5 Best GRC Tools in 2024 (Benefits, Features, Costs)

Selecting the right tool is crucial for organizations to effectively manage their governance, risk management, and compliance activities. Here are 5 notable GRC tools that can help businesses and organizations adapt to evolving risks and regulatory landscapes, maintaining resilience and agility. 

1. StandardFusion

StandardFusion offers a range of features and functionalities to support efficient and effective GRC practices. Here are some popular features of StandardFusion:

• Policy management: Helps document policies, track revisions, and ensure policy adherence across the organization
• Risk assessment: Provides a structured approach to identifying and managing risks, and prioritizing mitigation efforts 
• Compliance management: Tracks regulatory requirements, automates compliance tasks, and generates compliance reports
• Incident management: Enables organizations to log incidents, assign responsibility, track progress, and ensure timely resolution
• Reporting and analytics: Provides insights into GRC activities, risk levels, compliance status, and performance metrics

StandardFusion has 4 pricing plans:

1. Starter: $1,500/month
2. Professional: $2,500/month
3. Enterprise: $4,500/month
4. Enterprise Plus: $8,000/month 

2. Netwrix 

Netwrix provides organizations with a comprehensive platform to manage and streamline their GRC processes. With a focus on data security and risk mitigation, Netwrix offers powerful features to help organizations maintain control over their sensitive data and meet compliance requirements.

Popular features on Netwrix include:

• Data discovery and classification: Scans systems, networks, and storage to locate and categorize sensitive information, helping organizations understand their data landscape and implement appropriate security measures
• Risk assessment and mitigation: Offers risk assessment templates, automated risk scoring, and risk mitigation recommendations
• Change and configuration management: Provides real-time alerts, detailed reports, and audit trails of all changes, ensuring visibility and accountability 
• Compliance reporting: Simplifies compliance reporting by providing predefined compliance templates and reports for various regulatory frameworks, including PCI DSS, HIPAA, and GDPR 
• User activity monitoring: Provides insights into user actions, access privileges, and data interactions, aiding insider threat detection and incident response.

Pricing for Netwrix is available on request. 

3. LogicManager

LogicManager is a widely recognized GRC tool that empowers businesses to streamline their GRC activities. It has a user-friendly interface and comprehensive functionality. Features include:

• Risk assessment and management: Offers customizable risk assessment templates, risk scoring methodologies, and risk treatment plans to effectively manage and mitigate risks throughout the organization
• Policy and procedure management: Facilitates policy creation, review cycles, version control, and acknowledgment tracking, ensuring consistent policy enforcement and compliance
• Incident and issue management: Provides a structured process for incident reporting, escalation, and resolution, ensuring timely response and corrective actions
• Compliance management: Offers pre-built compliance frameworks, automated compliance assessments, and task management functionalities to ensure adherence to applicable laws, regulations, and standards
• Reporting and analytics: Supplies real-time dashboards, graphical visualizations, and executive-level reporting to support data-driven decision-making, monitor performance, and communicate GRC-related insights effectively

To receive LogicManager pricing, businesses or organizations need to request a quote for a custom-made solution. 

4. MetricStream

MetricStream is a leading GRC tool providing organizations with a robust and integrated platform to streamline processes, improve decision-making, and ensure regulatory compliance.

Some features from MetricStream include:

• Policy and document management: Allows organizations to define policy frameworks, track policy life cycles, and ensure policy adherence across the organization
• Risk management: Enables organizations to identify, assess, and monitor risks in real time
• Regulatory compliance: Offers built-in regulatory libraries, compliance monitoring, and reporting capabilities 
• Audit management: Helps organizations plan and schedule audits, track audit tasks, and manage audit findings and recommendations
• Incident and case management: Provides tools for root cause analysis, corrective action planning, and case documentation

Pricing for MetricStream solutions is available on request.

5. ServiceNow

ServiceNow is a widely adopted GRC tool that provides organizations with a unified platform for managing GRC processes. Its powerful capabilities and extensive integrations offer a comprehensive solution to drive operational efficiency.

Notable features of the tool include:

• Policy and compliance management: Allows organizations to establish and manage policies, procedures, and controls
• Risk management: Offers risk identification, assessment, and monitoring capabilities
• Incident and issue management: Offers incident reporting, escalation, and workflow management functionalities 
• Audit management: Supports audit planning, scheduling, and task management
• Reporting and analytics: Enables organizations to gain insights into GRC activities, performance metrics, and compliance status

The pricing plans are flexible according to your business requirements.