November 1, 2021

Today’s companies are increasingly turning to governance, risk management, and compliance (GRC), a corporate management strategy that takes a unified approach to governing the organization, reducing risks, and meeting regulatory requirements.

With a sound GRC strategy, companies can obtain the integrated view they need to improve performance—while avoiding the hazards that can set back the business. But how do you simplify GRC management?

GRC tools are designed to do just that. Today, a wide range of GRC tools are available to help companies efficiently manage governance, risk, and compliance both across the organization and among their external suppliers and partners.

GRC encompasses three areas: governance or the standards and rules that guide a business, risk or the potential threats that can harm a business, and compliance or the procedures a company has in place to make sure it’s operating in an ethical and legal manner. By holistically managing all three areas, companies can more easily stay on track at a time when growing demands for transparency, escalating security risks, and a growing dependence on third-party relationships are increasing corporate complexity.

Common GRC tool features

The best GRC tools are powered by artificial intelligence (AI) and advanced analytics to simplify the management of governance, risk, and compliance. They are highly scalable and offer the flexibility to run both on-premises and in the cloud. And they centralize siloed management functions—helping organizations assess whether they are implementing the right controls.  

While the capabilities vary, some of the common features include:

  • Content and document management: Helps users create, track, and archive information using digital formats.
  • Risk analytics: Analyzes information such as access and privilege control; assesses, predicts, and mitigates risks; and offers suggestions to improve mitigation efforts.
  • Audit management: Helps users simplify the process of conducting internal audits and performing third-party risk assessments. 
  • Compliance management: Monitors compliance efforts against company policies and regulatory requirements and provides real-time alerts when regulations change. 
  • Workflow management: Assists users in creating and using GRC-related workflows.
  • Centralized dashboard: Provides a centralized user interface along with customizable metrics to give users visibility into GRC performance across the organization.
  • Reporting tools: Enables users to customize and export information into informative reports using popular file types.
  • Built-in integrations: Comes with integrations that make it easy to connect with other tools and software.

Benefits of GRC tools

GRC tools provide many benefits. With the right GRC platform in place, companies can obtain the preventative strategy they need to safeguard their business. A solid GRC platform enables companies to align their governance, risk management, and compliance strategy across the entire organization while breaking down independently operated silos that can make them vulnerable to threats.

Organizations can make faster, data-driven decisions that improve the business. They can shorten audit cycles, improve efficiency, and reduce costs. They can detect and lower the chance of security and compliance risks that can harm the company. And they can obtain the governance, risk, and compliance processes they need to maintain business continuity over the long term.

GRC tools increase business success  

With an innovative GRC solution to power their governance, risk management, and compliance strategy, companies can more efficiently govern their business while effectively anticipating and managing the risks they face—even as their operations grow in complexity.  In the current environment of heightened risk and uncertainty, GRC tools provide the visibility, intelligence, and control businesses need to ensure their enduring success.

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