Selecting the right Governance, Risk, and Compliance (GRC) software can feel overwhelming, especially with the vast array of options available and the high stakes involved. A GRC platform should support your organisation’s unique risk management needs, compliance requirements and governance processes - but how do you know which system is the best fit?
In this post we’ll break down the most common questions organisations have when choosing a GRC solution, covering everything from key features to look for, to scalability concerns and integration capabilities. Whether you are starting from scratch or have a legacy system that’s no longer fit-for-purpose, we hope these insights will help you make a confident, informed decision.
What is GRC software and why do you need it?
In short, Governance, Risk and Compliance (GRC) software is a tool that helps organisations manage risk, ensure compliance with regulations and maintain corporate governance standards. By centralising data, it provides a comprehensive view of risks, compliance issues and governance processes across the enterprise, streamlines workflows, provides reliable, accurate, real-time insights and enhances the efficiency of risk management.
What key features should risk professionals look for in GRC software?
According to your organisation’s risk maturity, look out for a modular solution that can evolve with you alongside business growth, changes in the regulatory landscape and evolving market conditions. You will likely need a solution that encompasses:
Risk Management - enabling you to identify, assess, monitor and mitigate risks. Look for flexible risk-scoring capabilities, risk dashboards and risk heat maps that provide a visual overview of risk exposure.
Compliance Management - GRC software should support regulatory compliance tracking with automated updates to regulations and industry standards. It should simplify compliance documentation, evidence collection and reporting.
Policy and Document Management - everything needs to be accessible, consistent in format and easily updated. Look out for automated version control, approvals and distribution workflows.
Audit Management - a robust audit module will enable scheduling, conducting and tracking of audits. It should include audit trails, templates and tools to help you manage findings, track resolutions and generate reports.
Third Party Risk Management (TPRM) - in the age of the extended enterprise, you need a clear picture of the risks and vulnerabilities vendors, suppliers or partners can introduce to the supply chain and how they may impact your organisation. Features such as automated vendor assessments and risk scoring can be invaluable.
Data Analytics and Reporting - Advanced analytics and customisable reporting features allow GRC professionals to generate insights and report on KPIs. Look for dynamic dashboards that make it easy to monitor risks and trends in real time.
Incident Management - your choice of GRC software enable you to track and manage incidents, enabling quick identification, response and resolution of any risk events that occur and the ability to keep your risk controls up-to-date and effective.
How does scalability impact your choice of GRC software?
In today’s climate, scalability is essential - the ability to flex ‘GRC’ apace with business growth or increased regulatory requirements fosters greater resilience. The software should be able to handle an expanding volume of data, users and compliance needs without performance issues. Many cloud-based GRC solutions offer scalability, for flexibility in how and where you need to deploy the software across the different geographies.
What role does user-friendliness play in GRC software selection?
A complex or unintuitive interface will only hinder user adoption and as a result, productivity. GRC professionals should look for software with an attractive, dynamic dashboard, simple navigation and customisation options that allow users to tailor the interface to suit their needs, maximising the software’s value as a ‘one stop’ tool for all GRC management.
How does GRC software ensure data security and compliance with data protection regulations?
Your choice of GRC software should include robust data security features, such as encryption, role-based access controls and multi-factor authentication. It should also be compliant with data protection regulations like GDPR, CCPA or industry-specific regulations, as applicable. Assess the software provider’s security certifications (e.g. ISO 27001) to ensure they align with your organisation’s security standards. For extra reassurance, choose a GRC platform that is award-winning, recognised within your field and widely adopted by blue chip brands.
Should risk professionals prioritise automation in GRC software?
Yes! Automation is critical, enhancing efficiency by minimising manual tasks and scope for human error. You’ll find automation streamlines all aspects of risk assessment, policy distribution, compliance tracking, incident response and many other tasks that are time-consuming if handled manually. Automated workflows can also ensure that tasks are completed on time and routed to the correct personnel, helping to simplify and structure key GRC processes.
What should be considered when evaluating a GRC supplier’s support and training options?
Vendor support and training are critical for successful GRC implementation and ongoing use. Check if the GRC software provider offers comprehensive onboarding, user training and technical support. Additionally, confirm whether they provide regular updates in line with regulatory changes and best practice. A GRC platform designed by GRC experts – such as Decision Focus – will address your pain points and help you meet GRC challenges with confidence. You’ll also have a GRC ‘partner’ you can rely upon for troubleshooting, adding modules alongside business growth and maturing your GRC framework.
Can you evaluate the ROI of a GRC solution?
Consider the tangible benefits to be derived from the software, including reduced audit costs, faster compliance processes and minimised fines or penalties from regulatory breaches. Intangible benefits might include improved risk visibility, enhanced decision-making, better alignment between departments and a boost in risk culture.
A GRC solution should ideally streamline processes, reduce redundancies and enable risk professionals to re-allocate their time to high-value tasks, which can translate into measurable ROI over time.
What emerging trends should risk professionals look for in GRC software?
Your choice of GRC platform should harness new technologies to provide ever better insights. Look out for AI-powered regulatory change management, machine learning to drive risk detection, predictive analytics, and anomaly detection helping you to anticipate and respond to risks proactively. Real-time data sources will provide a continuously updated view of risks, which is essential in rapidly changing environments. RegTech tools that specialise in automating compliance tasks are increasingly integrated within GRC platforms, further streamlining regulatory compliance.
How should risk professionals conduct a GRC software demo or trial?
Arranging a demo is the best way to test how well the software meets your specific needs. Ask to see use cases relevant to your organisation’s risk and compliance requirements and evaluate how the software handles these scenarios. Pay close attention to the interface, ease of use, customisation options and how quickly the software generates insights. It’s also wise to involve GRC colleagues who will also be working with the software to provide feedback on usability and functionality from different team or departmental perspectives.
Discover a single integrated platform to meet your GRC needs
Decision Focus is a modern, agile solution that brings together all aspects of your GRC into one ‘single source of truth.’ Contact us to learn more about our best-in-class GRC software or arrange a personalised demo.