GRC software tools streamline and automate the documentation and reporting of corporate governance, risk management and compliance tasks, and align them with business objectives.
A GRC software tool typically offers:
- System of record (your “single source of truth”)
- Policy management
- Audit management
- Risk management
- Automated notifications to stakeholders to perform specific GRC-related tasks
- Real-time notifications of workflow and audit activity
- Closed-loop reporting for easy calculation of compliance and risk postures
- Easy creation and editing of GRC components (controls, objectives, assets, risks, people and more) by non-technical users
When used effectively, GRC software can help Chief Information Security Officers, Chief Security Officers, and Directors of Compliance move past spreadsheets to mature their risk management and compliance programs.
This guide will walk you through the steps required to purchase a GRC software tool — from establishing goals, to identifying and comparing vendors, to getting ready for the implementation phase and future success.