Governance, Risk & Compliance (GRC) software refers to a type of software that helps organizations manage and mitigate risks, comply with regulatory requirements, and maintain good governance practices. GRC software typically provides a range of features to automate and streamline various aspects of risk and compliance management, such as:
- Risk assessment and analysis: GRC software allows organizations to identify, assess, and prioritize risks across different areas of the business, such as finance, operations, and IT.
- Compliance management: GRC software helps organizations comply with regulations and industry standards by providing tools for tracking and managing compliance requirements and certifications.
- Policy management: GRC software enables organizations to create, publish, and manage policies and procedures that support good governance practices.
- Audit management: GRC software facilitates the planning, scheduling, and execution of internal and external audits.
- Reporting and analytics: GRC software provides real-time reporting and analytics to help organizations monitor and measure their risk and compliance activities and identify areas for improvement.
Examples of GRC software include RSA Archer, SAP GRC, MetricStream, and IBM OpenPages.