Risk and compliance management are more significant practices today than ever due to constant data breaches constantly reported in the IT field and the mounting pressure from regulatory agencies. Consequently, vendors and data consumers have responded with a series of Governance, Risk, and Compliance (GRC) technologies to thwart the threats while managing the risk. GRC solutions might appear a bit shallow compared to the modern and treading AI technologies. Still, it’s been found that businesses that apply adequate risk management programs have benefited significantly from high market value, implying that they beat their competitors.
Specifically, risk management in IT is a processing company followed/adopted by companies to navigate potential uncertainty/vulnerability and damages with the help of tools/software specifically designed for that purpose. Top IT GRC tools assist in determining and mitigating risks affiliated with the application, possession, operation, influence, and adoption of Information technology within the business and all the players involved. With the never-ending compliance laws and related demands, there has been growth in the GRC market. Cloud-based solutions are gaining a lot of importance due to their resilience to the ever-changing regulatory and threat landscape – on-premises solutions are out of date and even less effective. Cloud-based solutions vendors can offer analytics and support services to provide successful risk management programs.
It’s been established that there is tremendous evolution of the GRC market into integrated risk management (IRM), which encompasses different functions/operations like Digital Risk Management, Vendor Risk Management, Audit Management, Enterprise Legal Management, and Corporate Compliance and Oversight. Integrated Risk Management (IRM) goes beyond the conventional compliance-steered GRC technologies to offer insights that are in line with the strategies of the business. GRC platforms support SaaS capabilities for efficient performance to execute numerous functions such as document management, audit management, document management, risk analytics, dashboard and reporting, risk and control management, regulatory change management, and user event i/o (input and output), and workflow management. Some of the top GRC tools include RSA Archer, LogicManager, Riskonnect, SAP GRC, ACL GRC, SAI Global Compliance360, MetricStream GRC, BWise GRC, Rsam GRC, and Enablon GRC.
Top GRC Tools
This platform allows users to benefit from a wide range of solutions depending on the requirements, creating business processes in a short period to develop tailored applications and integrating with the external systems. This GRC solution comes with notable benefits such as:
- Promotes collaboration: RSA Archer supports cross-functional collaboration as well as alignment with businesses across the IT, finance, legal, and operation spectra to work together as an integrated framework.
- Suitable for non-technical applications: non-technical applications can be enabled by automating the processes, streamline workflows, customizing the user interface, and reporting in real-time by applying the point and click interface to create and manage applications.
- Ease complexity: this tool fundamentally eases the complexity of the system, strengthens user adoption as well as minimizing the time required for training.
- Quick time to value: the tool allows users to adopt a wide range of technologies to their requirements, creating modern business processes over a short time period.
This enterprise risk management tool prepares users for future cyber threats by offering quick and quality risk management when required. The tool speeds the technique of mining and aggregating data, creating reports, and managing spreadsheet files. Truly, LogicManager incorporates enterprise risk management, information technology governance and protection, compliance management, 3rd party risk management, business continuity, policy management, and incident management. With LogicManager, you can centralize your risk management program into a single hub and streamline processes with various automated tools that support splendid risk identification, supervision, and reporting.
This tool transforms how you think and manage risk by incorporating data, linking risks, and correlating their relationships to get a clear view of how the risk impacts the whole enterprise. Riskonnect is a global leader in integrated risk management and the leading Risk Management Information Systems (RMIS) provider. The tool collects all the provided information – including contacts, policies, access credentials, and agreements – into a single point to supervise vendors effectively. The tool conducts an internal audit to manage all aspects of complex audits and make them secure and accessible.
This powerful security tool is used by businesses to comply with data security as well as authorization standards. SAP GRC minimizes the period needed to identify, remediate, and approve access across various IT fields. Its functions constitute an array of modules that revolve around SAP high-performance analytic appliance (HANA) in-memory analytics that offers first-rate predictive analytics capability for big data.
The ACL GRC platform comes with modules to support strategy, projects, results, and analytics, together with integrated content, including add-ons like data connectors. It’s an automated SaaS platform that merges CPM – corporate performance management – and GRC. It comes with a simple user interface, rigid mobile support, as well as splendid analytic integration. Currently, over 7000 businesses across 140 countries globally adopt this tool.
SAI Global Compliance360
The GRC solution is best known for monitoring, notifying, updating, and managing the operational GRC needs of a company. It raises the compliance and lowers the risk to reduce fines/penalties that could be levied on the business if it misses this important compliance.
This tool addresses audits, financial control, contracts, quality, performance, risk management, vendor governance, compliance with FDA, trading surveillance, and prevention of losses. This tool also provides midmarket solutions.
This tool identifies all the roles affiliated with GRC and includes modules like auditing, compliance, policy management, and risk management.
It’s meant to detect, analyze, and manage risks. Its modules include compliance, audit, policy, vendor risk, security incident, business continuity, and regulatory change. Rsam GRC collects both structured and unstructured data from different sources.
This involves modules like risk management, inspection, mobile audits, mobile safety, internal controls, and risk management, among others.
The IT sector is constantly changing, and so must be the GRC tools. The above-mentioned tools are perfect for risk management and GRC related functions.