Evaluating GRC Solutions

  • January 26, 2016
  • Quantivate

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.

Product Evaluation:

  • 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?

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? What costs are associated with that training?

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