A well-planned strategy can improve decision-making, allow for optimal information technology investments, eliminate silos, and reduce fragmentation among divisions and departments.
Specifically, the three pillars of GRC are:
Any organization, whether large or small, public or private, can implement GRC. To successfully implement a strategy, there are five key steps to take:
Want to learn more about developing a GRC strategy? Read more: The GRC Framework: A Practical Guide to GRC
Once an organization has solid policies and procedures in place, investing in a GRC solution can assist in making significant advances in performance, decision-making, risk awareness, and digital transformation. Benefits of using a GRC tool include:
Popular GRC software vendors include:
AuditBoard: A tool for enterprises that need extensive internal audit management,AuditBoard visualizes gap remediation and provides audit training videos. One key area of focus is on SOX compliance: AuditBoard has an entire module dedicated to Sarbanes-Oxley Act (SOX) regulation management.
LogicManager: This cloud-based enterprise GRC solution provides integrated risk management capabilities like vulnerability detection and assigns a dedicated consultant to each customer. LogicManager offers financial controls and HR environment management.
IBM OpenPages: OpenPages, a solution for enterprises, analyzes both structured and unstructured data, including data from security systems, for risks. Users can configure workflows to automate GRC tasks with tools like drag and drop. OpenPages integrates with IBM Cognos Analytics for additional risk data.
MetricStream: An integrated risk management tool with vendor management and cyber compliance features, one of MetricStream’s key differentiators is its focus on environmental, social, and governance (ESG) policies, which takes environmental risks and standards into consideration. It’s a solution for businesses that are heavily affected by environmental factors.
Quantivate: This enterprise GRC and business continuity platform includes IT risk management and procurement for managing sourcing and vendor risks. Quantivate also focuses on disaster recovery, providing consulting sessions with backup and DR experts for an extra fee.
SAI360: A cloud-based enterprise solution with audit management and process modeling capabilities, SAI360 offers a FastTrack for businesses that want to implement their GRC strategy quickly, offering tools like templates and rapid training.
SAP GRC: SAP’s features extend into the security realm, including security information and event management (SIEM), access controls, and single sign-on (SSO). SAP is a solution designed for large organizations, particularly enterprises that can manage its wealth of solutions.
ServiceNow GRC: A key differentiator of enterprise vendor ServiceNow is the operational resilience management product, which includes risk prioritization, monitoring, and impact tolerance testing. Operational resilience management builds on business continuity plans, allowing enterprises to prepare for problems and develop data- based response methods.
StandardFusion: Specifically designed for information security teams, StandardFusion offers compliance management for sixteen standards, including GDPR, PCI-DSS, and SOX . StandardFusion’s risk management provides workflow progress and impact and vulnerability rankings.
Forrest is a writer for Webopedia. Experienced, entrepreneurial, and well-rounded, he has 15+ years covering technology, business software, website design, programming, and more.