11 Best GRC Tools and Platforms to Use in 2024

Today, as the business environment is constantly shaping, Governance, Risk, and Compliance (GRC) tools have become indispensable. These tools help organizations manage risks and help with the compliance of regulatory requirements, and set a strong governance framework.

A reliable GRC tool not only protects against potential threats but also improves operational efficiency, drives strategic decision-making, and drives a culture of accountability.

Selecting the right GRC tool needs to be a careful process, after considering several factors. Our evaluation criteria is based on personal experiences, extensive research, and industry standards. 

Key criteria include:

• Functionality: Range and depth of features offered.
• Standout features: Unique capabilities that set the tool apart.
• Usability: User-friendly interface and ease of navigation.
• Onboarding: Efficiency and support provided during the implementation phase.
• Customer support: Availability and quality of customer service.
• Value for money: Cost relative to the benefits and features provided.
• Customer reviews: Feedback and ratings from existing users.

11 Best GRC Tools and Platforms

Here are the best GRC tools and platforms available in 2024 with their unique features and market position.

VComply

Overview:
VComply is a cloud-based Governance, Risk, and Compliance (GRC) platform that offers a comprehensive suite of tools to manage compliance, risks, and audits. Known for its intuitive interface and scalability, VComply is suitable for businesses of all sizes, from small enterprises to large corporations.

The platform caters to sectors including financial services, healthcare, higher education, non-profits, food & beverages, energy, and manufacturing. It empowers users to efficiently manage compliance frameworks, conduct risk assessments, and streamline audit processes.

Its primary users are decision-makers such as compliance officers, risk managers, CTOs, and CEOs, responsible for overseeing regulatory compliance, effective risk management, and efficient audits within their organizations.

Unique Features:

• Task Management: Efficiently assign and track compliance tasks across the organization.
• Regulatory Compliance: Supports multiple compliance frameworks, provides flexibility to build additional frameworks and standards
• Alerts and Escalation Management: Enables efficient alerts and escalation management to ensure timely responses to compliance issues.
• Risk Management: Comprehensive tools for identifying, assessing, and mitigating risks.
• Audit Management: Streamlined audit processes with automated workflows and reporting capabilities.
• Policy Management: Centralized repository for creating, managing, and disseminating policies.
• Compliance Tracking: Real-time tracking and monitoring of compliance activities and status.
• Integration: Seamless integration with popular platforms such as Slack, MS Teams, and MS Outlook.

Why VComply Stands Out:

VComply’s strong feature set and user-friendly interface make it an ideal choice for organizations looking to enhance their GRC processes. Its scalability and integration capabilities allow it to adapt to the needs of both small businesses and large enterprises, providing a versatile and comprehensive solution for managing governance, risk, and compliance.

Alyne

Overview:
Alyne is designed for comprehensive Governance, Risk, and Compliance (GRC) process management. Known for its user-friendly interface, Alyne is suitable for businesses of all sizes.

Unique Features:

• Risk Catalog: A robust repository for managing and categorizing risks.
• Risk Detection: Automated detection of potential risks.
• Policy Binders: Centralized management of policies and procedures.
• Integration: Seamless integration with major platforms like SAP, Salesforce, and Oracle.

Why Alyne Stands Out:

Alyne’s intuitive design and powerful features make it an excellent choice for organizations seeking a versatile and scalable GRC solution.

StandardFusion

Overview:
StandardFusion is an end-to-end GRC platform offering visibility, centralization, and collaboration tools. It is designed to support information security teams and drive revenue growth.

Unique Features:

• Core Solutions: Includes compliance, risk, audit, vendor, policy, and incident management.
• User Interface: Clean, modern interface that enhances user experience.
• Support: Transparent pricing structure and accessible technical support.

Why StandardFusion Stands Out:
StandardFusion’s comprehensive suite of tools and user-friendly design make it a standout choice for organizations looking to integrate their GRC processes.

Corporater

Overview:
Corporater offers a Business Management Platform that integrates performance and GRC, aiming to eliminate silos and align compliance, performance, and operational outcomes.

Unique Features:

• Dashboard Views: Customizable dashboards for real-time insights.
• Policy Development: Tools for creating and managing policies.
• Risk Management: Comprehensive frameworks for identifying and managing risks.

Why Corporater Stands Out:
Corporater’s focus on integrating GRC with business performance makes it ideal for organizations seeking to align their strategic objectives with compliance and operational efficiency.

Hyperproof

Overview:
Hyperproof is a cloud-based software designed to manage risk and compliance programs effectively. It features an easy-to-use interface and advanced reporting capabilities.

Unique Features:

• Risk Assessment: Flexible tools for assessing and managing risks.
• Quickstart Templates: Pre-built templates for various standards and regulations.
• Integration: Compatibility with major platforms and tools.

Why Hyperproof Stands Out:
Hyperproof’s flexibility and user-friendly design make it a great option for organizations of all sizes looking to streamline their compliance processes.

Fusion Risk Management

Overview:
Fusion Risk Management offers a cloud-based operational resilience software built on the Salesforce platform. It allows users to visualize business functions and manage incidents and risks effectively.

Unique Features:

• Guided Workflows: Configurable workflows for ease of use.
• Integration: Options with emergency notification systems and platforms.
• Visualization: Tools for visualizing business functions and dependencies.

Why Fusion Risk Management Stands Out:
Fusion’s robust platform and integration capabilities make it a strong choice for organizations looking to enhance their operational resilience.

ServiceNow

Overview:
ServiceNow is renowned for its integrated risk management capabilities, offering thorough and intuitive reporting and analytics features.

Unique Features:

• Integrated Risk Management: Comprehensive tools for managing risks.
• Reporting and Analytics: Advanced features for data analysis and reporting.
• Custom Pricing: Flexible pricing options and demo availability.

Why ServiceNow Stands Out:
ServiceNow’s strong integration and analytical capabilities make it a leading choice for organizations seeking a comprehensive GRC solution.

MetricStream GRC

Overview:
MetricStream GRC streamlines compliance processes and offers real-time insights, particularly noted for its internal audit management facilities.

Unique Features:

• Compliance Management: Tools for managing and streamlining compliance.
• Audit Management: Advanced features for internal audits.
• Pricing: Starts at a significant one-time license fee, with a free demo available.

Why MetricStream GRC Stands Out:
MetricStream’s focus on audit and compliance management makes it a top choice for organizations needing robust audit capabilities.

RiskRate

Overview:
RiskRate screens third-party risks against a large risk intelligence database, featuring a modern interface and organized workflow.

Unique Features:

• Third-Party Risk Management: Comprehensive tools for managing third-party risks.
• Interface: Modern, user-friendly interface.
• Pricing: Starts at $5000/year, with a free demo available.

Why RiskRate Stands Out:
RiskRate’s focus on third-party risk management and its user-friendly design make it ideal for organizations dealing with multiple vendors and partners.

Nasdaq BWise

Overview:
Nasdaq BWise offers a suite of compliance solutions optimized for regulatory compliance, featuring customization options and seamless audit tracking.

Unique Features:

• Customization: Friendly customization options for various compliance needs.
• Audit Tracking: Tools for seamless tracking and managing audits.
• Pricing: Available upon request, with a free demo offered.

Why Nasdaq BWise Stands Out:
BWise’s customization and audit tracking capabilities make it a strong contender for organizations needing tailored compliance solutions.

Soterion

Overview:
Soterion specializes in GRC solutions for organizations running SAP, offering in-depth access risk reporting and management features.

Unique Features:

• Access Risk Reporting: Detailed tools for managing access risks.
• Deployment Options: Flexible deployment options, including subscription and purchase.
• Integration: Seamless integration with SAP environments.

Why Soterion Stands Out:
Soterion’s specialization in SAP environments makes it the go-to solution for organizations utilizing SAP systems.

Other GRC Tools You Can Check Out

While the above tools stand out in various ways, there are other notable GRC tools worth considering. These tools offer unique features and qualities that may suit specific organizational needs:

1. RSA Archer: Known for its flexible and scalable GRC solutions.
2. LogicGate: Offers a robust platform for managing risks and compliance workflows.
3. Onspring: Features customizable workflows and intuitive dashboards.
4. AuditBoard: Focuses on audit management with user-friendly interfaces.
5. SAI360: Comprehensive solutions for managing risks and compliance.
6. NAVEX Global: Known for its ethics and compliance management capabilities.
7. ZenGRC: Offers a simple, yet powerful, platform for managing GRC processes.
8. Compliance 360: Provides a broad range of compliance management tools.
9. OneTrust: Renowned for its privacy and data governance solutions.
10. Diligent: Offers a robust platform for managing board governance and compliance.

What is the Evaluation Criteria for GRC Tools?

Functionality

The range and depth of features offered by GRC tools are critical in evaluating their effectiveness. Key functional areas include risk management, compliance tracking, audit management, policy management, and incident response.

Standout Features

Unique capabilities that set a GRC tool apart from others are important differentiators. These features may include advanced analytics, integration with other platforms, customizable workflows, and user-friendly interfaces.

Usability

A user-friendly interface and ease of navigation are essential for ensuring that users can effectively utilize the tool. This includes intuitive design, accessibility, and ease of implementation.

Onboarding

The efficiency and support provided during the implementation phase are crucial for a smooth transition. This involves training, setup assistance, and access to resources that facilitate quick adoption.

Customer Support

Availability and quality of customer service are critical for resolving issues and ensuring continuous operation. This includes response times, support channels, and the expertise of the support team.

Value for Money

The cost of the GRC tool relative to the benefits and features provided is a significant consideration. This includes initial setup costs, subscription fees, and potential savings from improved efficiency and compliance.

Customer Reviews

Feedback and ratings from existing users provide valuable insights into the performance and reliability of the GRC tool. This includes user satisfaction, reported issues, and overall effectiveness.

Top Trends and Benefits of GRC Tools

Currently, GRC tools are continuously going through changes, with new trends and technologies shaping the market. Some of the key trends in 2024 include:

• Integration: Seamless integration with other enterprise systems, such as ERP, CRM, and HR platforms, to provide a holistic view of risks and compliance.
• Analytics: Advanced analytics and reporting capabilities that provide deeper insights into risk management and compliance activities.
• Automated Compliance Management: Automation of compliance processes to reduce manual effort and enhance accuracy. This includes automated monitoring, reporting, and remediation.

Benefits of Using GRC Tools

Implementing the right GRC tools offers numerous benefits, including:

• Enhanced Decision-Making: Access to real-time data and analytics helps in making informed decisions.
• Improved Risk Management: Proactive identification and mitigation of risks reduce potential impacts on the organization.
• Streamlined Compliance Processes: Automated workflows and centralized documentation enhance compliance efficiency.
• Increased Operational Efficiency: Optimized processes and reduced manual effort lead to cost savings and improved performance.
• Stronger Governance and Strategic Alignment: Aligning GRC activities with strategic objectives promotes better governance and organizational alignment.

Pricing for GRC Tools

GRC tool costs vary widely based on features, scalability, and deployment options. A general idea of pricing includes:

Tool	Starting Price	Key Features	Best Usage Scenarios
VComply	Pricing upon request	Single record for evidence management,policy creation, approval, distribution, acknowledgmentcompliance assessment – single systemtask assignment + workflow management	All industries looking for a seamless compliance and risk management solution
Alyne	Pricing upon request	Risk management, policy binders, integration	All business sizes, comprehensive GRC
StandardFusion	Transparent pricing	End-to-end GRC, user-friendly interface	Information security teams, collaboration
Corporater	Pricing upon request	Integrated GRC and performance, customizable dashboards	Organizations seeking strategic alignment
Hyperproof	Flexible pricing	Risk assessment, advanced reporting, quickstart templates	Risk and compliance management
Fusion Risk Management	Pricing upon request	Operational resilience, guided workflows	Operational resilience, incident management
ServiceNow	Custom pricing	Integrated risk management, reporting and analytics	Comprehensive GRC, large enterprises
MetricStream GRC	One-time license fee	Compliance management, internal audit	Audit-focused organizations
RiskRate	$5000/year	Third-party risk management, modern interface	Vendor management, risk intelligence
Nasdaq BWise	Pricing upon request	Customization, audit tracking	Regulatory compliance, customizable needs
Soterion	Flexible deployment	Access risk reporting, SAP integration	SAP environments

Conclusion

In conclusion, using the right GRC tools is essential for improved governance, risk management, and compliance. These tools provide the necessary capabilities to manage risks effectively, ensure regulatory compliance, and enhance operational efficiency. 

By carefully evaluating and selecting the appropriate GRC tool, organizations can achieve better strategic alignment, protect against potential threats, and foster a culture of accountability.

Whether you are a small business or a large enterprise, there is a GRC solution tailored to your needs. Investing in a robust GRC platform is a regulatory necessity and a strategic advantage that can drive long-term success and sustainability.

If you have any questions or need further assistance, please feel free to reach out to the support team at VComply.

By thoroughly understanding and utilizing the best GRC tools available, organizations can navigate the complexities of governance, risk, and compliance with confidence and efficiency.

FAQs

What are the benefits of using GRC tools?

GRC tools enhance decision-making, improve risk management, streamline compliance processes, increase operational efficiency, and strengthen governance and strategic alignment.

What are the must-have features in GRC tools?

Must-have features include risk management, compliance tracking, audit management, policy management, incident response, and advanced analytics.

What is integrated risk management?

Integrated risk management involves combining risk management activities across the organization to provide a comprehensive view of risks and ensure cohesive management practices.

Are there any open-source GRC tools available?

Yes, there are several open-source GRC tools available that offer basic features for managing governance, risk, and compliance. However, they may not provide the same support and advanced functionality as commercial solutions.