Governance, risk management, and compliance (GRC) has become a top strategic priority for enterprises in recent years. As organizations face an ever-evolving risk and regulatory environment, having a strong GRC program is crucial for reducing compliance costs, avoiding fines and penalties, and enabling better decision making.
According to recent research, 60% of boards classify GRC as highly critical or an urgent priority. Plus, global spending on GRC platforms and tools is forecasted to grow at a 9% CAGR between 2022-2026, reaching $18 billion.
The right GRC software centralizes key processes like audit, policy and risk management to provide integrated visibility, automation and intelligence. However, with many technology options now available, selecting the best platform can be daunting.
This article provides a comprehensive guide to the top GRC solutions on the market today and key considerations around features and integration capabilities.
Overview: What Does a GRC Platform Do?
GRC platforms help to streamline governance, risk and compliance tasks onto a single, centralized platform that connects insights across key business units:
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Governance: Define policies, controls, procedures and standards for proper oversight
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Risk Management: Identify, analyze and mitigate risks that may impact objectives
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Compliance: Adhere to industry regulations and requirements
By breaking down silos between these critical activities, GRC software provides integrated modules with dashboard reporting to help leaders make data-driven decisions around:
- Strategic planning
- Audits
- Incident response
- Continuity management
- Vendor risk
- Regulatory change management
GRC solutions consolidate key compliance activities – like control testing, policy distribution, risk assessments – to help reduce redundancy and manual efforts. Advanced platforms apply automation, AI and machine learning to further drive operational efficiency.
Leading GRC Software Platforms for 2023
1. SAI360
SAI360 is an integrated risk management platform built specifically for GRC. Key capabilities include:
- Pre-configured modules for faster implementation
- Risk data aggregation tools and analytics
- Custom risk scoring frameworks
- Supply chain risk monitoring
- Automated policy and compliance management
- Inventory of 3000+ global regulations and standards
Ideal for complex, regulated enterprises, SAI360 is designed to identify threats early and rapidly scale GRC processes globally. With strong advisory and managed services, it’s a top choice for getting maximum value from an enterprise GRC tool.
2. LogicGate
LogicGate is a highly flexible, no-code GRC platform that enables business teams to build custom workflows, reports, risk matrices and more without relying on IT. Users praise its intuitive UI and ease of use.
Core features include:
- Automated policy and control monitoring
- Real-time risk intelligence dashboards
- Vendor risk management
- Business continuity planning
- Issue and action tracking
- GDPR, SOC2, ISO and other auditing protocols
Mid-size to large company adoption is growing fast for LogicGate because of its broad functionality, rapid deployment model and unlimited custom entities for modeling unique risks.
3. OneTrust
OneTrust is one of the most widely used, end-to-end GRC platforms focused on data governance, privacy and security requirements. Capabilities include:
- Automated data mapping, third-party risk analysis and vendor due diligence
- AI-powered marketing compliance (CCPA/GDPR)
- Audit-ready compliance management
- M&A compliance and appraisal tools
- Cloud security posture and risk analysis
- Watchlist screening and trade compliance
OneTrust stands out with its quick deployment time and extensive regulatory content – over 1000 templates aligned to common standards like ISO, NIST, HIPAA. It’s growth has closely tracked rising demand for CCPA, GDPR and other privacy regulation expertise.
4. RSA Archer
RSA Archer (now part of Saviynt) is a global enterprise leader in integrated risk management platforms. Notable capabilities cover:
- Third-party risk monitoring
- Business resiliency and continuity management
- IT & security risk frameworks
- Operational risk modeling
- Audit management optimization
- Regulatory and corporate compliance dashboards
RSA Archer shines with its flexible interface allowing for simple performance tracking as well as complex quantitative risk models. It remains an elite option for Global 2000 companies but requires upfront customization and training investments to realize ROI.
5. MetricStream
MetricStream offers one of the broadest GRC and ESG sustainability platforms engineered for the world’s largest, most complex organizations. Strengths include:
- Embedded global regulatory intelligence
- End-to-end audit management
- Third party risk analysis
- Custom surveys, scoring and AI for accurate risk hitting
- Executive-level reporting and GRC strategy blueprints
Trusted by over 50% of the Fortune 500, MetricStream can handle immense data scale, interconnectivity and configuration requirements. While pricing and deployment care high, so too is lasting value generation.
6. Diligent Entrust
Diligent Entrust centralizes audit, risk, policy management and other GRC processes with a strong focus on transparency and actionable insights for executives and boards. Noteworthy features:
- Automated control testing and issue remediation
- Real-time risk visibility and mitigation tracking
- Configurable governance universe tying risks to strategic objectives
- Audit universe with integrated planning and scheduling
- Executive issue roll-up and management tracking
- Secure collaborative portal for transparency across management
Diligent Entrust stands out with governance-specific workflows and risk visualization optimized for both C-suite and independent board oversight.
7. LogicManager
LogicManager is a B2B risk management platform purpose-built for the unique needs of ERM leaders, business continuity planners, internal audit, and other GRC functions. Key strengths:
- 600+ predefined risk and control templates
- Business continuity planning tools
- Executive dashboarding and reporting
- Automated policy and procedure management
- Risk culture analysis and maturity benchmarking
- Inventory of regulations and clause libraries
- Flexible GRC administration permissions and access
LogicManager aims to create “one source of truth” to break down functional silos around risk management. It remains one of the most user-friendly, fastest deployed platforms with extremely high customer retention rates.
8. Galvanize
Galvanize (an SAI Global company) is a cloud-based platform spanning audit management, risk management, compliance management, policy management and more. Key features include:
- Automated control and process testing
- Real-time risk intelligence and visibility
- Configurable workflows for vendor, project and other risk analysis
- Inventory of 1000+ regulations and standards
- AI-powered risk surveys and managed review services
- Centralized governance document management
- Integrations with ServiceNow, Tableau, Power BI and more
Galvanize is designed for clear visibility into end-to-end GRC processes with easy drill down into specific assessments, controls, and issues. It strikes a nice balance between out-of-box content and customization across modules.
9. Predict 360
Predict360 takes an external risk intelligence-driven approach to GRC connecting threats to controls, policies and compliance requirements. Benefits include:
- Curated regulatory change libraries
- Risk surveys benchmarked to industry peers
- Executive risk reports and data visualization
- Supply chain risk identification and planning
- Automated policy and vendor risk oversight
- Inventory of 6000+ threat indicators mapped to regulations and controls
Predict360 combines integrated GRC software with external risk analytics and predictive threat intelligence. It’s real-time monitoring aims to identify risks early before they become front page audit findings.
10. CyberSaint
CyberSaint Security is an emerging end-to-end platform for IT/OT risk management, vendor risk and cyber compliance. Key features:
- Asset inventory and risk assessment automation
- Continuous control monitoring
- Executive risk reporting and data visualization
- Third party risk surveys and vendor due diligence
- Curated regulatory and framework libraries
- Automated penetration testing and vulnerability management
CyberSaint takes an external-in view tying cyber threats to internal procedural and technical controls required for compliance. It remains easier to deploy and more affordable than legacy GRC tools but has less brand recognition presently.
11. CAMM Cloud GRC
CAMM offers an integrated risk and compliance suite purpose-built for ERM leaders, internal audit, IT risk and security teams. Capabilities span:
- Custom risk framework and scoring
- Control testing automation
- Policy and vendor risk management
- Audit universe, planning and tracking
- Curated regulatory and standard libraries
- Continuous visibility into risk levels
Easy for admins and front-line risk managers alike, CAMM focuses on clear visibility into current risk levels with earlier issue identification. It strikes a nice balance between out-of-box content and workflows customization.
12. ZenGRC
ZenGRC is a fast-growing SaaS platform for audit, compliance and risk management targeted at small to midsized organizations. Key strengths:
- Automated compliance management workflows
- Custom risk scoring frameworks
- Control and policy management
- Inventory of frameworks like SOC2, ISO, NIST, PCI DSS
- Highly affordable pricing and quick implementation
While less complex than larger suites, ZenGRC aims to consolidate key GRC activities onto a single pane of glass for SMBs. It remains extremely easy to use for getting basic audit, risk and compliance processes online quickly.
Selecting the Right GRC Software: Key Considerations
With the market now saturated with options, conducting proper due diligence around business requirements, internal resources and technology constraints is key before selecting a GRC platform.
Key steps should include:
- Identify highest priority use cases – whether compliance mapping, risk intelligence or audit process improvement. Avoid overbuying capabilities not utilized.
- Validate available internal resources – both implementation and ongoing – required to maximize platform value.
- Assess ease of use and change management requirements for system adoption.
- Compare deployment and maintenance costs like implementation, licensing, training, customization etc..
- Validate key security, availability and scalability platform attributes and SLAs.
- Review pre-configured content availability vs. need for customization around frameworks utilized.
- Check third-party integrations required with other IT systems and data flows.
- Consider external risk data feeds or managed services value-add.
Selecting the right platform comes down finding the right balance of usability, functionality and capability investment tuned to organizational maturity, not just trying to replicate industry leaders.
The Future of GRC Software and Emerging Technology Capabilities
The GRC software market shows no signs of slowing down as executives recognize business value far beyond just maintaining compliance. Leading analysts predict several innovations will drive next-generation platforms:
Continued Consolidation and Specialization: As legacy giants like RSA Archer, OneTrust and Galvanize grow via acquisition, expect both specialization around disciplines like IT risk, vendor risk or ESG as well niche solutions targeted at SMB. Organizations now buy integrated suites not just single tools.
Increased Automation and Orchestration: Tedious, manual GRC processes are ripe for automation – whether standardized control testing, evidence collection or risk assessments. RPA, AI and ML will help accelerate these while connecting insights across modules.
Tighter Cyber Risk Integration: From rising nation state threats to ransomware, cyber risk quantification is demanding closer GRC alignment. Expect integrated offerings blending IT risk management, attack surface analysis and threat intelligence feeds.
More Predictive, Real-Time Insights: Annual risk assessments are proving ineffective. Real-time monitoring, predictive risk models and external intelligence integration will enable issues to be identified and mitigated rapidly.
Expanded Executive and Board Transparency: There remains a massive visibility gap between front-line risk managers and the C-Suite. Better data visualization, risk reporting and oversight workflows will continue improving this crucial alignment.
Conclusion: Leveraging GRC Software for Strategic Advantage
GRC software adoption continues to accelerate as leaders recognize the hard and soft benefits of increased risk visibility, control automation and cross-functional transparency. As solutions expand across disciplines and add emerging capabilities like AI, organizations stand to gain a sustained competitive advantage from maximized resilience and smarter strategic planning.
While evaluating options may seem complex given the breadth of offerings, identifying core use cases and requirements as a starting point simplifies the selection process considerably. Building incrementally – across audit, risk, compliance and beyond – also helps contain costs while allowing business value to be measured iteratively.
What’s clear is that enterprises can no longer afford disjointed, manual approaches to managing governance, risk and compliance challenges. With cyber threats and regulations multiplying, technology now plays a central role in building an integrated defense.
