What is a GRC Tool?
A GRC tool refers to specialized software, either hosted on premises or a SaaS solution, that is specifically designed to support the needs of a Governance, Risk and Compliance (GRC) team to manage policies, standards, controls and other GRC-related matters. GRC tools are meant to streamline existing processes, including:
- Policy management;
- Exception management;
- Risk management (including risk assessments);
- Third-party risk management (TPRM);
- Compliance oversight;
- Audit management; and
- Incident and issue tracking.
By using a GRC tool, organizations can reduce manual effort, improve visibility into risks and compliance status, support decision-making and align cybersecurity activities with business objectives.