GRC Pricing: A Complete Breakdown

The Governance, Risk, and Compliance (GRC) market is showing signs of rapid growth and expansion. The growth is estimated to be reaching a figure of $60.5 billion by 2025, up from $38 billion in 2020. This need for integrating GRC into strategic objectives is driven by mounting cybersecurity challenges, complicated regulatory demands, and heightened market competition.

The paradigm shift from legacy or traditional GRC platforms to modern GRC solutions with integrated and automated functions is another factor propelling this adoption. However, it is essential to build a compelling case highlighted by the expected ROI from adopting GRC methodologies before making this significant decision. And this makes GRC pricing a crucial component to consider.

This blog offers in-depth research and leverages years of experience of Sprinto experts to guide you through a complete breakdown of GRC pricing and specific training and compliance costs. 

What does GRC software do?

A GRC software provides technological solutions to manage business risks, implement security best practices, facilitate decision-making, and ensure compliance. The software facilitates the centralization of vital functions to streamline processes, enable greater visibility, and promote efficiency.

The following are the key capabilities of GRC software:

Risk assessment

GRC software enables organizations to identify and assess high-impact risks and understand the indicators that lead to them. This includes internal risk factors as well as vendor and third-party risk management. GRC software help organizations create risk response workflows that initiate remediation actions and prioritize potential risks based on criticality.

Compliance functions

GRC platforms continuously monitor business processes to ensure adherence to corporate policies and regulatory requirements. These tools also manage findings from internal and external audits that can be presented to third party auditors for seamless audit management.

Workflow management

Modern GRC tools have workflow automation capabilities that help streamline compliance tasks and processes. This helps standardize procedures pertaining to task assignment and tracking, incident response management, policy reviews and approvals, etc. These processes automate repeatable tasks, gather insights and enable change management.

Document management

GRC tools assist in creating, tracking, and storing vital documentation. This includes digitized policies, SOPs, and audit logs. The documentation center has a version control system to help you locate and access latest versions as well as historical documentation.

Data and analytics

GRC software features a reporting dashboard for governance, risk, and compliance activities insights. The analytics function helps initiate data-backed decisions, and capabilities like data visualization facilitate better understanding by stakeholders.

How much does GRC implementation cost?

GRC implementation costs can vary from thousands to hundreds of thousands of dollars depending on the choice of your GRC software solution and several other factors. These factors include pricing terms and conditions of licensed software, modules and features offered, user count, regulatory requirements, customization needs, etc.

With legacy players, GRC costs can range between $20000 to >$100000 for a year. This is for small and mid-sized businesses. Enterprise solutions generally enter long-term contracts (3 years- 5 years), and GRC implementation for these businesses averages $150000-$180000 for 3 years and can exceed $500000 for 5 years, depending on the size and complexity of operations. Modern GRC solutions can cost anywhere from $7000-$25000. 

Here are some examples to give you a fair idea of GRC software pricing from different players in the industry:

GRC tool	GRC software pricing
Metric Stream	$180000 for 36 months
IBM OpenPages	Offers bundled pricing. The enterprise plan starts at $108000 for any 3 modules (data privacy management, IT governance etc.)
RSA Archer	1 Month license is available for $12057 on a subscription basis
LogicManager	Enterprise plan starts at $150000 annually
Onspring	Starts at $20000 per year

Breakdown of GRC pricing

GRC pricing is not equivalent to the cost of GRC software alone. The total cost depends on several factors like license costs, implementation scale, cost of security tools and consultant fees among others.

Here’s an individual breakdown of components in GRC pricing:

Licensing

GRC software licensing terms can vary for different vendors. The costs can be charged based on per user, per module (for example, risk management module, compliance management module, etc.), per vendor/organization to be managed, per compliance framework, or on a subscription basis (GRC as a service).

For example, Standardfusion charges $1500 per month for 3 users in their starter plan. BlueUmbrella charges per module, such as $500 per month for custom risk assessments and offers a discount on purchase of bundled module packages.

SAP GRC charges per license ranging from $500 to $1500.

Implementation costs

The scale of deployment decides the cost of GRC implementation. Enterprise use cases can be complex and may require additional customizations than small businesses.

It is a common myth that GRC as a service can cost less. The general consensus is that the cost of perpetual licensing for the long term is lesser. But the honest answer is that it depends on individual implementation requirements.

What Sprinto experts say: GRC implementation for small-scale deployments can range from $75,000- $150,000. For enterprise solutions, this cost can start from $250000 and go beyond $500000.

Internal costs

These costs include hardware costs (especially in case of on-premise deployment), security tools, data migration, GRC training, and integration costs. Integration costs are the expenses for integrating the GRC software with other solutions. These expenses depend on your existing tech stack, the integration options available with the GRC platform, and factors like any API access licensing fee.

These costs can range between $5000 to $50000 and even go beyond depending upon the organization’s security maturity.

Maintenance and support

Several GRC solutions can have ongoing maintenance and support fees. These costs include software updates, technical support, expert help, renewals, and more. Some vendors may charge higher for fast and guaranteed responses.

For example, SAP maintenance and support fees can be 17%-22% of the maintenance base (the sum of costs associated with the license, so the higher the total cost, the higher the maintenance)

Consulting and advisory services

More often than not, GRC implementation requires consultancy services and the costs add up to the total costs. The average salary of a GRC consultant in the USA in 2023 is about $63 an hour. While entry-level consultants charge about $50 an hour, the price can go beyond $75 an hour for senior consultants. 

So, for a 3-4 month implementation, the consultant fee can range between $20000-$35000 (for around 400 hours).

How much does GRC training cost?

GRC training is an organizational learning process that imparts knowledge to employees about GRC processes and best practices. The training equips them with an understanding of regulatory requirements, risk management tactics, and internal policies. GRC costs can start from $250 and exceed $12000.

GRC training is essential to ensure implementation process continuity, adhere to compliance requirements, safeguard sensitive data and maintain positive public perception. The cost of GRC training can vary due to factors such as:

Training provider: Different training providers have varying prices based on their training formats like in-house or online training.

Scope and coverage of training: The training content can impact the cost. Basic and introductory training courses can cost less while advanced training can have a higher pricing point.

Number of employees: Most training providers charge per employee. The training costs can go on a higher end for enterprise solutions exceeding 1000 employees, but there are also some discount offers for large groups.

Certification requirements: If the organization requires recognized certification programs for its employees, the cost of GRC training package will increase.

GRC training programs are priced between $1.5-$2.5 per employee per month and are usually billed annually. So, the training costs range between $18-$30 for an employee annually.

Have a look at the table below to get a fair idea:

Employee size	Estimated Cost of GRC Training
0-100	$250
100-500	$1000
500-1000	>$2000
More than 1000 employees	$4000-$12000 depending on choice of provider & program

Here are 2 examples of GRC training tools with prices for reference:

• KnowBe4 security awareness training charges $2.30/seat per month in its diamond package for organizations with 100-500 employees.
• Hooksecurity charges $2/user every month in it’s hook+ plan with access to full content library and compliance training.

What is GRC pricing for compliance?

GRC for compliance is especially useful for highly regulated industries like healthcare and finance. It is a set of practices, processes, and a suite of tools that help ensure adherence to regulations and avoid non-compliance repercussions like penalties and tarnished brand image.

When you opt for GRC software for compliance function specifically, understand that the software cost is only a fraction of the total cost. Other expenses include the cost of security tools like MDM (mobile device management), vulnerability scanners, antivirus, etc, cost of awareness training, auditing tools and the costs of setting up a monitoring mechanism.

Keeping the above in mind, the ballpark estimate of GRC for compliance is $10000-$60000 for small businesses and >$150000 for enterprises averaging $450000-$500000 for 5 years.

Why is Sprinto a smarter choice?

Sprinto is a compliance automation software that can efficiently perform all compliance functions and more at lesser costs. The platform offers an all-inclusive package without any additional cost for add-on features. When you opt for Sprinto you automatically get access to its key features and do not pay extra for:

• Integrated risk assessments and third-party risk management
• Policy management with out-of-the-box templates purpose-built for cloud-first companies
• Built-in security training modules
• Access to baked-in tools like Dr Sprinto for endpoint device management
• Independent auditor dashboard where automatically collected evidence is presented for audit
• Complementary Trust center page for publishing your live compliance status
• Real-time compliance reports for complete visibility without any cap on the number of infrastructure entities you can monitor
• Adding your own controls/ bringing your own framework
• Other additional features like 24×5 support services

Here’s an example:

Particulars	GDPR with a GRC tool	GDPR with Sprinto
Implementation	$5000-$20000	$4900-$19900
Security tools like MDMs, antivirus, vulnerability scanners etc.	$3000-$15000	Included as a part of platform
Setting up a continuous monitoring mechanism	$5000-$30000	Included as a part of platform
Security training	$500-$12500	Included as a part of platform
Legal consultancy	$5000-$15000	Access to Sprinto auditor network
Estimated total cost	$18500-$92500+	$4900-$19900

You can use our compliance calculator to get an idea of compliance costs for other frameworks.

Moreover, the implementation effort for compliance with GRC platforms takes 3-4 months while with Sprinto it takes weeks.

Read how Ripl achieved SOC 2 readiness in 25 days and with 1/3rd of the expected effort.

Final thoughts

GRC pricing can significantly impact your organization’s budget and you must always make the decision with due diligence. It’s important to assess your needs, undergo trials, involve relevant stakeholders, and calculate the long-term ROI. In all likelihood, a robust GRC solution may not be the best option for medium enterprises. A compliance automation solution like Sprinto is an economical option that comes with modern compliance capabilities without costing exhorbitantly. 

Sprinto has advanced features like integrated risk management, reporting dashboards, automated workflows, real-time monitoring capabilities, and audit support. The platform helps you save hundreds of hours of manual effort while expediting audit-readiness. 

See Sprinto in action. Talk to our compliance experts today.

FAQs

Do vendors offer free trials and demos to evaluate the GRC software?

Yes, several vendors offer free trials limited to a certain number of days like a 14-day trial or 30-day trial. There may, however, be certain terms and conditions to the offer. Free demos are offered by most service providers.

What are the differences in cloud-based pricing and on-premise pricing for GRC?

On-premise solutions require single upfront license costs while cloud-based GRC is usually available on a subscription basis and billed monthly.

Is there a limit on the number of compliance frameworks that GRC can support?

Some GRC tools may have a limit on the number of frameworks supported in one module. The costs may increase for implementing additional frameworks.

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