What is a Compliance Tool?
Governance, risk management, and compliance (GRC) are the processes that assist organizations in integrating their governance, risk management, and compliance operations.
Teams can benefit from integrating and streamlining GRC processes with specialized technology, automating GRC processes and reducing implementation complexity.
GRC software can also keep teams organized, address vulnerabilities, and contact the necessary stakeholders. In addition, GRC software is useful for managing policies and procedures, systems, and resources.
GRC ensures the organization leverages information across all areas and implements risk management strategies effectively. When you have the right GRC software solution in place, changing regulations and standards pertaining to logistics, infrastructure, and cybersecurity are easier to manage.
Larger organizations can use GRC tools to streamline the development and management of GRC processes on a large scale.
How to choose the right GRC tool for you?
Today, there are so many GRC solutions on the market that it can be difficult to know where to start when picking the right one for your organization. You can distinguish between the best solutions by considering a few key factors.
Some factors to consider include the following:
- Pricing
- Features
- System requirements, such as data storage, disaster recovery, and server availability
- Automation
- Ease of use
- Platform support
- Security framework availability
What are the 10 Top Compliance Tools of 2023?
GRC tools may also be beneficial to businesses in industries that require an especially high level of compliance. Regardless of the industry in which an organization operates, automated compliance solutions are a major game-changer.
Let’s take a closer look at the top 10 compliance tools in 2023:
Fusion Framework System
Fusion Framework System is considered one of the most renowned security cloud providers in the world. The primary goals of their solution are to provide visibility, automate protection, and ensure compliance management across physical and virtual environments. Using their innovative technology, organizations are able to gain real-time visibility into their data center resources, including vulnerabilities, configuration settings, and large-scale changes.
IBM OpenPages
The OpenPages GRC tool from IBM is powered by IBM’s Watson AI engine. The software offers services to streamline the management of financial controls, IT governance, and regulatory initiatives. Included tools also support internal audits related to GRC operations. Flexible pricing and AI integration by default make it a good fit for teams of all sizes, especially businesses that want to adopt ML and GRC software simultaneously.
ServiceNow GRC
ServiceNow provides a compliance management solution with powerful GRC automation capabilities, providing a centralized data environment with easily accessible tools such as portals and mobile apps. The software’s reporting and analytics capabilities make it easy for companies to track and measure GRC-related metrics based on individual organizational needs. In addition, the platform offers features such as real-time monitoring, predictive intelligence, and automation tools that can help organizations gain better insights from their data and further streamline GRC operations.
SAI360
SAI360’s cloud-first GRC platform offers flexible, scalable, and configurable modules for a better perspective on risk management. The vendor also offers training capabilities and third-party access monitoring, which can help foster a culture of compliance within organizations. SAI360 also offers a streamlined vendor risk management lifecycle and an extensive regulatory content knowledge base. In addition, the platform provides compliance training through enterprise-wide education on the latest policies and processes, as well as automated critical workflows to improve accountability.
Wdesk
Wdesk is a cloud-based compliance software that enables teams to do their best work with visibility, efficiency, and improved productivity. From small teams to large departments, it provides control and configurable step-by-step workflows, assignment, and response to data, documents, dashboards, reports, etc. It enables team management, data management, project management, collaboration, and data integration within the solution, improving organizational efficiency.
Scytale
Scytale is a world-leader in security compliance automation, helping security-conscious SaaS organizations achieve and maintain compliance in frameworks such as SOC 1, SOC 2, ISO 27001, HIPAA, PCI-DSS and GDPR . Scytale’s compliance experts provide customized advisory and dedicated support, enabling faster growth and building customer confidence.
COMPLYment
COMPLYment provides flexibility for managing and tracking the necessary compliances according to various standards such as PCI-DSS, HIPAA, SEBI, SAMA, GDPR, NIST, etc. It simplifies the process of gap analysis and required remediation to achieve the desired level of compliance for organizations. COMPLYment’s structured approach increases the overall efficiency of processes in the organization.
AuditBoard
AuditBoard’s connected risk architecture is a unified data core that centralizes organization’s risks, controls, policies, frameworks, issues, and more. The core is surrounded by a powerful set of platform capabilities, including collaboration, automation, a robust workflow engine, business intelligence, and a highly extensible integration layer. Together, AuditBoard’s unified core and purposefully designed platform capabilities provide a strong, dynamic foundation for their award-winning applications – RiskOversight, CrossComply, SOXHUB, OpsAudit, ESG, and TPRM.
SureCloud
SureCloud helps organizations achieve desired GRC outcomes faster and more securely to compete in today’s rapidly changing risk landscape. Surecloud’s capabilities bring together the right combination of Gartner-recognized GRC software and world-class cyber and risk consulting expertise in one place to provide a smarter solution to business-critical challenges, including risk, cyber risk, supplier risk, compliance, and data protection.
Acuity Risk Management
Acuity’s STREAM Integrated Risk Management platform enables organizations to make informed strategic decisions and increase resilience. Through centralization and automation, STREAM minimizes guesswork, reduces manual processes, communicates risk, and increases stakeholder confidence. With SaaS and on-premise deployments available, STREAM is quick and practical to implement and delivers value within weeks.
Choose which compliance tool is right for you!
Choosing the right compliance software tool allows you to manage current risks and meet current compliance obligations while preparing for the future.
It is important that you choose a centralized, highly visual environment that meets your specific GRC needs and can effortlessly manage risk and compliance. Additionally, it’s important to find a platform that streamlines workflows and automates everyday tasks.
In turn, GRC tools can help executives make better GRC-related decisions for the business and strengthen the GRC position.
