GRC, which refers to Governance, risk and compliance, is the strategy used by organizations to manage their GovernanceGovernance in general, to regulate risk management in the enterprise and comply with regulations. IT can be said that it helps to align IT with the objectives of the business while meeting requirements of compliance and paying heed to risk management requirements. An efficient GRC has three components: Governance, risk and compliance. When we say Governance, we mean the function to ensure that activities like the management of IT operations are aligned to and support the goals of the business organization satisfactorily. ‘Risk’ refers to the capacity to identify and address the risks and opportunities in such a way that it is compatible with the larger organizational goals. GRC also ensures compliance, which entails making sure that activities in the organization are operated in ways that comply with the rules, laws and regulations of the context and the data contained therein be secured and used appropriately.
GRC software helps enterprises manage their operations, requiring regulation and compliance, and be conscientious of risk standards to achieve efficient risk navigation. With this kind of software, it becomes simpler to reduce operational risks, gain control over incident management plans, and conduct internal audits. It also becomes more efficient to focus on policy management, streamline communication internally and reduce fragmentation among departments and divisions, improve decision making, make more optimal IT investments, to name a few.
Best GRC software for 2021:
- LogicGate Risk CloudTM: This has been a transformative cloud-based platform with risk management applications that enhance the management of GovernanceGovernance, risk and compliance by businesses. They combine expert content and service with simple, no-code technology and creates a holistic view of the risk programs present.
- HighBond: It is an end to end platform by Galvanize which helps bring security, compliance, risk management and audit professionals together. Industry experts built this software and helped streamline collaborations across different organizations and automate relative tasks. They deliver a seamless, award-winning interface. It allows you to harmonize and analyze data across the organization so that unique and valuable questions can be asked and answered while working with a single source of truth in one platform.
- ZenGRC: This is a cloud-based ‘Software as a service (SaaS) that offers solutions to elevate a company’s risk, governance and compliance program to high infosec standards. It will fit an enterprise’s already existing GRC system and evolve. When ZenGRC is the central platform of a company’s infosec ecosystem, it can help achieve constant monitoring and audit management capacities and customizable, built-in end-to-end risk management with a minimal manual effort of automation.
MetricStream Enterprise GRC Solution: Built on the MetricStream Platform, it enables a collaborative and holistic approach to GRC by cutting across organizational divisions. Data concerning risk and compliance from across the organization and even from third-party sources can be productively gathered and transformed into practical business intelligence to effectively support decision making, which is aware and conscious of risks. The solution is specially designed to meet the demands of the complex, global enterprises and their extended ecosystem in