6 Best GRC Tools in 2024 (Benefits, Features, Costs)

  • By: Adam Wire
  • August 3, 2023
GRC tools
Reading Time: 5 minutes

GRC tools help to streamline and automate various aspects of governance, risk, and compliance, enabling organizations to enhance their decision-making processes, minimize risks, and ensure adherence to industry regulations. Modern businesses and organizations rely on advanced GRC tools along with secure board management software to provide comprehensive oversight and control over organizational processes.

What is a Governance, Risk, and Compliance Tool?

A governance, risk, and compliance (GRC) tool is a type of software application that businesses and organizations use to manage policies, identify risks, and create compliance frameworks

These tools provide a centralized platform for organizations to establish and enforce policies, identify and mitigate risks, ensure regulatory compliance, and streamline reporting and auditing processes. In addition, GRC tools enable businesses to maintain compliance with various industry standards, including: 

Product Overview

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6 Best GRC Tools

Selecting the right tool is crucial for organizations to effectively manage their governance, risk management, and compliance activities. Here are 5 notable GRC tools that can help businesses and organizations adapt to evolving risks and regulatory landscapes, maintaining resilience and agility. 

1. StandardFusion

StandardFusion offers a range of features and functionalities to support efficient and effective GRC practices. Here are some popular features of StandardFusion:

  • Policy management: Helps document policies, track revisions, and ensure policy adherence across the organization
  • Risk assessment: Provides a structured approach to identifying and managing risks, and prioritizing mitigation efforts 
  • Compliance management: Tracks regulatory requirements, automates compliance tasks, and generates compliance reports
  • Incident management: Enables organizations to log incidents, assign responsibility, track progress, and ensure timely resolution
  • Reporting and analytics: Provides insights into GRC activities, risk levels, compliance status, and performance metrics

StandardFusion has 4 pricing plans:

  1. Starter: $1,500/month
  2. Professional: $2,500/month
  3. Enterprise: $4,500/month
  4. Enterprise Plus: $8,000/month 

2. Netwrix 

Netwrix provides organizations with a comprehensive platform to manage and streamline their GRC processes. With a focus on data security and risk mitigation, Netwrix offers powerful features to help organizations maintain control over their sensitive data and meet compliance requirements.

Popular features on Netwrix include:

  • Data discovery and classification: Scans systems, networks, and storage to locate and categorize sensitive information, helping organizations understand their data landscape and implement appropriate security measures
  • Risk assessment and mitigation: Offers risk assessment templates, automated risk scoring, and risk mitigation recommendations
  • Change and configuration management: Provides real-time alerts, detailed reports, and audit trails of all changes, ensuring visibility and accountability 
  • Compliance reporting: Simplifies compliance reporting by providing predefined compliance templates and reports for various regulatory frameworks, including PCI DSS, HIPAA, and GDPR 
  • User activity monitoring: Provides insights into user actions, access privileges, and data interactions, aiding insider threat detection and incident response.

Pricing for Netwrix is available on request. 

3. LogicManager

LogicManager is a widely recognized GRC tool that empowers businesses to streamline their GRC activities. It has a user-friendly interface and comprehensive functionality. Features include:

  • Risk assessment and management: Offers customizable risk assessment templates, risk scoring methodologies, and risk treatment plans to effectively manage and mitigate risks throughout the organization
  • Policy and procedure management: Facilitates policy creation, review cycles, version control, and acknowledgment tracking, ensuring consistent policy enforcement and compliance
  • Incident and issue management: Provides a structured process for incident reporting, escalation, and resolution, ensuring timely response and corrective actions
  • Compliance management: Offers pre-built compliance frameworks, automated compliance assessments, and task management functionalities to ensure adherence to applicable laws, regulations, and standards
  • Reporting and analytics: Supplies real-time dashboards, graphical visualizations, and executive-level reporting to support data-driven decision-making, monitor performance, and communicate GRC-related insights effectively

To receive LogicManager pricing, businesses or organizations need to request a quote for a custom-made solution. 

4. MetricStream

MetricStream is a leading GRC tool providing organizations with a robust and integrated platform to streamline processes, improve decision-making, and ensure regulatory compliance.

Some features from MetricStream include:

  • Policy and document management: Allows organizations to define policy frameworks, track policy life cycles, and ensure policy adherence across the organization
  • Risk management: Enables organizations to identify, assess, and monitor risks in real time
  • Regulatory compliance: Offers built-in regulatory libraries, compliance monitoring, and reporting capabilities 
  • Audit management: Helps organizations plan and schedule audits, track audit tasks, and manage audit findings and recommendations
  • Incident and case management: Provides tools for root cause analysis, corrective action planning, and case documentation

Pricing for MetricStream solutions is available on request.

5. ServiceNow

ServiceNow is a widely adopted GRC tool that provides organizations with a unified platform for managing GRC processes. Its powerful capabilities and extensive integrations offer a comprehensive solution to drive operational efficiency.

Notable features of the tool include:

  • Policy and compliance management: Allows organizations to establish and manage policies, procedures, and controls
  • Risk management: Offers risk identification, assessment, and monitoring capabilities
  • Incident and issue management: Offers incident reporting, escalation, and workflow management functionalities 
  • Audit management: Supports audit planning, scheduling, and task management
  • Reporting and analytics: Enables organizations to gain insights into GRC activities, performance metrics, and compliance status

The pricing plans are flexible according to your business requirements. 

6. Sprinto

Sprinto is a next-generation GRC platform for cloud-first companies that is integration-enabled and automation-powered to deliver instant value to time. The platform is scalable and flexible to enable you to easily set up your GRC program without a lengthy learning curve

  • integrated risk management: Enables you to pinpoint and mitigate unique business risks with its comprehensive risk library and quantitative risk assessments.
  • Policy management: Features pre-built policy templates that can be rolled out organization-wide and tracked for acknowledgment.
  • Continuous control monitoring: Integrates with your system to automatically map and monitor controls and granular level and report real-time compliance status.
  • Third-party management: Helps manage vendor risks across their lifecycle with greater control.
  • Training modules: Makes it easy to publish security training across the organization and keep track of completion.
  • Automated evidence collection: Integrates with your cloud to automatically capture evidence and help you prepare for audits.
Pricing of the platform is available on request, book a Sprinto Demo.
 

Understanding the Role of Board Portal Software

Board portal software provides organizations with a secure and efficient platform for board and executive communication, collaboration, and decision-making. The software allows board members, executives, and other stakeholders to access important information, documents, and discussions related to GRC activities. It improves governance practices by ensuring transparency, better risk management capabilities, and supporting compliance efforts.

Get Started With OnBoard

OnBoard capabilities that can help organizations automate and synchronize their GRC efforts include:

  • A secure, centralized portal that provides a one-stop-shop for GRC data and resources
  • Granular access controls that allow you to assign who can access what types of information within the portal
  • Secure messaging that allows stakeholders to communicate and collaborate directly with individuals or groups
  • Task management to help manage, organize, and track important GRC action items and responsible parties
  • A limitless system of record that enables quick and easy access to a complete library of GRC documents in any type of file format

Overall, OnBoard enables boards to align their activities with organizational objectives, monitor progress, and conduct evaluations to continuously improve governance practices. 

For an excellent starting point, download our free board meeting agenda template to see what OnBoard can do for your organization.

Frequently Asked Questions

  • What are the Functions of a Compliance Committee?

    A compliance committee's functions vary from one organization to the next. They can include developing policies, assessing risks, monitoring and reporting on compliance, conducting investigations, providing training and education, and conducting audits.

  • What Makes a Good Compliance Committee?

    A good compliance committee shows expertise in relevant laws, independence from management, diversity, leadership, effective communication, continuous learning, ethical standards, sufficient resources, and regular evaluation.

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About The Author

Adam Wire
Adam Wire
Adam Wire is a Content Marketing Manager at OnBoard who joined the company in 2021. A Ball State University graduate, Adam worked in various content marketing roles at Angi, USA Football, and Adult & Child Health following a 12-year career in newspapers. His favorite part of the job is problem-solving and helping teammates achieve their goals. He lives in Indianapolis with his wife and two dogs. He’s an avid sports fan and foodie who also enjoys lawn and yard work and running.