory knowledge base

Regardless of your company size, you can use this intuitive and automated software for maximum proficiency.

CyberStrong

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Using applications like CyberStrong, organizations can readily integrate cybersecurity, IT risk, and compliance functions in one place. This holistic platform amalgamates technology, process, and data to simplify, automate, and integrate strategic and operational processes. You will get the following features in this tool:

  • Risk and compliance transformation internally and externally
  • Data aggregation and automated reporting across the supply chain
  • Scalable SaaS platform for unlimited assessments and risk quantification 
  • Support for personalized vendor questionnaires
  • A wide collection of policy and procedure templates 
  • Classification and visualization of threats and risks

CyberStrong also eliminates manual labor and offers real-time insights to cyber risk teams and executives.

LogicManager

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Looking for a GRC solution that can improve your organizational performance & drive more efficiency into your teams? LogicManager is a flexible and intuitive software to level up your risk management. The highlighted features of this application are:

  • Cutting-edge and user-friendly solutions for enterprise risk management
  • Home screen customization and unique profile creation
  • Intuitive dashboard and real-time reports
  • Reduce compliance burden with built-in controls and control suggestions
  • Customizable workflows for automated planning and scoping process
  • Real-time risk awareness for improved controls and assurance
  • Configurable profile and visibility rules for access control and supervision

LogicManager also supports no-code integration with 50+ third-party applications for any department.

MetricStream

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When there is a need for tracking and coordinating multiple GRC activities, you need robust platforms like MetricStream. This comprehensive solution is suitable for global enterprises and their ecosystems. Its key features include:

  • Boost reporting visibility and efficiency across the organization
  • Protect brand reputation by accelerating business performance
  • Efficiently execute disaster recovery program
  • Reduced cost for controls and associated processes
  • Less time spent on supplier onboarding and compliance management

Moreover, MetricStream offers a complete view of Third-Party risks and business performance to deliver valuable intelligence.

ZenGRC

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ZenGRC is a compliance and risk management platform for all organizations. It shares a complete view of control environments so that you can address critical tasks. Highlighted features of this solution are:

  • Single source of truth for all compliance needs
  • Measure your security status with insights and analytics
  • Content library with 30+ various standards and regulations
  • Worry-free integration with business applications
  • Configurable process workflows for cross-team collaboration

Using ZenGRC, companies can offer an integrated experience to their security and compliance teams across the business.

Conclusion

As you can see, GRC bears the utmost importance in the business world, considering the present cybersecurity and data compliance scenarios. Using a powerful GRC platform will help you manage all the related processes through automation.

All the solutions mentioned in the above list are robust and feature-rich. However, you might want to try these out separately to know which one suits best for your organization. You might also want to learn about cyber insurance that helps you with risk management.

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