The increasing dependence on the internet and modern technologies like Artificial Intelligence has made governance, risk and compliance (GRC) essential for organizations today. GRC solutions provided by some of the best governance, risk and compliance tools have become indispensable for maintaining an effective business operation. These GRC Tools protect organizations from ever-growing cybersecurity threats and help them continue their businesses safely and stably.
Governance, Risk and Compliance Tools
GRC Tools are designed to cater to modern organizations’ needs in managing their governance, risk and compliance. Implementing GRC Tools in the business ensures that the organization is protected against any uncertainties or obstacles for a long time. These tools help maintain transparency and provide accountability. Organizations can stop worrying about new government regulations or guidelines regularly because the GRC Tool would manage the task. With the help of governance, risk and compliance tool, organizations can ensure they are up to date with all the latest government protocols and guidelines.
Benefits of GRC Tools
The most crucial objective of GRC Tools is to maintain the governance, risk, and compliance of the organization. Apart from this, there are several other benefits organizations can gain by using GRC Tools. These are:
- Improved business efficiency
- Better decision-making and planning
- Increased risk mitigation
- Greater transparency
- Accountability and accessibility
Top Governance, Risk and Compliance Tools
GRC Tools are used by almost all modern organizations today irrespective of their size or nature of the industry. Additionally, several nations have developed guidelines to protect their citizens from the harmful effects of current technologies. EU’s and UK’s GDPR (Global Data Protection Regulation) and CCPA (California Consumer Privacy Act) are some of the well-known data protection guidelines that organizations need to comply with to conduct business.
Here are the top governance, risk and compliance tools used by organizations around the world:
- Fusion Framework System – A cloud-based GRC Tool, Fusion Framework System allows organizations to collaborate with the Salesforce software. It is an excellent visualization governance, risk and compliance tool, where organizations can visualize their customers’ perspectives.
- IBM Open Pages: This GRC Tool is a combination of the IBM AI Watson suite used by major corporations of the world. Open Pages supports internal audits and helps organizations streamline their financial operations and IT governance in a single place. Business Intelligence and machine learning solutions provided through IBM’s powerful AI system makes it a universal tool for modern organizations.
- Riskonnect: This cloud-based GRC Tool allows organizations to perform robust risk assessments and build user awareness. Riskonnect emphasizes coaching its users about potential risks and improving the organization’s risk management practices.
- LogicManager: Another cloud-based GRC Tool, LogicManager provides governance, risk and compliance solutions to organizations that want to achieve a unified risk management platform. This GRC Tool provides real-time risk reporting and analysis, thus, creating an efficient risk mitigation system.
- ServiceNow GRC: This cloud-based GRC Tool provides governance, risk and compliance solutions using easy-access tools. ServiceNow also provides real-time data monitoring using predictive analysis and automation tools. Thus, helping organizations manage the GRC according to their business needs.
GRC Tools ensures modern organizations have better preparedness for future uncertainties. Organizations can strengthen their business further by adhering to government guidelines and industry compliances and having a solid risk management system. Therefore, organizations can leverage these GRC Tools to implement effective GRC strategies throughout the workforce.
Our advisors and consultants of the RSA Archer Consulting Services will help organizations learn about the advantages of individual GRC Tools to manage their governance, risk, and compliance. With the help of their expert advice, businesses can effectively strengthen their operations and increase their overall productivity.