Governance, Risk and Compliance solutions have evolved greatly over the last 10 years, and there are multiple vendors in the market – from smaller pay-by-user model cloud solutions to enterprise-wide multi-server installed solutions and every variation in between. How does your organization choose one? This blog will give you a brief framework for how to get started with this very important business decision.
1. Create a Basic Plan
Set out your preliminary objectives and requirements. Base these on your current processes and functional areas. What pain points do you need to address? Where could you improve? Define your “needs” and “wants”. Prioritize these needs and wants.
2. Research Vendors and Educate Yourself
What GRC software vendors are out there? Solicit customized demos based on your priority list. Pick the software vendors with the products that most closely align your needs and create a short list.
3. Compare the Short List Vendors
Review, in detail, the GRC products on the short list. Here are a few of the questions that should be asked as you begin this comparison:
- What business processes and functions does the software support?
- How is the software licensed?
- How are software updates performed and what is the frequency and cost?
- Does the solution meet your budgetary constraints?
- What is the feedback loop for software enhancements, issues and improvements?
- Does the solution integrate with existing systems and software?
Evaluate the vendor as a company and obtain feedback from other customers. If possible, obtain the contracts for each and evaluate through your vendor selection process.
4. Make a Selection and Integrate
By now, the key decision makers for your GRC selection should be highly involved. Their buy-in is crucial for a successful integration, as these are the key operational groups that will use and rely on the new GRC tool. Negotiate, sign a contract and get ready to start on your implementation project!
Let us at Cential help with your GRC vendor selection. We have a proven process and experienced professionals able to support your decision-making process and subsequent implementation project. We at Cential will help you maximize your GRC investment.