6 things to look for when acquiring GRC software in 2023

0. Introduction

GRC (Governance, Risk, and Compliance) software is a powerful tool for helping organizations to manage and mitigate risk, maintain compliance with relevant regulations, and improve overall governance processes. With the increasing complexity and volume of data that organizations must contend with, a well-designed GRC software solution can be a vital component of an effective risk management strategy.

In this blog post, we will highlight 6 key things to consider when acquiring next generation GRC software. By considering these factors, you can ensure that you choose a solution that meets the specific needs of your organization and helps you to effectively manage risk and compliance.

1. Ease of use

One of the most important things to consider when acquiring next gen GRC software is ease of use. The software should be intuitive and easy to navigate, with a user-friendly interface and clear documentation. This is important for ensuring that all members of your organization are able to use the software effectively and efficiently.

User adoption is also a key factor to consider. If the software is difficult or cumbersome to use, it is less likely to be adopted by your team, which can hinder its effectiveness. On the other hand, software that is easy to use is more likely to be embraced by your team, leading to better adoption and more value from the software.

Some features that can contribute to the ease of use of GRC software include a clean and organized interface, clear instructions and tutorials, and customizable views and dashboards. Look for software that is designed to be user-friendly and that provides the necessary support to help your team get up to speed quickly.

2. Integration with other systems

Another important factor to consider when acquiring GRC software is its ability to integrate with other systems that your organization uses. By seamlessly integrating with these systems, the software can help to avoid silos of information and improve the flow of data throughout your organization.

Some types of systems that GRC software may need to integrate with include HR systems, ERP systems, and customer relationship management (CRM) systems. Look for software that has a proven track record of integration with these types of systems, or that offers API integration to allow for custom integration with your organization's systems.

In addition to integration with external systems, it is also important for GRC software to be able to integrate with other tools and systems within the software itself. This can help to ensure that all relevant data is easily accessible and that the software is able to provide a complete picture of your organization's risk and compliance posture.

3. Customization options

Another key factor to consider when acquiring next gen GRC software is the ability to customize the software to meet the specific needs of your organization. The software should be flexible and allow you to tailor it to your organization's processes and workflows.

Some examples of customization options that may be important include the ability to create custom reports or modify existing ones, the ability to set up custom alerts and notifications, and the ability to customize user roles and permissions. Look for software that offers a range of customization options to allow you to make the software your own.

In addition to customization options within the software, it is also important to consider the level of support that is available for customizations. Look for software that offers a high level of support for customizations, whether through in-house resources or through a robust developer community.

4. Scalability

As your organization grows and evolves, it is important for your GRC software to be able to scale with you. Look for software that is designed to be flexible and able to adapt as your needs change.

Some features that can contribute to the scalability of GRC software include the ability to add users or modules as needed, the ability to handle increasing amounts of data, and the ability to integrate with a range of systems and tools. By choosing software that is scalable, you can avoid the need to switch to a new solution as your organization grows.

In addition to the scalability of the software itself, it is also important to consider the scalability of the vendor's business. Look for vendors that have a proven track record of supporting organizations of all sizes and that have a strong track record of growth and stability.

5. Security and compliance

Next gen GRC software handles sensitive data and as such, it is essential that the software has robust security and compliance features in place to protect this data. When evaluating software options, look for features such as encryption, secure login and authentication, and activity tracking.

In addition to these security features, it is also important to consider the software's compliance with relevant regulations and standards. This may include compliance with industry-specific regulations, such as HIPAA for healthcare organizations, or with broader standards such as GDPR for data protection.

Choosing software that is secure and compliant not only helps to protect your organization's data, but it also helps to build trust with your customers, partners, and stakeholders.

6. Support and maintenance

When acquiring next gen GRC software, it is important to consider the support and maintenance options that are available. Look for software that offers reliable support and maintenance options, including access to a knowledge base, regular software updates, and dedicated support staff.

Having access to these types of resources can be invaluable when you encounter issues or have questions about the software. It is also important to consider the level of support that is available, such as email, phone, or chat support.

In addition to support and maintenance options, it is also important to consider the vendor's track record of stability and reliability. Look for vendors that have a proven track record of supporting their products and that have a strong reputation in the industry.

7. Conclusion

In this blog post, we highlighted 6 key things to consider when acquiring next gen GRC software. These include ease of use, integration with other systems, customization options, scalability, security and compliance, and support and maintenance.

By considering these factors, you can ensure that you choose a software solution that meets the specific needs of your organization and helps you to effectively manage risk and compliance.

If you are in the process of evaluating GRC software options, we hope that this blog post has provided some useful guidance. If you have any questions or need additional information, we are here to help. Please don't hesitate to reach out to us for assistance.