Governance, Risk, and Compliance (GRC) software is important in helping organizations maintain regulatory compliance, mitigate risks, and simplify governance processes. These tools enhance workflow visibility by tracking activities, foster collaboration by breaking down information silos, and manage risks through measurement and predictive capabilities. The demand for affordable GRC software has grown significantly as businesses of all sizes recognize the importance of staying compliant without breaking the bank.
Here are 20 of the best affordable GRC tools in 2024, including their key features and estimated pricing:
1. MetricStream
MetricStream GRC standardizes workflows and supports self-assessments, surveys, and issue remediation. It offers insights into compliance processes with intuitive dashboards and charts, empowering decision-makers. One of the software’s standout features is its internal audit management tools, which enable users to streamline and automate the entire audit lifecycle with ease. It also helps users avoid duplicating work and information, resulting in time savings.
The starting price for MetricStream GRC is from $75,000 to $100,000, or visit the website for an accurate quote.
2. Miratech Alyne
Alyne provides a cloud-based, AI-powered platform that makes risk monitoring and management simple. With machine learning, customers can quickly automate the analysis of standards, laws, and regulations within their control frameworks. Additionally, they can use natural language processing (NLP) to easily interpret organizational policies and documents. Pricing starts at $25,000 per year, mak ing it a valuable investment for businesses.
3. AuditBoard
AuditBoard offers an enterprise GRC platform, specializing in audit management through its Audit Management solution. It can handle audit management programs in complex, distributed, and dynamic business environments.
Estimated pricing is at $97,000 annually or visit the website for a quote.
4. ARIS
ARIS affordable GRC software empowers users to identify, document, analyze, and monitor risks effectively. It allows you to create, implement, and manage robust risk management mechanisms. With its diverse features, you can handle audit management, track compliance, test controls, manage risks, control versions, and automate workflows efficiently.
Pricing starts at $137 per month for basic features.
5. Hyperproof
Hyperproof assists organizations in managing their risk and compliance programs. It enables users to identify, assess, and prioritize risks while creating and tracking mitigation plans. Additionally, it allows for the monitoring of compliance with various standards and regulations, as well as evaluating risk tolerance levels. The pricing for Hyperproof depends on the size of the organization.
For a company with 200 employees, costs range from $16,300 to $32,200, with prices increasing as the number of employees grows.
5. Corporater
Corporater empowers your organization to shift from a compliance-only mindset to a more proactive, risk-focused approach. This transformation aligns with your business performance and enhances your strategy execution. To learn more about pricing for Corporater, please reach out for a quote.
6. Onspring
With Onspring’s internal audit management solution, you can align your audit plans with your organization’s key risks and objectives. You have the tools to manage work papers, findings, review notes, milestones, and project statuses. By facilitating coordination with process owners, management, and other assurance functions, you drive accountability for issue mitigation within the business. Additionally, you can generate audit reports in various formats instantly.
The entry-level price for basic features starts at $175 per month.
7. Netwrix Auditor
It is a good choice for organizations of all sizes looking to improve their security posture, reduce their risk of data breaches, and improve their compliance. Netwrix Auditor’s User Behavior Analytics feature analyzes user activity to identify suspicious behavior, such as unusual access patterns or changes to sensitive data
Pricing is available on request from the website.
8.StandardFusion
StandardFusion provides organizations with the visibility, centralization, and collaboration essential for managing information security risks. This platform empowers information security teams to enhance revenue growth effectively. With features like automated workflows, real-time data access, and customizable compliance frameworks, StandardFusion appeals to tech-savvy professionals eager to make well-informed decisions. The pricing for StandardFusion begins at $1,500 for three users per month.
9. SAP GRC
SAP is an affordable GRC software that helps organizations to manage risks and ensure compliance through its integrated risk management modules. It helps with access control, process management, and compliance monitoring. Additionally, it evaluates and verifies that individuals or roles within the organization do not hold conflicting responsibilities, which could result in fraudulent activities or mistakes. The average cost for an SAP GRC plan ranges from $500 to $15,000.
10. LogicGate
LogicGate delivers GRC solutions while automating daily surveillance activities, verifications, and testing processes to maintain a robust risk posture. The company stands out for its exceptional customer service, earning an impressive score of 9.8 out of 10 across all the review sources we collected.
Pricing is available upon request.
11. ServiceNow
ServiceNow, an enterprise platform, offers governance, risk, and compliance (GRC) capabilities to streamline compliance processes and manage integrated risks. It effectively automates workflows associated with governance, risk management, and compliance tasks. The annual pricing for ServiceNow GRC begins at $50,000.
12. Navex
Navex focuses on ethics and compliance, featuring document management and integrated risk management tools. This platform empowers organizations to foster a culture of integrity by ensuring compliance. With a holistic perspective on your personnel, third parties, and operational processes, Navex delivers a complete solution for risk and compliance management. The pricing plan begins at $2,600 per month.
13. IBM OpenPages
IBM OpenPages is an AI-driven and highly scalable solution for governance, risk, and compliance (GRC) that operates on any cloud using IBM Cloud Pak for Data. This platform allows organizations to unify their fragmented risk management processes into a single environment, facilitating the identification, management, monitoring, and reporting of risk and regulatory compliance. The cost for using IBM OpenPages is $272 annually per user.
14. Ideagen
The Ideagen Platform caters to regulated and high-compliance industries, prioritizing the protection of people, customers, operations, and reputations. It simplifies the attachment of supporting documents and fieldwork when needed, thereby enhancing the efficiency of audit management.
For pricing, contact the vendor.
15. Tugboat Logic
Tugboat Logic, an affordable GRC software, is known for its ability to simplify information security management. It supports organizations in preparing for industry certifications like SOC 2, ISO 27001, and GDPR, offering security program development and audit modules.
Pricing plans include $45 per month for essential features and $300 for startups.
16. Enablon
Enablon risk management offers a cloud-based solution for compliance and incident management, enabling large businesses to effectively assess, evaluate, and reduce operational risks. Administrators have the ability to design standardized form templates, promoting consistency throughout risk registers.
Enablon pricing starts at $50,000 annually.
17. 6clicks
6clicks is an AI-powered GRC software designed for risk management, compliance, and cyber risk governance. It simplifies the automation of risk management and the implementation of audit programs, helping organizations achieve compliance with standards such as ISO 27001, PCI-DSS, and ISM.
Pricing is based on the size of the organization.
18. IntelliGRC
IntelliGRC offers an affordable solution for GRC software, focusing on making CMMC compliance genuinely accessible. It allows the process of implementing and managing CMMC compliance, reducing the associated challenges and complexities.
For businesses with up to 50 employees, it costs $400/month To be billed yearly at $4,800.
19. Oracle GRC
Oracle GRC offers a complete suite of tools for governance, risk management, and compliance, enabling organizations to manage regulatory requirements and effectively mitigate risks. It simplifies processes, improves transparency, and ensures compliance with industry standards.
For pricing, contact the vendor.
20. Archer
Archer delivers innovative solutions that empower businesses to protect their assets, comply with regulations, and manage risks proactively. By focusing on user experience, Archer provides intuitive dashboards and customizable reporting tools, simplifying data interpretation and enabling smarter decision-making.
Pricing: A monthly license is available for $12057 on a subscription basis.