Best Compliance Software in 2021

Best Compliance Software in 2021

Do you have any concerns about accountability and adherence? Before going on to the tool summaries, check out this useful FAQ.

What’s Tech for GRC?

GRC Software (Governance Risk Management and Enforcement Software) is a way for publicly regulated entities to control IT-related activities that require oversight to ensuring that compliance and risk requirements are met. Technology for risk navigation aims to focus on four components: policy, practices, infrastructure, and individuals.

What are the benefits of using GRC instruments?

The proper GRC instrument will assist publicly-owned businesses:

  • Increasing their worth by delivering a preventive approach
  • Generate immediate reporting and make decisions more easily and efficiently.
  • To minimize damage as easily as possible, detect exceptions.
  • Automate detective controls to improve efficacy
  • Reduce the cost of enforcement going forward
  • If/when laws change, receive real-time alerts
  • Shorten times for auditing

What Are GRC Tools’ Typical Features?

Some of the following features will be used with most GRC tools: information management; document management; input/output, delivery, and collaboration for user events; risk analytics; risk and control management; process management; audit management; and dashboards and monitoring.

What’s the price of the GRC Average?

For applications, infrastructure, and installation, robust GRC software would usually cost upward of $200,000. Costs for GRC can hit as much as $600,000.

Are there any GRC resources that are open source?

Yes Yes! On their blogs, for instance, Eramba and OCEG say that they have open source solutions.

Criteria of GRC Resources

When we pick resources for analysis, what are we looking for? Below is a review of my requirements for assessment:

  1. User Interface (UI): Is it appealing and clean?
  2. Usability: Is it easy to master and learn? Is there strong tech support, customer support, tutorials, and training offered by the company?
  3. Functionality & Features:
  • Risk Analysis-Can the program analyze and quantify threats and make potential mitigating suggestions?
  • Compliance Database: Does the tool control and instruct compliance measures in a manner that keeps each team updated and on track?
  • Auditing Tools-Is the software constructed as required for effective financial, resource, or process audits?
  • Reporting and analytics-Are the methods for reporting robust, adaptable, scalable, and visually attractive? May they be exported for analysis into common types of files?

Integrations: Is linking to other resources easy? Any integrations that are pre-built?

Value for $: How is the price for the specifications, functionality, and use case appropriate? Is pricing straightforward, simple, and flexible?

In Information Systems, Managing Risk

Risk management in IT is the mechanism in which organizations use technologies and resources specially designed to help them handle future instability and harm. IT GRC software can help define and reduce risks associated with the use, ownership, service, engagement, impact, and implementation of IT within a business and with all participating users.

Risk governance in IT is normally used as part of the company’s broader, all-encompassing risk control policy. IT risk management can include the ability to classify digital properties, the ability to implement and track IT system controls, identify risks depending on business criticality or technical severity, envision and analyze different remediation solutions, and set IT process risk levels.

IT is continually changing, evolving in scope, capacities, and the laws surrounding it. In that context, enforcement monitoring is important to ensuring that the practices are still up-to-date, particularly with respect to security and privacy protocols.

Overview of Tools for the GRC

Here’s a short overview of the most common compliance applications on this top 10 list. Until making the decision on what tool to pay for, use this overview as a quick GRC program reference.

1. StandardFusion – Best GRC tool for internal audits

StandardFusion has been developed to make GRC more open and accessible to all organizations while reducing danger and damage before it happens. StandardFusion is one of the most versatile GRC software on the market that can be used by SMBs and companies, whether you are new to the practice or a professional.

The tool has an interface that is simple and efficient. It’s easy to use inside the app and you can get to wherever you need with just a few taps. With its simple interface, even consumers with little knowledge of the app would easily catch on. They also give in-depth educational workshops for items and user manuals. Often available are professional assistance, in-person instruction, and devoted performance managers.

The StandardFusion modules allow users in a single location to handle their risks and enforcement systems effectively. The effect and probability of individual risks, minimizing actions, and summarizing their effects can be measured and monitored using the report generator.

In order to ensure consistency across different systems, the app runs using a centralized collection of standard controls where users can build, maintain and monitor their controls and security programs. You can conduct both internal audits and monitor external audits to monitor compliance, with flexible auditing capability.

The platform is an agnostic system that can accommodate multi-framework compliance, including: ISO27001, SOC2, PCI DSS, NIST, FedRAMP, HIPAA, and CCPA. There are numerous existing integrations for StandardFusion, including: Jira, Confluence, Slack, OpenID, Pair, and Google Authenticator. We also have a single sign-on option, UCF integration, and access to our API.

The straightforward price framework, which can be difficult to find in an enterprise-grade tool, is a final standout feature of this instrument. Pricing words and no surprises are set out beforehand. All plans give users access to the full capabilities of the app, with extra enhancements and integrations provided as a scale for the plans.

Pricing begins at $750/two users/month for StandardFusion.

2. IBM OpenPages – Best enterprise GRC tool

IBM OpenPages for Watson, used by business giant General Motors, delivers key resources and practical elements addressing operating risk, regulation and enforcement, administration of financial regulations, IT governance, and internal audit.

But as the team expands, any per-user expense may become unruly, IBM OpenPages has a flexible cost that could work well for smaller groups that need to moderate their expenditure. The annual fee is fair enough that in the Benefit for Cost calculation it earned them high points.

One downside to this program is that applying risk analysis, generating and logging challenges, and setting up process automation can be a little sluggish. All-in-all, by using this application, the users may require patience.

The cost of IBM OpenPages is $272/user/year and it has a free preview.

3. ServiceNow Governance Risk and Compliance – Best GRC automation tool

In the 2019 Magic Quadrant for Advanced Risk Management, ServiceNow was declared a Pioneer. By providing the front line quick access to insights and tasks through chat, mobile apps, and portals, this GRC tool helps to push a risk management culture in a cohesive data climate.

The ServiceNow reporting and analytics features are robust and intuitive to use, providing tremendous versatility for any metrics you need to track. Thus in this portion of the Features & Functions assessment criterion, they ranked high.

A con to mention is that when it comes to their reporting tools, the ServiceNow Governance Risk and Regulatory program might use some sprucing up, which lacks sophisticated filters and would do better to expand the usable data visualization schemes. But it does have some very easy-to-read graphics to help you interpret simple details, as you can see from the above screenshot.

On request, ServiceNow Governance Risk and Compliance has personalized pricing and has a free sample.

4. SAI Global Compliance 360 – Best GRC tool for flexibility and customization

This GRC tool offers third-party market threats a vantage point. In addition to some robust risk intelligence analyses, it also offers improved UI and intuitive-to-navigate knowledge.

A) the opportunity to perform company-wide instruction on existing practices and processes, and B) the automation of essential authorization workflow measures, etc in order to keep people responsible. SAI Global Enforcement 360 excels in a few notable features.

SAI Global Enforcement 360 is a little complicated and cluttered as well as navigation and ease of use are considered. For tasks that should take one or two, users can feel like they have to perform several clicks. Thus in the usability requirements section, they missed a few assessment points.

Know that SAI Global Compliance 360 is a highly versatile product when you are searching for the right GRC fit; ask their support team to help tailor just what you need.

Upon request, SAI Global Compliance 360 has personalized pricing and has a free demo.

5. Navex Global RiskRate – Best GRC tool for risk management

RiskRate dynamically scans the threats of the third party against the biggest risk information database in the world: more than 500 regulatory databases, 200,000 unique newspaper publications, 1.5 million individuals with political exposure (PEPs), and more than 8 million accounts in adverse media.

The new flare and organisation of elegant, contemporary applications is in Navex Global RiskRate. Users with any level of expertise would be relaxed and familiar with this form of gui, which in the UX portion of the appraisal rated them favorably.

A con to remember is that the user is responsible for evaluating redundancy/duplicate objects or records, rather than being filtered by software protocols, adding time wasted by manual interaction.

The Global RiskRate for Navex costs $5000/year and has a free demo.

6. Enablon – Best GRC reporting tool

Enablon is a GRC program developed to promote top-down and bottom-up risk recognition approaches. Analyze hazards to evaluate triggers and effects and to identify protective and mitigation controls through using bow-tie features.

A few items that Enablon excels at are their ability to quickly manage massive datasets and import your Excel, PDF, or even PowerPoint files. Plus, they are helpful with their software to set reminders/notifications for expiring permits.

According to the assessment criterion, Enablon loses a bit of flexibility, as the auditing tools may be a bit convoluted; in addition, types must be more versatile, as many neglect copy-paste capability and other anticipated characteristics.

Enablon goes beyond and beyond to collect input from all plugins and cut down on data processing time if you need accurate reporting and dashboards.

Enablon provides, upon request, personalized pricing and has a free demo.

7. Riskonnect – Best GRC tool for usability and user experience

Riskonnect is a globally pioneer in applied risk management technology and the largest supplier of RMIS in the world. It consolidates information from different channels effortlessly, automates repetitive operations, and incorporates analytics to translate complex information into actionable intelligence.

Riskonnect has robust preparation tools, ranking them high in the evaluation’s usability division. They have a comprehensive customer service department with several avenues to contact them, a forum with business leaders’ case studies and testimonials, and a webinar collection.

A criticism of the platform for Riskonnect is that some of the functionality available to administrators are a little clunky and difficult to use.

This approach empowers GRC experts to quickly develop audit schedules, store significant records, and summarize any resulting details.

Riskonnect features, upon request, personalized pricing and has a free demo.

8. SAP GRC – Best GRC tool for first-party integrations

On a standard technology framework, SAP GRC helps users to integrate GRC processes. Risk strategy and preparation include features; a centralized archive with information on process control; audit planning, management and performance; and identification and compliance reviews for exceptions.

In order to align with their main GRC framework, SAP provides numerous first-party products and services available. The kit they want can be personalized by consumers and only pay for what they need. Thus, they ranked well in the evaluation’s Integration portion.

A downside to the program is that installation and preparation takes a while, allowing users to deal with a high learning curve and insufficient support to provide assistance.

Users will love the advanced manner in which the approach creates a global archive, which is important for smooth GRC processes.

SAP GRC per license costs from $500-15,000 and has a free sample.

9. Nasdaq BWise – Best GRC tool for visibility and oversight

Driven by BWise technology, this comprehensive suite of enforcement tools is designed to simplify the regulatory compliance program. Using the BWise GDPR Enforcement Solution to store, view, transfer, or exchange data properties and preserve data privacy and data security.

Nasdaq BWise does a lot of stuff well, but there are a few excellent features I want to mention here, such as its user-friendly customization solutions that enable users around the company to access separate, specific compliance initiatives. Additionally, for research purposes, integration of TeamMate is useful.

The user interface is a bit gloomy and the information organization is very rigid; it looks neither futuristic nor attractive, but it does the trick. Thus in the UX section of the appraisal requirements, Nasdaq BWise missed a few points.

A special shout-out goes to the smooth recording of audit testing and outcomes by BWise; this approach will assist if audits cause you grief.

On request, Nasdaq BWise provides pricing and has a free sample.

10. MetricStream GRC – Best GRC assessment tool

MetricStream GRC streamlines compliance practices with streamlined workflows and resources for self-assessments, reports, and problem remediation; through intuitive dashboards and maps, it offers real-time visibility into compliance processes, facilitating decision-making.

Its internal audit management facilities, which allow users to quickly and intuitively streamline and automate the internal audit lifecycle, are a highlight of this software. In addition, the software has means to avoid any duplication of work and data, saving time for consumers.

In the Value for Cost evaluation, MetricStream GRC missed a few points, as the licensing fee is indeed a hefty price point. There are also set-up costs and continuing support fees that fall into the mix, in addition to the one-time license charge, allowing the expense leap higher.

Anyone concerned about the launch of a new GRC solution will rejoice in the uber-easy deployment of MetricStream and top tier customer service.

MetricStream GRC begins as a one-time licensing charge at $100,000 and has a free demo.

Other options for GRC instruments

Here are a couple more that didn’t make the chart at the end. Check these out if you need additional tips for handy enforcement reporting tools.

  1. RSA Archer-Best GRC instrument for IT teams
  2. Onspring-Best for controlling risk for manufacturers
  3. Reciprocity ZenGRC is the best GRC platform for organizational security and protection mechanism visibility.
  4. Dataminr-Best AI capability GRC tool
  5. Resolver-Best GRC method for protection of information
  6. Donesafe-Best for environmental and occupational safety monitoring
  7. Seismic: Perfect GRC instrument to ensure compliance with brand and regulatory guidelines
  8. Best GRC platform for cross-department cooperation with LogicGate
  9. Best for GRC workflow control, Refinitiv Related Risk
  10. Apptega- Best for complying with cybersecurity
  11. Procipient-Best GRC instrument for arranging and administration of audits
  12. Galvanize-Best GRC instrument for government agencies
  13. Aylien-Ideal for risk control using news and other media data
  14. Fixnix FreshGRC-Best for tracking in real-time