Evaluating GRC Solutions

  • January 26, 2016
  • Dan Banning

Finding the right provider of GRC solutions can be difficult. Mainly because GRC Software solutions 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.

Product Evaluation:

  • Features: Does the solution provide 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 of the solution economical? Are there any additional modules required to actually meet your needs? Are there any other additional 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 the solution – Weeks? – Months? – Years?
  • Updates: How easily is the software updated? Do you need to pay for updates?

Vendor Evaluation:

  • 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 and what costs are associated with that training?

If you are interested in learning more about Quantivate’s GRC solutions contact us today.