The 11 Best GRC Tools for 2024

With so many GRC tools available, figuring out which suits your organization can be challenging. 

Governance, Risk, and Compliance (GRC) platforms help organizations optimize their governance strategies, streamline risk management processes, and ensure compliance with regulatory requirements. 

GRC platforms offer an integrated suite of tools and capabilities that cover areas such as risk management, policy management, audit management, compliance management, internal control management, and incident management. They provide a centralized and holistic view of a company’s risks, controls, and compliance status, enabling organizations to make data-driven decisions and prioritize resources more effectively.

The security market is thriving, with GRC vendors offering solutions that cater to various industries, company sizes, and risk and compliance needs. This article will explore the top GRC tools and highlight each solution’s best use cases and features.

GRC Trends in 2024

We’ve compiled a list of leading trends in the 2024 GRC space, organized alphabetically.

A is for Automation

Automated compliance functions such as data collecting, monitoring, and reporting are increasingly automated to save manual labor and increase accuracy.

G is for Governance

Governance is set to take center stage in the GRC world, with the NIST CSF 2.0 now including governance as a core function of cyber GRC and risk management.

I is for Integration

GRC products progressively provide deeper Integration with other business systems such as ERP, CRM, and project management applications. 

R is for Real-Time Risk

Improved real-time risk monitoring and identification capabilities using modern technologies, including alerts and notifications, allow faster response to a dynamic threat landscape.

S is for Super-Long Supply Chains

Companies operate across diverse geographic locations and engage with many third-party service providers. These entities are essential links in the organization’s operations and value chain. 

Regulators are placing greater emphasis on the extended enterprise, holding organizations accountable for the actions of their suppliers and vendors. Integrating VRM into GRC practices is essential for ensuring regulatory compliance and mitigating risks in today’s interconnected business environment.

T  is for Transparency

Accountability for risk and compliance is a growing trend worldwide, especially at the board level. GRC decisions will likely be more transparent and backed by business leadership.

AI is for Artificial Intelligence

There is a strong emphasis on using advanced analytics, artificial intelligence, and machine learning to improve risk identification, automate compliance operations, and provide predictive insights. In addition, more and more client companies will use AI to improve their GRC workflows, while oversight and regulation will likely grow.

Top GRC Tools for 2024

Centraleyes

Centraleyes offers several features that distinguish it from other GRC tools. Its automated risk management workflows enable you to identify and prioritize risks, develop and track risk mitigation programs, and monitor risk tolerance levels. Centraleyes lets users extract risk data from across the enterprise and generate one-click reports for real-time decision-making.

Centraleyes provides uniform workflows and support for self-assessments and vendor risk management, making Centraleyes a popular solution for businesses seeking efficient risk and compliance management.

The platform consists of three core solutions (1st Party, 3rd Party, and Board View), each built to be highly configurable with centralized data so that users can gain visibility across all their risk and compliance functions at any stage. 

Anyone concerned about deploying a new GRC system would appreciate Centraleye’s simple onboarding and first-rate customer assistance.

Archer Insight

Archer Insight is a robust risk management solution that facilitates insightful analysis of risks and their potential mitigations. It provides a comprehensive view of enterprise-level risks by standardizing risk exposure calculations and integrating risk quantification into the Enterprise Risk Management (ERM) framework. Leveraging pre-built mathematical models enables consistent quantification of various risk types, aiding in effective decision-making and resource allocation.   

AuditBoard

AuditBoard emerges as a comprehensive risk management platform, empowering organizations to elevate audit, risk, IT security, and ESG programs. AuditBoard fosters improved risk awareness and ownership across functional teams through seamless collaboration and automation. Its AI-driven content generation, intuitive reporting dashboards, and integration capabilities with major workplace systems ensure streamlined risk management and reporting processes.

Diligent HighBond

Diligent HighBond streamlines governance, risk, and compliance (GRC) processes. Centralizing GRC allows firms to create automated, end-to-end procedures for real-time policy modification. Using powerful data analytics, HighBond gives users in-depth insights without technological experience.

Dashboards and reports provide visibility into GRC data on the platform. Diligent’s Security Program follows the NIST Cybersecurity Framework and ISO/IEC 27001 requirements to secure information assets using an ISMS. 

Drata

Drata is a leading compliance automation platform that provides expert support to businesses in achieving audit-ready status. With over 85 native integrations, Drata enables seamless evidence collection and control monitoring across diverse systems. Offering pre-built frameworks and customizable controls simplifies compliance management, ensuring continuous monitoring and proactive risk mitigation.

IBM OpenPages

IBM OpenPages is an AI-powered GRC platform consolidating risk management functions within a unified environment. It is seamlessly integrated with IBM Cloud Pak for Data and facilitates efficient risk identification, management, monitoring, and reporting. 

OpenPages unifies business-wide risk and compliance programs into a unified management system, forming the cornerstone for enterprise risk management (ERM). OpenPages offers modular and integrated governance, risk, and compliance solutions for ESG, data protection, operational risk, and more.

LogicGate Risk Cloud

LogicGate Risk Cloud is a centralized platform designed to enhance risk management practices within organizations. Offering streamlined workflows, automated evidence collection, and quantification of risks, LogicGate enables efficient risk assessment and communication. With support for various solutions, including controls compliance, cyber risk management, and third-party risk management, it caters to diverse risk management needs.

Resolver

Resolver emerges as an all-encompassing GRC solution, focusing on enterprise risk management, regulatory compliance, internal audit, and vendor risk management. Through data-informed internal audits and streamlined compliance monitoring, Resolver aids organizations in improving risk culture and operational efficiency. Its comprehensive vendor risk management software minimizes the impact of potential incidents, ensuring secure and resilient operations.

Riskonnect

Riskonnect is a leading GRC platform tailored for professionals in various industries, such as healthcare, retail, insurance, financial services, and manufacturing. With its comprehensive GRC suite of features, Riskonnect integrates governance, management, and reporting of performance, risk, and compliance processes across the organization. Its strategic analytics, powered by Riskonnect Insights, provide invaluable intelligence by surfacing critical risks to senior leadership through alerts and visualizations. 

Riskonnect offers seamless integration with the Salesforce CRM platform, enhancing its user functionality and usability. While Riskonnect boasts numerous advantages, such as task automation, customizable dashboards, and vendor information gathering, some users have reported challenges with software implementation and a steep learning curve.

SAI360

SAI360 is a comprehensive compliance and risk management solution that offers unified management systems, real-time dashboards, and automated workflows. With features for enterprise and operational risk management, ethics and compliance learning, and digital risk management, SAI360 enables organizations to maintain a culture of compliance and make informed decisions. Additionally, its integration with Evotix offers end-to-end EHS&S services, further enhancing organizational resilience.

ZenGRC

ZenGRC is a cloud-based risk and compliance management solution renowned for its continuous monitoring capabilities and streamlined audit management processes. With its customizable and centralized platform, businesses can navigate audits and monitor risks while benefiting from a single source of truth. 

ZenGRC’s vendor risk management feature empowers users to assess vendor risks through questionnaires and access pre-built libraries of regulations, ensuring comprehensive compliance.

The platform also fosters stakeholder collaboration through cross-functional workflows. With pre-built integrations, audit and compliance teams can seamlessly complete compliance and audit tasks.

What Are The Benefits Of Governance, Risk & Compliance Software?

Improved Decision-Making: GRC software has extensive reporting features that enable data-driven decision-making.

Responsible Operations: GRC supports ethical standards inside enterprises to ensure responsible and sustainable operations.

Enhanced Cybersecurity: GRC helps analyze cyber GRC threats and execute actions to meet data protection regulations, which improves cybersecurity.

Single-Point of Reference: GRC software provides a single picture of governance, risk, and compliance operations, increasing efficiency and accuracy in risk assessment and compliance management.

Effective Risk Assessment: GRC systems automate and streamline risk assessment processes, allowing for data-driven decisions and efficient risk mitigation.

What Features Should You Look For In Governance, Risk & Compliance Tools?

Must-Have Features

GRC tools typically have features such as risk assessment, compliance management, policy management, incident management, audit management, reporting and analytics, risk management, third-party risk management, document management, and workflow automation. To be considered for inclusion on this list of the best GRC tools, the solution had to support the ability to fulfill these use cases.

Nice-to-Have Features

New Technology

Tools that offer robust integration capabilities or leverage AI and machine learning for predictive risk analysis or other purposes are nice features.

Usability

Intuitive user interfaces that simplify complex data visualization are a plus. Also, those that provide value with precise, logical navigation, easy access to key features, and responsive design that supports various devices and screen sizes.

Onboarding

Outstanding onboarding support and resources influenced our final list of the best GRC solutions. Critical factors included the availability of comprehensive training materials, including videos, templates, and interactive tours, and the ease of data migration and integration setup. 

Customer Support 

Customers value the availability of a knowledge base, a responsive customer service team, and tools that offer dedicated account management for personalized support.

How to Choose a GRC Solution

All GRC platforms are not made equal. How does a corporation choose the best platform?

1. Set Goals and Requirements

To choose the proper GRC solution for your firm, identify and define your needs.

Every organization and security program is different. Some GRC solutions are better for scaling startups, while others are better for enterprise purposes. Some GRC systems are superior for specialized industries like healthcare, finance, and insurance.

2. Market Comparison

Software evaluation is crucial to GRC solution selection.

Don’t settle for a race-the-clock solution. Many solutions promise to get you up and running quickly, helping you prepare for attestations like SOC 2s or guarantee a full audit in weeks.

In reality, a good security audit takes time. Even if your organization’s security isn’t mature, you can look for quick implementation, but an audit turnaround of two weeks is unreasonable.

3. Compare Features

Managing a complex and ever-changing business environment is difficult. 

Features to look for include:

• Customizable Risk Register
• Strong Risk Analytics and Monitoring
• Practical Remediation Steps
• Cross Mapping
• Pre-loaded frameworks
• Scanning features
• Quantifying risk
• Acute visibility
• Multi-Tenancy and Collaboration
• Scales with your company Easy usage, intuitive interface
• Live updates and notifications

4. Assess Costs

One of the most complex parts of picking a GRC tool is cost. Cheaper is rarely better, and expensive only sometimes means best. Thus, features, functionality, and long-term security and compliance goals must be considered.

Getting executive buy-in is the largest issue when analyzing GRC solution costs. They will want to know platform staff expenses, implementation time, learning curve, and long-term investment return.

5. Connect to your IT

Choose a platform that integrates seamlessly into your IT surroundings and infrastructure. No-code deployment should simplify onboarding and ease the move.

Which GRC Solution Suits You?

No two organizations are identical, and no two GRC solutions are either. Maturity, size, budget, and goals determine your choice of GRC solution.

The old stigma of risk, compliance, and infosec teams hindering growth, slowing productivity, impeding creativity, and generally getting in the way of everyone doing their job is gone. Centraleyes is empowering businesses more than ever to grow revenue, speed up productivity, and gain new business.

If your company needs a GRC suite solution, schedule a demo today to experience a next-generation GRC platform with Centraleyes.