How can GRC tools help in effective GRC management? Top 10 GRC platforms to watch out

GRC tools are software tools or applications that proactively manage compliance, risk, and governance programs across the company, help you control different processes by ensuring that all compliance guidelines are adhered to, and help you mitigate the risks of hefty penalties.

A GRC tool also helps in implementing effective governance across the organization through the enforcement of business conduct and ethical practices. In short, a GRC tool can help you effectively manage your GRC program.

Different ways a GRC tool help in GRC management

Compliance management

Ensure all your functions adhere to the industry compliance guidelines with an intuitive GRC tool. An integrated GRC tool can automate different compliance processes across functions and help you manage them from a centralized platform. A GRC tool enables you to bring efficiency and transparency by letting you assign tasks, action plans, and policies to anyone on the team from anywhere. 

Risk management

An integrated GRC tool like VComply can help you identify, manage, and mitigate risks across your organization. You can peek at your organization’s risk profile from a single platform and make data-driven decisions to take necessary actions. GRC tool like VComply offers 360-degree risk visibility, lets you measure the outcome, and identify and reduce risk results, so you have reduced liabilities. 

Audit and assurance

A good GRC tool can help you schedule and execute all your audit plans, let you report any incident, and help you make a response plan to address and resolve the issue. An integrated GRC tool enables you to create repeatable audit processes to maximize your business efficiency. Eliminate any scope of fraud and errors by getting real-time updates on audit engagements and collaborating with teams promptly.

Policy management

A centralized GRC tool makes it easy to build, circulate, and manage all your policies from a centralized interface. It makes your process agile by storing all your processes in one place, ensures employee accountability and policy adherence by creating timely communications, and keeps your policy documents standardized and consistent. 

Additional read: Elements of effective GRC program

Top 10 GRC tools to watch out for in 2023

• Logic gate 

Logic gate is a no-code GRC tool. It comes with a suite of in-built applications that enables complete management of your GRC program across the organization. It offers many templates for business users to create documents as per their needs. The tool has a library to store all the previously designed workflows that you can use in the future. The no-code app development feature offers drag-and-drop tools, so anyone can use it without prior coding experience. 

• ZenGRC

A cloud-based scalable GRC tool lets you monitor and track assessment activities from a single platform. The goal of the tool is to help you reduce compliance failure and make a strong GRC program. Some of the features of ZenGRC include compliance automation, pre-loaded content, an intuitive user interface, single sign-on, etc. The audit module is a handy one that helps to report compliance status. The workflow module helps automate processes like approval, compliance schedules, implementations, etc., so the workflow is faster. 

• SAI360

It’s a suite of compliance, auditing, and risk management tools. It helps you streamline the gathering, tracking, monitoring, and analyzing of GRC data. The tool offers multiple customization options that lets you do easy implementation based on your organizational needs. 

• Riskonnect

Riskonnect is another popular cloud-based GRC platform known for its risk management and user training features. The tool uses automation to pull data from multiple sources for GRC data collection and analysis. 

• VComply

VComply is a no-code GRC platform that empowers you to create, manage, track and monitor GRC programs. It is a cloud-based platform and enables you to streamline the GRC processes with an emphasis on collaboration. The tool is made with one focus in mind — making the life of the user easy. You can set up the tool and start using it securely from any device. With this software, you can automate alerts, follow-ups, and reporting and analyze compliance gaps to create corrective action plans. Some of the salient features of the tool are the agile risk management workflow that helps identify, assess, and mitigate business risks. The tool does extensive reporting for compliance performance, drives collaboration through a centralized risk management workspace, draft review policies, and many more. 

• Diligent

A strong GRC tool offers different audit types and validation rules, an audit trail, a regulatory content library, and more. It gives good visibility of the company’s risk profile so that you can quickly identify and mitigate risks. With Diligent, you can strengthen an organization’s governance and compliance practices through data analytics and robotic process automation. The tool gathers risk, audit, and compliance information and presents it in an actionable way on a centralized platform to help the decision-makers 

. EASE

EASE is a mobile-friendly tool for conducting audits. The tool is simple to use and efficiently audits complex processes like layered process audits, Gemba walks, 5S, and more. It offers detailed insights so that the user has a detailed picture. The tool helps to identify hazards and prompts you to implement ergonomic standards at work. It helps you to create an employee-friendly work environment by managing chemical hazards at the workplace. The tool lets you do quick data analysis on the dashboard by presenting all the information in one place. 

. PowerDMS

It is a cloud-based GRC platform that many high-trust organizations rely upon. The tool has self-led, instructor-led, and web-based collaboration and tracking different compliance modules. It has an ecosystem of connected modules. So when a policy is updated, it reflects across all the instances. You can store, organize and search all the training content from one interface. 

. Ncontracts

Ncontracts manage risks and compliance for financial intuitions with integrated solutions encompassing different risk types. Depending on the types of risk you want to assess for your organization, you need to choose the risk modules. It is a one-stop solution for business continuity, audits, cybersecurity, finding, etc. 

. Pulse

Pulse is an audit and inspection tool. Using Pulse, you can quickly identify job hazards, keep a tab on the work environment, track your workplace ergonomics, address different incidents, and create a checklist in minutes. The prebuilt inspection templates are a handy feature that teams love. 

Key Takeaway 

If you are looking for an intuitive GRC tool to streamline your GRC program, then this is a list of the top ten GRC tools. 

VComply makes solutions for people like Tanya  so that Tanya can save time by automating her compliance program and assigning tasks to the individual, along with reminders and the ability to upload supporting documentation. 

VComply has proven to be a very effective tool to track compliance activities. It provides a way to automate your compliance program and assign tasks to individuals, along with reminders and the ability to upload supporting documentation. The customer service is the best I’ve experienced from a software company. They continue to evolve the software and regularly roll out updates and new features.”

Tanya P. Director of Compliance, Security, and Strategic Projects, Mid-Market(51-1000 emp.)

If you consider trying with VComply, schedule a live demo.