Finding the right provider of governance, risk, and compliance (GRC) solutions can be difficult — mainly because GRC tools are sometimes complex, force you to change the way you do business, and can be difficult to implement.
To achieve the maximum benefit from any solution, a list of organizational requirements should be drafted prior to selecting a vendor. Because features and functionality differ between vendors, it is important to ask yourself a number of questions when going through your evaluation process. By taking this approach an organization can determine what is important to the organization’s needs and culture.
- Features: Does the solution provide the basic and advanced features and functionality that you require?
- Usability: Are the solution’s dashboard and reporting tools intuitive and easy to use?
- Affordability: Is the total cost of ownership for the solution economical? Are there any additional modules required to actually meet your needs? Are there any other hidden costs?
- Flexibility: Does the solution work with your existing processes, or do your processes have to change to fit the solution?
- Time to Implementation: How long does it take to fully implement, configure, and train users on the solution – Weeks? Months? Years?
- Updates: How easily is the software updated? Do you need to pay for updates?
- Viability: Is the vendor profitable, knowledgeable, and will it be there for you in the future?
- References: Can the vendor produce appropriate references?
- Service Options: Does the vendor offer service options that meet your needs?
- Training: Does the vendor offer appropriate training? What costs are associated with that training?
If you are interested in learning more about Quantivate’s GRC solutions, contact us today.