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Governance & Compliance

How Much Does GRC Implementation Cost in 2024

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The Governance, Risk, and Compliance (GRC) market is expected to reach USD 27.1 billion by 2027, growing from an estimated value of USD 14.9 billion in 2022 at a Compound Annual Growth Rate (CAGR) of 12.6% from 2022 to 2027.

This trend stems from the complexities in cybersecurity, stricter regulatory requirements, and heightened competition among solution providers in the marketplace.  As your company shifts from older GRC systems to newer, automated technologies, evaluating the return on investment becomes crucial.

This blogpost provides a comprehensive analysis of the costs involved in GRC implementation, including expenses for training and compliance, to help you effectively manage your budget for GRC initiatives in 2024.

What Does GRC Software Do?

GRC software provides technological solutions to manage business risks, implement security best practices, facilitate decision-making, and ensure compliance. By centralizing vital functions, it streamlines processes, enhances visibility, and promotes efficiency.

Here are the key capabilities of GRC software:

capabilities-of -GRC-software

1. Risk Assessment

GRC software helps organizations identify and assess high-impact risks, recognizing indicators that lead to these risks. It includes managing internal risk factors and vendor or third-party risks. Organizations can create risk response workflows to initiate remediation actions and prioritize potential risks based on criticality. 

2. Compliance Functions

   GRC platforms continuously monitor business processes to ensure adherence to corporate policies and regulatory requirements. They manage findings from internal and external audits, making it easy to present these findings to third-party auditors for seamless audit management. 

3. Workflow Management

   Modern GRC tools offer workflow automation capabilities that streamline compliance tasks and processes. They standardize procedures for task assignment and tracking, incident response management, policy reviews, approvals, and more. These tools automate repeatable tasks, gather insights, and facilitate change management. 

4. Document Management

   GRC tools assist in creating, tracking, and storing vital documentation such as digitized policies, SOPs, and audit logs. They include a version control system, making it easy to locate and access both the latest and historical documents. 

5. Data and Analytics

   GRC software features reporting dashboards that provide insights into governance, risk, and compliance activities. The analytics function supports data-backed decision-making, and capabilities like data visualization enhance stakeholder understanding.

How much does GRC software implementation cost?

When you're determining the cost of GRC software, you'll need to navigate a complex pricing landscape tailored to your company's specific needs. Factors such as your company's size, the number of users, the chosen software version and features, and the required compliance frameworks you consider also heavily influence pricing. While this customization allows organizations to align their GRC solutions with operational demands closely, it also adds complexity to cost assessment.

For instance, here's a glimpse into the pricing strategies of some well-known GRC platforms:

Furthermore, platforms like ServiceNow Governance Risk and Compliance, Enablon, SAI Global Compliance 360, Riskonnect, and Fusion Risk Management prefer to offer custom quotes, tailoring their pricing to suit each client's unique specifications perfectly.

When you're assessing the cost of GRC software, it's essential to take into account not only the initial expenses but also additional costs related to customization, software integrations, implementation, and user training.

These factors can significantly impact the overall financial commitment and should be carefully considered in your budget planning for 2024.

Different pricing of GRC tools (breakdown)

Different-pricing-GRC-tools

When you're considering GRC implementation, remember that the total cost extends beyond just buying the software. It includes various factors such as license fees, the scale of implementation, security tools, and consulting charges. So, as you plan, make sure to account for all these elements to get a clear picture of the overall expenses involved.

1. Licensing:

You'll find that costs can differ widely depending on the vendor you choose and how they structure their licensing. 

Some might charge per user, per module (such as risk management or compliance management), or even per managed vendor or organization. 

Some vendors offer GRC as a subscription service. So, when you're considering options, it's important to weigh these factors carefully to find the best fit for your needs and budget.

2. Implementation Costs:

When you're looking at the expenses, keep in mind that the scale of deployment plays a big role. Larger deployments, especially at the enterprise level, usually demand more customization, which means they can be pricier. 

For smaller-scale setups, you might be looking at costs ranging from $75,000 to $150,000. However, if you're considering enterprise solutions, be prepared for a starting point of $250,000, with potential costs surpassing $500,000. 

So, as you plan, consider both the scale of your deployment, the extent of implementation across the org,  and the corresponding budget implications. 

3. Internal Costs:

As you plan your GRC implementation, remember to budget for various expenses. These may include hardware costs, especially if you're setting up on-premise systems, as well as investments in security tools, data migration, training, and software integration.

 Integration expenses, for example, can range anywhere from $5,000 to $50,000 or more. The final figure depends on the complexity of your current tech setup and the specific needs of the GRC software you choose.

 So, it's crucial to factor in these additional costs when planning your budget.

4. Maintenance and Support:

When calculating the total cost of GRC, consider ongoing support and maintenance fees. These expenses are important because they cover updates, technical assistance, and renewals. 
For example, vendors such as SAP might require you to pay 17%-22% of the maintenance cost of the license.

So, as you plan your GRC implementation, include these ongoing fees in your budget calculations.

5. Consulting Services: 

When planning your GRC implementation, consider consultancy fees, which are often underestimated.

Consulting rates can vary greatly, with the average hourly fee for a GRC consultant in the USA being around $63. 

For a project lasting 3-4 months, you might expect consultancy fees to range from $20,000 to $35,000. So, as you budget for your GRC project, account for these potential additional costs.

Understanding these various components helps better budget and evaluate the real cost of implementing GRC solutions in 2024.

GRC training cost

GRC training is a vital organizational initiative that educates employees about governance, risk, and compliance processes, emphasizing the importance of regulatory adherence, risk management strategies, and internal policies. 

GRC-training-cost

Training costs can start as low as $250 and can rise to over $12,000, influenced by various factors:

1. Training Provider: 

When considering training options for your GRC implementation, keep in mind that costs can differ based on whether you opt for in-house training or online courses. 

 Different providers offer varying rates, so it's essential to research and compare options to find the most suitable and cost-effective training solution for you.

2. Training Scope and Coverage: 

 When you're considering training options for your GRC implementation, remember that the price can be influenced by the depth and coverage of the training content. Basic courses typically have lower costs, while more extensive, advanced training tends to require a higher fee. 

 So, as you plan your training program, consider the level of expertise needed and weigh it against your budget.

3. Number of Employees: 

 When budgeting for training, remember that costs are typically based on the number of participants. 

If your company has over 1000 employees, you might see prices go up. However, some providers offer discounts for bulk registrations, so it's worth exploring options to maximize your training budget.

4. Certification Needs: 

 If your organization decides to invest in certified training programs for its employees, this will add to the overall cost of your training package.

GRC training programs are typically priced between $1.5 and $2.5 per employee per month, billed annually. 

This means annual training costs range from $18 to $30 per employee. Here's a rough breakdown of estimated costs based on the number of employees:

  •  Up to 100 employees: Around $250
  •  100-500 employees: Approximately $1,000
  •  500-1,000 employees: Over $2,000
  •  More than 1,000 employees: Between $4,000 and $12,000, depending on the training provider and the specific program chosen.

So, as you consider your training options, consider the potential costs associated with certified training programs and how they align with your budget and organizational needs.

This pricing structure helps organizations budget effectively for their GRC training needs, ensuring employees are well-prepared to manage compliance and risk effectively.

GRC Compliance cost

For sectors like healthcare and finance, compliance through GRC is especially crucial. It combines various practices, processes, and tools to ensure adherence to regulations and prevent penalties or damage to brand reputation.

When you're considering investing in GRC software specifically for compliance, remember that the initial software cost is just one part of the overall expense. You'll also need to budget for additional costs on security measures like mobile device management (MDM), vulnerability scanners, and antivirus software. Plus, there are expenses related to awareness training, auditing tools, and setting up monitoring systems.

Taking these factors into account, the estimated cost of GRC for compliance typically ranges from $10,000 to $60,000 for small businesses. For larger enterprises, costs usually start at over $150,000, with an average over five years ranging between $450,000 and $500,000. 

This cost range reflects the significant investment necessary to maintain compliance and ensure smooth operations in highly regulated environments.

 Why should you choose CyberSierra?

Why-should-you-choose-CyberSierra

Choosing CyberSierra for your compliance needs offers a comprehensive, cost-effective solution designed specifically for modern, cloud-centric businesses.

CyberSierra is a unified platform that simplifies all compliance tasks without extra charges for additional features. By choosing cyber sierra, you gain instant access to a range of essential features at no extra cost:

  1. Integrated Risk Assessments and Third-Party Risk Management: Seamlessly handle internal and external risks.
  2. Policy Management: Utilize pre-designed templates tailored for cloud-based operations.
  3. Security Training Modules: Access built-in training resources to enhance your team's security awareness.
  4. Real-Time Compliance Reports: Enjoy full visibility with unlimited monitoring of your infrastructure entities and the ability to add custom controls or frameworks.
  5. Additional Support: Benefit from 24x5 customer support services to address any queries or issues.

CyberSierra offers diverse plans, ranging from Standard to Enterprise, catering to various needs. Whether you require basic compliance and risk management for smaller setups or extensive controls, unlimited assessments, and specialized customer support for larger enterprises, CyberSierra's adaptable plans ensure efficient compliance fulfillment, fostering a secure and resilient operational environment.

 When evaluating GRC solutions for your organization, it's essential to consider both your unique needs and budget. 

 At CyberSierra, we recommend conducting a thorough assessment, including trial periods and engaging key stakeholders, to identify the best GRC solution for your organization. Our GRC system offers many essential and optional features, eliminating the need for multiple other security tools.

 CyberSierra stands out not just for its cost-effectiveness but for its comprehensive capabilities. Our solution includes integrated risk management, dynamic reporting dashboards, automated workflows, real-time monitoring, and robust audit support. This ensures your organization is well-equipped to handle compliance, risk, and governance needs efficiently and effectively.

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Srividhya Karthik

Srividhya Karthik is a seasoned content marketer and the Head of Marketing at Cyber Sierra. With a firm belief in the power of storytelling, she brings years of experience to create engaging narratives that captivate audiences. She also brings valuable insights from her work in the field of cybersecurity and compliance, possessing a deep understanding of the challenges and pain points faced by customers in these domains.

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