When we talk to customers, prospects, and even audit partners, they are often overwhelmed with the choices they have for GRC tools. There is a lot of vendors-speak, confusing terminology, and varying opinions on where to start. Sometimes it helps to break the problem down to the basics, then build up from there. In this post, we’ll give you a quick refresher on why and how companies are using GRC, then we’ll share the top 10 considerations when evaluating GRC tools.
According to Gartner, GRC “enables the simplification, automation, and integration of enterprise, operational, and IT risk management processes and data.” In simple terms, all companies, big and small, can benefit from a GRC tool to help manage their risk and comply with standards and regulations. Think SOC2, HIPAA, GDPR, and CCPA.
Before you start comparing GRC technology options, think about the purpose you want it to perform for your company. What is your driving need for a GRC tool? Are you about to apply for a certification or conform to a specific regulation? Where are you currently in your security journey and where do you want to be in the future? These are all questions you should consider before selecting a tool that’s right for you. Also, who on your team is going to champion the use of the tool and integrate its use into your organization?
A good GRC tool will allow you to manage risk effectively. A great GRC tool will make it easy to do so now and in the future.
Once you have documented why you need a GRC tool, you can justify (or budget) the time and dollars required to select, purchase and implement the software. The selection process can be daunting, so we’ve listed the most important things to look for, regardless of the nuances of your use case. Here are the top 10 things you should look for:
Does the product provide robust risk monitoring and analytics?
Today’s business users and auditors demand real-time insight into risk and compliance status. Look for products that combine high-level health and progress indicators with granular details into issues that need attention. And of course, this means visibility into how risks have been resolved. ?
Ostendio’s MyVCM platform helps companies comply with over 100 standards and regulations globally, and we make the move to a GRC tool a simple process. Check out our Platform Overview or Request a Demo today to see how Ostendio can help your business.
The NIST Guide can help. We can also provide you with a free copy of Ostendio’s password policy, as an example. Just contact us at info@ostendio.com.
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