Choosing the right GRC platform is a major undertaking. These platforms reengineer processes within the organization and change the way the business operates, which is why it is so important to take your time and do your research before committing to a platform. Many of these platforms also carry a significant investment cost with them, which further increases the importance of making the right choice. There are many different types and sizes of platforms, so let’s look at the different types of businesses and the type of platform that is right for them.

GRC Platforms for Large Enterprises and Banks

Businesses that have thousands of employees, hundreds of locations, and complete millions of governance, compliance, and risk processes every month can be categorized as large enterprises. Most of these enterprises opt for a customized GRC system. Custom GRC systems are very expensive to make and complicated to implement. It takes millions of dollars and many months (even years) to develop and implement. The business also needs to hire people to maintain the custom solution. The high number of processes that the large enterprise will use the system on means that this high cost is not prohibitive for them. Many large enterprises also choose GRC systems developed by legacy vendors. These vendors provide excellent support at a very high cost.

GRC Software for Medium Sized Businesses

Mid-sized businesses have a lot more variety to choose from when it comes to GRC. Many opt for solution that are on the cloud or can be used off-the-shelf. They prefer to minimize costs by using solutions that are easy to maintain but can still handle the workload. Off-the-shelf solutions are relatively inexpensive to procure, but they have a high cost of implementation because they need dedicated hardware to go with the software. Off-the-shelf solutions aren’t customized but that also means that they are supported by the developers with updates and security fixes for many years, which further lowers the burden on mid-sized businesses. Cloud solutions are slowly replacing these solutions – because they have all the advantages of off-the-shelf solutions but none of the drawbacks.

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GRC Platform for Small Businesses

Small businesses did not have many viable options when it came to GRC technology. The solutions that were available were too expensive and too big for small businesses. They tried to keep up with larger businesses by focusing on manual compliance but that has never been a sustainable practice. Things are different now – small businesses have many different solutions to choose from. The cloud platform has proven to be the best for small businesses, because it is uniquely suited to their needs.

Cloud solutions can be procured on monthly subscription costs. This means that the small business does not have to commit to making a large initial payment to implement the system – they can simply subscribe to it. This also makes it easier for small businesses to test GRC systems before committing to an implementation. Even if the solution isn’t satisfactory, it will cost very low to test it and thus will not be a problem for the financial outlook of the business.

Cloud GRC platforms have two other distinct advantages over off-the-shelf solutions which makes them perfect for businesses. The first is that since they are on the cloud, they do not require dedicated hardware to be installed and maintained within the business. This reduces the implementation costs even further. The second is that since the solution is on the cloud, it is always being updated and maintained by the GRC technology provider. There is no local maintenance of the GRC system required at all. All these benefits make cloud GRC platforms a great choice for even the smallest of businesses.

Want to see how GRC software can help your business? Get in touch with our team for a demo of what the Predic360 GRC solution can do for your business. We also offer trials to interested parties – get in touch to get your trial started.