How to Choose Your GRC Platform

Choosing the right GRC platform is critical for streamlining risk management, meeting regulatory compliance needs, and improving decision-making across your organization. This article discusses the key features to look for in a platform, common challenges to avoid, and why solutions like AuditBoard’s CrossComply can help your business stay on top of compliance and manage risks efficiently.

However, it isn’t as simple as picking the first tool you find. You need to weigh several factors, from compliance requirements to risk management strategies, while also ensuring the tool is user-friendly, scalable, and doesn’t blow your budget. It’s a delicate balance, but the right platform can transform how your organization handles risk mitigation, manages regulatory compliance, and supports decision-making at all levels.

If you want to understand the basics of GRC compliance or take a deeper dive into the more technical aspects of integration and ERM (Enterprise Risk Management), keep reading. Whether your organization is juggling spreadsheets to track IT risk, or you’re building out an entire GRC program from scratch, this article will provide the information you need to find the perfect fit for your organization.

What is GRC Compliance? (And Why You Can’t Ignore It)

GRC compliance stands for Governance, Risk, and Compliance. This trifecta is the backbone of any well-run organization. Governance ensures that your company’s leadership, senior management, and overall direction are in line with your mission and legal obligations. Risk management is how you anticipate and minimize threats, from cyber risk to operational disruptions. And compliance? Well, that’s your ticket to staying out of regulatory trouble. Failing to comply with industry standards, whether it’s ISO, GDPR, or other frameworks, could lead to significant fines—or worse, the loss of customer trust.

Managing all these moving parts manually, or with outdated spreadsheets, is a recipe for disaster. A robust GRC platform pulls everything together, making it easier to handle policy management, streamline compliance programs, and manage risks in a way that’s both strategic and efficient.

Key Point: Read AuditBoard’s article on ESG Governance Risks. Having a comprehensive GRC platform allows company to maintain compliance and transparency when it comes to emerging ESG compliance issues.

Why GRC Compliance Matters

Organizations are now more connected than ever, which means your data, your processes, and your people are all at risk of cyberattacks, operational failures, and regulatory changes. Keeping up with this complex web of risk and compliance obligations is nearly impossible without the right tools.

A good GRC platform doesn’t just help you manage risk & compliance. It helps you optimize these processes, so you’re not only compliant but also more agile in addressing new risks and opportunities. Having a centralized platform means you’ll always have the information you need at your fingertips—whether it’s for an audit, a regulatory review, or a meeting with stakeholders.

How to Choose the Right GRC Platform

Now that we’ve established why you need a GRC platform, let’s dive into the selection process. It’s easy to get overwhelmed by all the options, especially when every platform promises to do it all. Here’s how to narrow it down.

1. Identify Your Goals and Requirements

The first step in selecting the right GRC system is understanding what you actually need it to do. Not every organization has the same risk profile, and not every GRC solution is equipped to handle every industry-specific challenge.

Do you need more robust compliance management tools, or is your primary focus on improving internal controls and risk management solutions? Maybe your goal is to improve decision-making at the executive level with better insights into enterprise risk management. Or perhaps you need to streamline your audit management processes.

Here are some questions to guide you:

• Are you struggling with non-compliance issues?
• Do you need to integrate IT risk management into your broader compliance strategy?
• Are you maturing your GRC program and need a tool that can scale?
• What stakeholders are involved in risk mitigation and how do you plan to review and collaborate?
• Is data privacy and cyber risk a growing concern for your organization?

Once you have clear answers to these questions, you can start evaluating platforms based on how well they meet your specific needs.

Key Point: Read AuditBoard’s article on Integrated Risk Management (IRM) for a better understanding on how IRM helps organizations mitigate cyber risk, operational risk, and enterprise/strategic risk.

2. Compare Tools on the Market (With a Focus on Key Features)

Once you’ve outlined your goals, it’s time to look at what the market has to offer. Not all GRC tools are created equal, and some will be better suited to your organization than others.

Key features to look for include:

• Risk Management Tools: Look for platforms with comprehensive tools for managing both strategic and operational risks. You’ll want the ability to conduct real-time risk assessments, track IT risk, and manage cybersecurity threats. Having predictive analytics can also be a game-changer, allowing you to anticipate problems before they escalate.
• Compliance Tracking: Your platform should help you stay on top of regulatory changes, especially if you operate in highly regulated industries like finance or healthcare. A system that can automate the tracking of regulatory compliance updates will help your organization avoid costly fines.
• Audit Management: Whether you’re preparing for an internal audit or meeting external standards like ISO compliance, your GRC platform should streamline audit processes, providing clear metrics and ensuring that all relevant data is in one place.
• Templates and Customization: Some platforms come with built-in templates for everything from risk assessments to compliance reports. Ensure that the platform you choose offers configurable options so you can adapt it to your specific needs.

3. Evaluate Costs (And Look Beyond the Price Tag)

Everyone loves a good deal, but when it comes to your GRC platform, the cheapest option may not always be the best. You need to consider both the upfront costs and the long-term expenses, including licensing, support, and integration costs.

You’ll also want to consider the Total Cost of Ownership (TCO). This includes the platform’s impact on productivity (will it save your team time, or add more to their plates?), the cost of training your staff to use it, and whether you’ll need to hire third-party providers for implementation or ongoing support. Experience and expertise of the solution provider should be a key consideration. Choose wisely, because cutting corners here could cost you a lot more down the road.

4. Integration with Existing Systems (Because Nothing Works in Isolation)

If you already have systems in place for audit management, ERM, or compliance management, your new platform needs to integrate smoothly with those tools. No one wants to deal with silos of information that don’t talk to each other. The right platform will ensure seamless data flow across your entire organization, from compliance teams to business units and senior management.

A good platform will also support multiple frameworks, whether you’re working with ISO, GDPR, or industry-specific regulations. Look for tools that integrate with existing risk management software and offer the ability to track compliance requirements across different business functions.

Key Point: AuditBoard provides an 8-step guide to implementing an effective compliance testing program

Top Challenges When Choosing a GRC Platform

Even with all this knowledge, choosing the right GRC platform comes with its own set of challenges. Let’s break down some of the most common hurdles and how to overcome them.

Customization vs. Off-the-Shelf Solutions

One size doesn’t fit all. Some companies may be tempted to go with an out-of-the-box solution that promises quick implementation, but that often comes at the expense of flexibility. Make sure your GRC platform offers enough customization to adapt to your specific GRC processes and the way your organization operates. The more configurable the tool, the more it will feel like it’s been built specifically for your organization.

Managing Multiple Compliance Frameworks

If your organization operates in a heavily regulated industry, chances are you’re dealing with multiple frameworks like ISO standards, GDPR, or even sector-specific regulations. A GRC platform that doesn’t support multiple frameworks will only complicate your life. Look for one that can handle a variety of compliance requirements and track updates in real-time. This will reduce redundant work across frameworks as well as elevate your ability to know your compliance posture in real-time when the business asks if it’s possible to pursue a new certification.

Scalability

Your organization isn’t static, and neither should your GRC solution. As your business grows, your risks and compliance needs will become more complex. Ensure the platform you choose is scalable, offering features that can grow with you. Whether you’re expanding to new markets or facing new regulatory challenges, the platform should be able to scale. When pressure testing scalability, look for the ability to add new units/categories, mature processes, integrate systems and a breadth of solution offering with a product roadmap that’s innovating to continuously add value.

Data Privacy and Cybersecurity

As organizations become more reliant on digital infrastructure, data privacy and cyber risk are becoming bigger concerns. Your GRC system should include cyber and privacy risk management processes, risk and control matrices, asset inventory and mapping, centralised issue management, and support for information security frameworks like ISO or NIST. Look for a platform that offers real-time dashboard reports and ease-of-use for stakeholders, so you’re improving risk mitigation and maturity.

Why AuditBoard’s CrossComply Could Be the GRC Solution for You

When it comes to simplifying compliance management and risk management, AuditBoard’s CrossComply stands out as a versatile and user-friendly solution. Built to streamline GRC processes across different industries, CrossComply integrates seamlessly with your existing systems, making it easier to manage everything from third-party risk management to IT risk.

CrossComply isn’t just a one-size-fits-all tool. It’s designed to grow with your organization, offering features like customizable workflows, templates, and real-time insights to help your team stay on top of non-compliance risks. Whether you’re tracking regulatory compliance for complex regulatory requirements like GDPR, maintaining internal controls, or addressing cyber risks, CrossComply makes it all manageable.

Key Features of CrossComply:

1. Configurable Workflows: Every organization operates differently. CrossComply lets you tailor workflows to suit your unique GRC strategy, ensuring that your processes fit perfectly with your internal risk & compliance frameworks.
2. Update Once, Update Everywhere: Save time by updating documentation one time. The platform will instantly update associated control pages, issue logs, and reports.
3. Scalable Compliance Management: As your organization grows, so will your compliance program. CrossComply scales with you, helping you manage increasingly complex regulatory requirements and providing tools for senior management to make better, informed decisions. Whether you need to comply with ISO, GDPR, ESG, or other industry-specific regulations, CrossComply offers support for multiple frameworks, ensuring your organization remains compliant with all necessary standards.
4. Automate your Compliance Assessments: With CrossComply, you can automate your compliance assessments and evidence collection processes, reducing the manual effort typically involved. This helps prevent errors, improve accuracy, and ensure that audits are completed efficiently.
5. Compliance with Multiple Frameworks: Whether you need to comply with ISO, GDPR, NIST, or other industry-specific regulations, CrossComply offers support for multiple frameworks, ensuring your organization remains compliant with all necessary standards.
6. Comprehensive Reporting: Generate detailed reports that provide insights into compliance requirements, risks, and mitigation efforts. These reports can be customized to meet the needs of your compliance teams and senior management, providing clear, actionable insights.

Final Thoughts: Why CrossComply is Right for You

In today’s rapidly evolving regulatory landscape, staying on top of your GRC program is essential for long-term success. AuditBoard’s CrossComply offers a user-friendly, customizable, and scalable solution that allows your organization to address compliance requirements, improve risk mitigation, and make better decision-making easier for your leadership team. By streamlining workflows, automating key processes, and providing real-time insights, CrossComply ensures that your organization remains risk-aware and ready to tackle any compliance challenges that come your way.

With the ability to manage multiple compliance requirements, IT controls & policies, framework mapping and assessments, CrossComply is built to support your organization now and in the future. So, why wait? It’s time to take your GRC approach to the next level and ensure your organization remains compliant, secure, and ready for whatever comes next.