Selecting the Best GRC Tools in 2024

Finding the right Governance, Risk, and Compliance (GRC) tools amidst numerous options can be overwhelming. However, selecting the best GRC tools is crucial for maximizing the efficiency and security of your organization. Implementing the right GRC tools brings several benefits:

• Enterprise-wide View: Gain an enterprise-wide view of assets and security challenges.
• Breaking Down Silos: Enhance regulatory compliance by breaking down process and data silos. Achieve this by diligently monitoring, assessing, and predicting risks.
• Process Automation: Streamline business processes with automation.
• Compliance Requirements: Better meet compliance requirements.
• Centralized Management: Centralize management of GRC policies, controls, and results.
• Operational Strategy: Synchronize operational strategy.
• Data Quality and Accessibility: Enhance data quality and accessibility.

Consider the case of Uber. In 2022, Uber experienced a significant cybersecurity incident when a hacker breached the company’s systems, accessing sensitive data including employee information, internal company tools, and source code repositories. This breach was attributed to the hacker exploiting a vulnerability in Uber’s third-party vendor’s credentials, which were not adequately secured.

Had Uber been using comprehensive GRC tools, they could have better managed their third-party risks, implemented stronger access controls, and ensured continuous monitoring for vulnerabilities. Effective GRC tools would have facilitated the timely identification and remediation of security gaps, maintaining compliance with data protection regulations.

The consequences of this breach included not only a loss of trust from users and employees but also the initiation of multiple investigations by regulatory bodies. Uber faced potential fines and legal actions, adding to the financial and reputational costs incurred from the incident.

Given the range of choices and the consequences of choosing incorrectly, careful consideration is a must when selecting the best GRC tools for your organization. Businesses need to take into consideration criteria that aligns with their unique business and regulatory requirement needs. Here is a list of criteria that can get you started off on the right foot.

Criteria for Selecting GRC Tools

When evaluating GRC tools, consider the following criteria to ensure you select the best tools for your organization:

1. Risk Assessment and Mitigation: Evaluate how the GRC tools assess and mitigate risks.
2. Compliance Management: Ensure the tools support compliance with company policies and regulations.
3. Audit Program Support: Evaluate how the tools facilitate the planning and execution of audit programs and tasks.
4. Training and Education: Check how the platform handles training and ongoing education for compliance purposes.
5. Business Continuity Management: Look for capabilities that support business continuity management programs.
6. Third-Party Risk Assessment: Check for tools to perform third-party risk assessments and due diligence.

Key Features & Capabilities to Evaluate GRC Tools

When reviewing options for GRC tools, the following capabilities should be closely evaluated:

1. Automated Incident Management: GRC tools need to automate incident responses, send incidents to the right places, and start fixing problems. They should also let you easily see how responses are going and keep a record for checking later.
2. Customer Support: The efficacy of GRC tools depends mainly on customer support during and after implementation.
3. Deployment Options: While most organizations choose cloud-based GRC tools, confirm that on-premises options are available if needed. Understand how software updates and security patches are provided for on-premises deployments.
4. Document Management: Strong document management is essential for organizing and managing large amounts of documentation, including policies, standards, procedures, controls, and test results.
5. Ease of Use: The best GRC tools are easy to learn and use with minimal training. Focus on the accessibility of functions, integration of tools, and the platform’s intuitiveness.
6. Mobile Support: Ensure the GRC platform is accessible on all mobile devices.
7. Scalability: Assess how well the tools handle present demands and their potential to accommodate increased needs and larger teams.
8. Security: A GRC platform needs essential data security features like encryption, user access management, and tools for spotting and managing risks.
9. SLA Management: The platform should facilitate the management of SLA metrics and monitor minimum thresholds from a central location. Reporting capabilities should update management on the status and flag any issues.
10. Workflow: A robust workflow engine is essential for distributing and monitoring work optimally. GRC workflows should align with organizational workflows to avoid productivity disruptions and hindered adoption.

Concluding Thoughts

Selecting the best GRC tools requires thoroughly evaluating different criteria, features, and capabilities to ensure they align with your organization’s needs and help maintain efficient, secure, and compliant operations.

To ensure you’re selecting the best GRC tools, partner with iTech GRC, an expert service provider and trusted partner of IBM OpenPages. iTech GRC utilizing IBM OpenPages ensures seamless integration and optimal performance of GRC tools. Trust iTech GRC to guide you in choosing and implementing the best GRC tools, driving your organization towards success.