11 Best Enterprise GRC Software

Gowsika

Gowsika

Mar 06, 2024

According to a report by IBM, it takes an average 197 days for an organization to discover a breach and 69 more days to mitigate it. Companies with a response plan took less than 30 days to do so and saved over $1 million compared to ones without one. Given the daily processing of substantial data by enterprises, along with the responsibility to manage data subject rights and protect against internal and external threats, it becomes imperative to establish a robust security safeguard, such as Enterprise Governance, Risk and Compliance (EGRC).

EGRC is the linchpin for modern businesses seeking a proactive and comprehensive approach to governance and security. This blog will elaborate on the significance of EGRC and the 12 best EGRC solutions.

What is an Enterprise GRC?

Enterprise GRC (EGRC) is a robust approach that integrates the management of governance, risk and compliance activities by deploying adaptive controls, developing effective policies, and streamlining procedures. 

Enterprise GRC solutions simplify operations, by heightening awareness of organizational risks and upholding compliance with pertinent regulations. EGRC ensures mechanisms are in place to identify, manage, measure, and risks. The overarching objective is to forge a cohesive framework empowering risk mitigation, informed decision-making,  and adherence to legal requirements.

How to select the right GRC software for an enterprise

Understanding the characteristics of what makes an ideal GRC tool is pivotal in shaping how an organization approaches its GRC functions. Here are some critical considerations:

Security measures:

Choose a solution emphasizing maximum security features to protect sensitive governance risk management, such as firewalls, access control, encryption, and continuous control monitoring to safeguard sensitive data and protect against potential risks.Guard against potential threats such as data breaches or cyberattacks, consulting with IT experts if necessary.

Scalability and adaptability:

Ensure the GRC software can support organizational growth. Ensure the software is flexible enough to adapt to changes in regulations and business processes to accommodate future needs and adjustments to your GRC strategy.

Interface:

Choose a user-friendly interface that enables the creation, execution, and monitoring of GRC workflows without the need for extensive implementation.Ensure that the GRC software seamlessly integrates with existing CRM systems.

Compliance:

Choose a GRC solution that monitors compliance, and policy management and detects gaps.Ensure the software provides real-time alerts whenever there are changes in the compliance environment.

Cost considerations:

While choosing the solution consider factors like Total Cost of Ownership (TCO), Return on Investment (ROI), licensing fees, implementation costs, and potential future expenses.Ensure the selected option provides GRC support at affordable costs.

Read more: Getting started with GRC Implementation

11 Best GRC Software for Enterprise

Managing GRC requires reliable and efficient tools. These tools offer comprehensive security features to protect your organization from potential threats. Below, we have listed the top 11 GRC solutions ideal for fortifying your business against external risks.

1. Sprinto

Sprinto is a smart compliance automation platform that enables enterprise GRC solutions with its comprehensive suite of features and helps organizations to seamlessly manage their GRC process and establish resilience against cyber threats.

With an intuitive user interface offering real-time insights, Sprinto provides a comprehensive view of an organization’s security and compliance status within a unified platform. The software integrates risk and compliance management, creating a forum with multiple teams to work on security, regulation, and compliance themes, enabling an effective GRC implementation.

Sprinto has pre-built security programs, continuous control monitoring, automated evidence collection, and detailed analytics and reporting functionalities that streamline internal and external GRC audits by consistently generating comprehensive compliance reports. It also offers vendor risk management features to detect and mitigate vendor risks rapidly.

Sprinto has an intuitive real-time health dashboard that offers a holistic view of risk and regulatory compliance, integrates internal GRC policies, and optimizes your compliance efforts. Calculate your compliance efforts. Here.The platform provides a cost-effective solution by automating security checks and fulfilling compliance obligations of various frameworks such as SOC 2, ISO 27001, HIPAA, GDPR, PCI DSS, NIST, and more. Check out your compliance cost today.

Key features

  • Supports over 15+ standard compliance frameworks
  • Extensive risk library designed for vendor assessments
  • Integrated training modules to enhance the efficiency of GRC risk management
  • Automated log monitoring and auditing functionalities
  • Comprehensive and insightful audit-ready reports tailored for auditors and stakeholders
  • Compliance automation capabilities catering to diverse regulatory frameworks
  • Robust event and incident management with systematic escalation processes
  • Customizable templates for policy management and gap analysis.

Pros 

  • Seamless integration with any cloud setup
  • Built-in training modules for employees
  • Intuitive interface with easily navigable feature
  • Excellent support team for improved customer experience
  • Workflow automation process
  • Vendor risk management functionalities

Cons

  • Built for cloud-based companies and not on-premise businesses


G2 Rating: 4.8/5


Stay Ahead with Automated Continuous Compliance

2. Audit Board

AuditBoard is cloud-based GRC software that integrates risk management, audit, and compliance tools. You can use AuditBoard to collaborate with teams and stakeholders to view risks across the ecosystem, boost performance by eliminating repeat tasks, manage SOX controls, conduct internal audits, and help decision-making. 

Features:

  • Effective collaboration features for real-time collaboration.
  • Automated workflows for streamlined governance.
  • Customizable risk assessment modules.
  • Vendor risk assessment questionnaires.

Pros

  • Centralized dashboard to view performance metrics
  • Better visibility into risk exposure with audit trail and evidence collection features.
  • Project management and collaboration features

Cons

  • Risk assessment features can be improved
  • Needs more customer support

G2 Rating: 4.7/5

3. StandardFusion

StandardFusion is a comprehensive GRC platform designed to manage the information security risk of any organization. The platform offers the visibility, centralization, and collaboration needed to manage information security risks effectively. Its user-friendly reporting and analytic features make it suitable for enterprises.

Features:

  • Comprehensive reporting features.
  • Product training and user guides for better understanding
  • Highly configurable solutions for enhanced compliance programs
  • Manages various compliance frameworks.

Pros

  • Effective audit management process
  • Integration with several third-party tools
  • Supports internal and external audits and generates comprehensive reports
  • Manage compliance with multiple frameworks

Cons

  • Steep learning curve

G2 Rating: 4.6/5

4. LogicManager 

LogicManager is a GRC platform that provides organizations with highly scalable, streamlined risk management programs that fit enterprises’ requirements. The software has seamless integration features that align with your business process, ensure smooth enforcement of  GRC policies across various departments, and ensure compliance.

Features

  • Dedicated tools for risk identification and real-time monitoring.
  • Comprehensive functionalities for risk management.
  • Reporting capabilities equipped with ready-to-use templates
  • Third-party risk management features.

Pros

  • Streamlined audit management process.
  • Vendor risk assessment tools.
  • Customizable workflows for enhanced governance.

Cons

  • Complex implementation process
  • Challenges with reporting

G2 Rating: 4.5/5

5. LogicGate Risk Cloud

LogicGate Risk Cloud is another cloud GRC solution that helps you manage all risk types and adapt to regulatory requirements. The platform audits management workflows enable automated compliance and policy acknowledgments, thereby improving the efficiency of GRC processes.

Features

  • Risk calculator to gain visibility across your risk program.
  • Centralized dashboard with pre-built reporting features
  • Flexible pricing for enterprises.
  • Risk prioritization, planning and response strategies.

Pros

  • Pre-built audit management templates
  • Policy management with shared document repository
  • Incident management applications better for risk mitigation

Cons

  • Implementation challenges
  • Requires advanced setup

G2 Rating: 4.6/5


6. IBM OpenPages

IBM OpenPages is a scalable solution that offers various functionalities such as operational risk management, regulatory compliance, IT management, internal audits, third-party risk, and financial controls. The platform’s enhanced vulnerability detection and risk exposure capabilities contribute to an enhanced risk program.

Features:

  • Financial controls management
  • IT governance and Internal auditing
  • Risk management analytics and reporting tools
  • Automated compliance management functionalities

Pros

  • Pre-built audit management
  • Financial control management functionalities
  • Flexibility of cost based on enterprise needs

Cons

  • Implementation challenges
  • Requires advanced setup

G2 Rating: 4.0/5

7. Riskonnect

Riskonnect is a cloud-based enterprise risk management platform that offers a holistic approach to information security, identifying emergent risks. This centralized cloud platform automates the collaboration of processes, facilitates collaboration among different business functions, and enables unified reporting across all areas of the organization to develop audit plans.

Features

  • Maps risks to show how they interrelate visually
  • Internal audit functionalities
  • Third-party risk management features
  • Compliance management features

Pros

  • Maps risks to show how they interrelate visually
  • Detailed analytics for better reporting
  • Effective audit management

Cons

  • Implementation challenges

G2 Rating: 4.0/5

8. Diligent

Diligent offers enhanced governance practices by providing audit, risk, and compliance functionalities. They offer vendor onboarding, streamlined evidence collection, and insightful assessment surveys. Diligent offers insightful analytics, forming a centralized platform for improved decision-making.

Key features

  • Centralized third-party risk management tool
  • Risk-centric control assessments 
  • Advanced risk-scoring mechanisms 

Pros

  • Real-time collaboration features for better communication
  • Data visualization dashboard for better visibility
  • Built-in advanced analytics for controls

Cons

  • Limited customization
  • Technical challenges in implementation

G2 Rating: 4.0/5

9. Onspring

Onspring is a GRC platform that helps you effectively handle risk, policy creation, and compliance. The user-friendly interface simplifies GRC procedures and assists you in aligning with compliance requirements, offering real-time insights for informed decision-making.

Features

  • Automated risk assessment and audit features
  • Templates for effective policy management
  • Risk mitigation and control features
  • Audit trail and reporting features

Pros

  • Streamlined policy management capabilities
  • Real-time insights for informed decision making
  • Business continuity and incident management plans

Cons

  • Need additional configurations
  • Need additional features to showcase compliance

G2 Rating: 4.7/5


10. ZenGRC

ZenGRC, a cloud-based GRC solution, streamlines compliance assessment and helps you meet information security standards. The platform has a risk management functionality and a customizable dashboard with audit reports and evidence collections, simplifying collaboration and ensuring a streamlined compliance program.

Features

  • Automated workflows and reporting dashboards
  • Vendor risk management questionnaires
  • Access control and policy management
  • Third-party integrations

Pros

  • Automated compliance management process
  • Supports multiple compliance frameworks
  • Built-in risk management modules

Cons

  • Limited integration features

G2 Rating: 4.4/5


11. MetricStream

MetricStream’s GRC solution streamlines information collection, real-time monitoring, compliance assessments, and risk mitigation strategies. The platform performs enterprise and operational risk management, compliance and policy management, and third-party risk management.

Key features

  • IT threat and vulnerability management functionalities.
  • AI-powered smart issue management for accelerated response and remediation.
  • Features to determine third-party KPI scores.
  • Segmentation of third and fourth parties assessments with pre-defined questionnaires. 

Pros

  • Comprehensive dashboard for better reporting
  • Customizable functions for IT managers, auditors, or executives.
  • Simplified third-party risk management process

Cons

  • Complex learning curve

G2 Rating: 4.4/5

How to improve your EGRC?

  1. Create strategic plans based on existing performance metrics and forecasts.
  2. Standardize processes and procedures for enhanced governance and risk management.
  3. Utilize the findings to strengthen EGRC’s strategy to foresee the challenges that might occur in the future.
  4. Implement scenario-based risk assessments to mitigate potential risks effectively.
  5. Predict business scenarios and develop contingency plans and response strategies.
  6. Establish data security controls to protect sensitive information.
  7. Set up continuous monitoring systems for real-time detection of any problems that arise.
  8. Implement data security measures in order to achieve compliance with regulations and industry standards.
  9. Monitor critical business key performance indicators in real-time to be agile and flexible in any changes.
  10. Provide training and resources to employees to improve GRC awareness.

Leverage your EGRC with Sprinto

Building a robust EGRC strategy is crucial for an organization’s success. Streamlining processes and standardizing workflows are inherent outcomes of EGRC implementation. As organizations develop policies and procedures to mitigate risks, they simultaneously create a structured approach to their GRC function. This proactive approach protects the company against regulatory scrutiny and errors, preserving the integrity of decisions and safeguarding the organization.

Consistency in data across the enterprise is another crucial aspect EGRC addresses. By implementing controls and systems, these solutions guarantee that data remains uniform throughout the organizational chain. This is particularly vital in complex enterprise settings to minimize errors from permeating reports and impacting decisions. 

Embracing EGRC software facilitates and simplifies GRC processes and aids during internal GRC audits. But what’s the easiest way to achieve GRC compliance? This is where Sprinto emerges as a game-changer and helps you enhance your GRC functionalities by efficiently automating your operational processes, performing effective risk assessments, and enabling you to comply with relevant regulations.  

Implement GRC with Sprinto in 3 easy steps:

1. Book a demo session with us – We will address your queries and determine an ideal solution.

2. Identify and analyze GRC gaps with detailed reports.

3. Employ automation and streamline your GRC processes.



“When you know 3000-4000 checks are happening automatically, hitting that 95% compliance mark is easy. Sprinto sends (compliance) alerts regularly, making it easy to see where we are succeeding and where we are lacking. I think it’s a proactive approach to security and compliance,” adds Sunil Sarda, Head of Engineering at Hub Engage.

Check out How HubEngage transformed compliance processes with Sprinto’s automation.

The software’s integrated approach helps you map internal security controls to requirements, identify and mitigate potential risks and vulnerabilities, and adapt effectively to evolving industry standards and regulatory frameworks. It puts your security and compliance program on auto-pilot, turning compliance into a value-adding function rather than just a checkbox activity.

See Sprinto in action. Schedule a demo today.

FAQs

How do I choose the best EGRC automation tool?

Consider factors such as scalability, adaptability, and cost. For a cost-effective GRC solution, consider Sprinto. Understand your organization’s needs and requirements and look for features that streamline and automate GRC workflows and improve your operational efficiency.

What is the difference between GRC and EGRC?

GRC is a comprehensive framework encompassing the practices and processes to address governance, risk, and compliance requirements. On the other hand, EGRC explicitly emphasizes applying GRC principles within the broader context of enterprise-level governance, aligning them with business goals and objectives.

What are the best practices for effective EGRC management?

Some effective EGRC management best practices are:

  • Create strategic plans involving cross-functional teams.
  • Regular audits and assessment
  • Leverage technology solutions for improved efficiency
  • Develop incident response plans
  • Stay up to date on the industry trends and regulatory changes

Gowsika

Gowsika

Gowsika is an avid reader and storyteller who untangles the knotty world of compliance and cybersecurity with a dash of charming wit! While she’s not decoding cryptic compliance jargon, she’s oceanside, melody in ears, pondering life’s big (and small) questions. Your guide through cyber jungles, with a serene soul and a sharp pen!

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