Monday, 27 May 2024

8 Best GRC Tools in 2021

GRC platforms can help businesses to mitigate risk and minimize legal, financial, and other liabilities. Companies make use of GRC tools to implement as well as monitor company-wide policies for risk management. It is commonly referred to as ERM or enterprise risk management. This kind of software covers several kinds of risks like unforeseen hazards, financial issues, operational changes, and process anomalies.

With the use of GRC tools, businesses can automate the compliance programs to help get rid of vulnerabilities, which may otherwise put the business at higher risk.

Best GRC Tools in 2021

Besides helping with immediate compliance requirements, the right GRC solution will keep the business well prepared in the future when it navigates changes in policies and processes.

  1. StandardFusion

StandardFusion is used in both large corporations and smaller enterprises. This system is simple to set up can be good choice for businesses that are just getting started with standards compliance. This system can modified to fit different data protection requirements, which include: PCI-DSS, HIPAA, GDPR, NIST, ISO, SOC2, CCPA, as well as FedRAMP. When you set this system up with an appropriate standard, this system presents a series of questionnaires that will help you to define the right scope of the compliance requirements.

2.Fusion Framework System

Fusion Framework is the GRC software, which is cloud-based as well as works in conjunction with the Salesforce platform as an add-on. This GRC tool allows businesses to increase this process of the digital transformation of the GRC programs by integration of the data, systems, services, as well as procedures within one single and simple-to-use network. The tool is best for compliance management due to its ability to meet various industry standards and regulations, with optimal visibility offered through predictive analytics.

  1. RSA

RSA Archer removes silos from the risk management procedure so all the efforts will be streamlined and allows information to be consolidated, accurate, and comprehensive. This platform’s configurability allows the users to make several changes without any coding and database development needed.

  1. Resolver

For heightened corporate security, risk management, information security, and compliance, Resolver is a good solution. It can help decrease the instance and impact of negative events. Integrated user adoption as well as data sharing, with the custom software configurations, help meet the specific security and compliance requirements. This tool offers meaningful reports, which make the complex data sets digestible with actionable intelligence.

  1. Enablon

Enablon has some powerful automation abilities, which reduce the need for manual processes. This product shines with its dashboards & reporting tools. It can analyze the data from top-down and from bottom-up with just one click of the button as well as help you to identify high-level market trends with precision and speed. Data sets can be exported as PDFs, spreadsheets, and presentations.

  1. SAI Global’s

SAI Global’s GRC tool, earlier called Nasdaq Bwise, specializes in standards compliance systems. The focus of the system is storage and data movement. This makes it very useful for businesses that want to implement GDPR where the physical location of the data storage is very important.

  1. AuditBoard

AuditBoard is a cloud-based GRC tool, which includes various audit, risk, as well as compliance tools. AuditBoardcan be used for conducting internal audits, increasing the efficiency of the workflows, managing risks, managing controls, and SOX compliance. This tool boasts an intuitive design, which offers the optimal user experience, and is made by the practitioners that will help the enterprises to overcome various industry challenges.

  1. SAP GRC

The hands-down favorite of the GRC tools is the SAP GRC. SAP GRC tools offers a top-of-line, big data and predictive analytics abilities that are tied to risk management. SAP GRC tools were recognized was named in the 2020 GRC Wave. In addition, SAP GRC was also given the second spot in the 2020 GRC Footprint Awards for delivering great customer service.