Governance, Risk, and Compliance (GRC) is a framework that manages these practices across an enterprise. The importance of a unified and integrated platform for the same is unparalleled, as it is crucial for companies to ensure compliance, manage risk, and coordinate security in a streamlined manner.
Good GRC tools usually have a clean and attractive user interface, easy-to-learn usability, good tech support, a user-centric program, easy integration, and value for money. Additionally, they offer vital features like a compliance database, risk analysis, reporting and analytics, and auditing tools.
A survey conducted by Deloitte concluded that 85.6% of the surveyed organizations agreed to benefit from integrating and streamlining their enterprise-wide use of technology for GRC activities. Considering this fact with the rapidly growing market size of GRC platforms which is expected to reach USD 68.7 Billion by 2027, it is clear how important it is to choose the right GRC platform for your organization.
In this article, we will talk about the top Governance, Risk, and Compliance platforms in 2022. The article does not denote hierarchy in any way, but simply lists some of 2022’s best GRC platforms. Let’s begin.
Fusion Framework System
A cloud-based GRC tool, Fusion Risk Management has been designed to work in conjunction with the Salesforce platform for easy visualization of products from the perspective of customers. Its key features include:
- Incident Tracking
- High Customization
- User-Friendliness, even for users with non-technical backgrounds
The tool focuses on current risks, dependencies and relationships between them, as well as third-party business partners and business processes. Additionally, it can seamlessly integrate with your CRM technology or e-commerce interface. However, a complicated adoption process may be experienced.
The Fusion Framework System focuses on operational resilience, therefore encompassing business continuity, IT risk, crisis and incident management, and risk management. It is built on the Salesforce Lightning platform, making it flexible with easy integrations and a suite of platform capabilities that can be customized as per needs. Users can:
- Realistically map product delivery and critical service processes
- Confidently plan, execute, and measure risk management and resilience activities
- Minimize burdens of manual, time-consuming, repetitive tasks with automation to free teams for more value-generating activities
- Audit, analyze, and improve your business operations with objective risk insights
- Observe progress and improve over time
- Facilitate scenario rehearsals
ServiceNow Governance, Risk, and Compliance
ServiceNow GRC is a powerful solution to enable resilient enterprises with risk-informed decision-making. By allowing risk and resilience management in real-time, the solution allows companies to:
- Confidently manage risk
- Improve business resilience
- Gain real-time visibility
- Increase productivity
ServiceNow GRC solution offers the following capabilities:
- Policy and Compliance Management
- Business Continuity Management
- Risk Management
- Vendor Risk Management
- Operational Risk Management
- Operational Resilience Management
- Continuous Authorization and Monitoring
- Privacy Management
- Predictive Intelligence
- Performance Analytics
- Virtual Agent
- Use Case Accelerators
- Audit Management
- Regulatory Change Management
It allows seamless integrations with security score providers, content consolidators, and business continuity solutions. Additionally, its platform capabilities include a single data model, workflow automation, and an intelligent chatbot. These contribute to the further simplification of cross-functional integration, processes, and communication.
This tool offers a unified data environment to drive a risk management culture with easy accessibility to insights. While it is intuitive and flexible to use, it lacks advanced filters to broaden data visualization schemes.
IBM OpenPages offers functional components and core services that include:
- Financial controls management
- Internal audit management
- IT risk & governance
- Policy management
- Operational risk management
- Regulatory compliance management
- Model risk governance
- Vendor risk management
- Business continuity management
Businesses can deploy solutions with scalable architectures and a modular set of enterprise GRC solutions with IBM OpenPages’ customizable platform. Additionally, the platform delivers the following multiple key business value differentiators to accelerate customer time to value and radically improve decision-making:
- Extensible solutions
- Overall regulatory compliance management
- Data integration and aggregation
- Artificial Intelligence
IBM’s OpenPages saves time for the user by allowing selection from suggestions on the interface instead of understanding all available options. Additionally, data quality is improved as users can choose multiple classifications as per relevance. The knowledge gap is also reduced as experts can train the classifier for seamless operations.
The platform offers several functionalities, including:
- Classifiers on and across objects
- Configuration of the classifier to set up three category levels
- Use of Watson™ Natural Language Classifier Service directly from the IBM Cloud platform
- Export of usage information for further training of the classifier
However, the platform can be a bit slow in terms of implementing risk assessments, creating and logging issues, as well as setting up workflow automation.
SAI Global Compliance 360
SAI Global Compliance 360 delivers an enhanced user interface along with intuitive experiences to robust risk intelligence reports in order to facilitate third-party business disruptions. It enables organizations with the ability to:
- execute company-wide training on current policies and procedures
- automate critical workflow steps in order to establish accountability
The platform offers several benefits like:
- EHS and sustainability
- Enterprise risk management
- Compliance management
- Operational risk management
- Ethics and compliance learning
- Digital risk management
- Vendor risk management
- Business continuity
However, the platform can be complex and cluttered in terms of navigation and ease of use. Although significantly flexible and customizable, users might find themselves stuck with problematic executions.
Governance, Risk, and Compliance management is a critical component of every organization today. Implementing the right tools is critical to ensure the proper execution of GRC policies. Every organization’s requirements are different, cultures vary, and the adoption speeds differ as well. So while one tool may be excellent for one organization, it may not be that effective or suitable for the other. Hence, organizations must evaluate their requirements to choose the most suitable platform for their needs.