GRC Platforms have additional options besides IBM OpenPages. However, a lot of individuals are looking for easily administered, effective software solutions with legal certifications, risk methodologies, and recovery plans. GRC platforms are also a frequently used technology. We have created a list of products that reviewers deemed to be the top IBM OpenPages competitors and their Watson alternatives.
IBM Openpages Competitors
In order to promote company responsibility, lower disclosure process costs, boost internal control administration productivity, and boost investor trust, OpenPages creates enterprise governance, risk, and compliance management solutions.
Who or What is OpenPages?
In September 2010, IBM purchased OpenPages, which offers comprehensive GRC both on-premises and in the cloud. With the help of innovative and predictive technology, this solution also enables you to respond to change and overcome difficulties associated with risk and regulatory compliance. Additionally, Operation Risk Management, Financial Control Management, Policy and Compliance Management, IT Governance, and Internal Audit Management are the five components that make up the solution. Features enable a GRC-equipped ecosystem across the organization (integration and aggregation), combine numerous solutions into one model (platform), and equip decision-makers using interactive tools (reporting and dashboard).
Who are the Main Competitors to OpenPages?
Among its 308 active competitors, OpenPages is ranked 29th; 27 of these rivals have received funding, while 48 have ceased operations. In total, 106 investment rounds with 233 investors saw over $1.07 billion in funding raised by OpenPages and its rivals. However, the whole competition set lacks any private unicorns. Here are OpenPages’ top 5 competitors:
#1. Wolters Kluwer
Legal administration enterprise platform with AI. The software also aids businesses in overseeing entire legal procedures. It provides a central agreement repository where each contract can be kept. The platform also provides a visual tool for creating and managing workflows and policies. Its services also include case management, analytics, legal spending and issue management, litigation management, evaluation of legal bills, and more.
#2. AuditBoard
Cloud-based, complete GRC and auditing solution. Operations and IT audit management, risk and compliance management, vendor enrollment and evaluation, automation of workflows, group communication, document processing, problem, and fraud management, etc. are among the product offerings. Furthermore, manufacturing, education, finance, real estate, retail, technology, and other industries are among the sectors offered.
#3. MetricStream
Cloud-based regulatory services for financial institutions. Among the many solutions it provides are supplier risk management, compliance administration, regulatory change management, and cybersecurity management. Insights and analytics for comprehensive risk management solutions are also included.
NAVEX Global offers software for cloud-based risk management. It also offers ethical and compliance technology that enables businesses to recognize and manage risks and hazards related to compliance. It makes it easier for the platform to create and maintain policies, teach stakeholders, interact with them, handle issues, and evaluate and monitor risks. Furthermore, policy management, handling incidents, and other functions are among its features.
#5. ProcessUnity
ProcessUnity offers financial institutions and businesses vendor risk control solutions. Additionally, it includes vendor risk assessments, risk scores, vendor classification, due diligence and monitoring, and customer onboarding. It also offers enterprise risk management, issue management for discovering and monitoring issues, and more.
Openpages IBM
With IBM Cloud Pak® for Data, IBM OpenPages provides a highly scalable, AI-driven GRC system that can be installed on any cloud. To identify, manage, monitor, and report on risk and compliance with regulations, especially in today’s dynamic corporate environment, centralize segmented risk management processes into a single platform.
Benefits of IBM’s Openpages
You have the option to use IBM OpenPages to deploy product modules that are domain-specific in order to address certain compliance and risk issues. These are a few of them:
- Easy-to-use interface: Use a modern, task-driven user interface (UI) to encourage GRC adoption across all three business lines.
- AI expertise: Get virtual assistance from a GRC for 24 hours a day and also use AI-relevant categories to improve incident reporting’s accuracy and efficiency.
- Third-party integrations: Integrate data through IBM App Connect and thorough REST APIs that connect third-party connectors to GRC procedures.
- Predictive insights: Using IBM Cognos Analytics, which enables self-service exploration of data and insights, you can also gain useful insights on the level of risk across the enterprise.
- Automate workflows: With flexible workflows, you can also automate GRC operations quickly and increase time to value. Workflow variables and drag-and-drop functionality are new choices.
- Deploy anywhere: With IBM Cloud Pak for Data, integrate IBM OpenPages anywhere, including behind your firewall and on any cloud.
Who Are the IBM Openpages Competitors
There are a number of other competitors that offer the same range of services as IBM OpenPages. Selecting the most suitable option from the options might become very difficult. Fortunately, we’ve got you covered by providing a carefully curated list of IBM Openpages competitors and their tools, replete with features and pricing, to meet your specific business needs.
#1. Federal Compass
Managers can use the platform to obtain, export, and dig down into the necessary research data. Based on the criteria, they can also invite partners to participate in collaborative papers. Very large federal departments that are a part of federated government organizations have used GRC systems that Compass has designed and implemented.
#2. Compliance Preparation
As a versatile GRC system, Foresight can expand your business. Thanks to publicly available modules and compliances, organizations can easily and swiftly launch their cyber security programs. Low skill requirements and a quick return on investment. With the help of an AI- and business-based solution, businesses are able to better handle their cyber security needs.
#3. ControlMap
All policy documents, along with revision histories and approval routines, may be kept in one location by staff members. With the help of this solution, you can handle your risk register centrally and do in-depth analyses of any cybersecurity issues. Moreover, to make sure everybody is in compliance, distribute any necessary policies, request confirmations, and assign assignments. Among the third-party applications that can be linked with this Openpages competitor are Dropbox, Slack, Amazon Web Services (AWS), and Google Drive.
#4. Fusion Risk Management
The software from Fusion gives companies a bird’s-eye perspective of their operations, products, and clientele. Utilize the Integration Framework to accurately map out the key steps in the delivery of your services and products and gain unbiased risk information to audit, analyze, and improve your company’s operations. By automating tedious, time-consuming, repetitive procedures, you can also free up teams by reliably planning, orchestrating, and measuring risk management and resiliency activities.
#5. Onspring
Governance frameworks (such as ISO, NIST, and CMMC) may be set in addition to controls using this Openpages competitor application. The functional category of lifecycle process automation should include digital inspections and attestations. Make a complete risk inventory and organize your risk assessments. Evaluation, ranking, and tracking abilities of Onspring GRC can incorporate ratings from financial and cyber monitoring services. Key indications, risk rankings, the state of the audit activities, and more
IBM Openpages With Watson
Businesses have access to the first cognitively driven integrated governance, risk, and compliance (GRC) portfolio through IBM OpenPages with Watson. In terms of operational risk, compliance with regulations, IT risk and safety, internal audit, supplier risk, policy leadership, model risk management, and financial controls management, it offers fundamental services and functional components. In addition, this adaptable platform offers a modular selection of options for enterprise GRC.
#1. Operational Risk Management (ORM) for IBM OpenPages
This software solution automates the process of identifying, measuring, monitoring, assessing, and controlling operational risk. Key attributes of the solution include:
- Automate the entire process of identifying, assessing, mitigating, managing, and monitoring operational risk via risk management and control self-assessments (RCSA).
- Tracking of important risks and performance indicators: Establish and keep track of indicators of performance for all significant risks and controls. Monitor risk parameters and thresholds and receive automatic alerts when they are crossed.
Benefits
By actively managing significant hazards, ORM reduces risk and enhances both top-line and bottom-line company performance.
- Allows for the detection and treatment of high- and low-risk areas.
- Aids in risk management, enhances risk measurement, and reduces losses.
#2. Regulatory Compliance Management using IBM OpenPages and Watson
Financial firms save time and money by using this to better understand their regulatory needs. It helps businesses analyze how laws will affect their operations and develop concrete actions to address those impacts. The program intends to:
- Consolidate legal demands in a single repository to enable users across the company to analyze huge volumes of regulatory information more quickly and effectively. This repository can break down and classify complicated regulations.
- Provide appropriate stakeholders and owners with regulatory data: Arrange regulations into logical groups and give them to owners throughout the company.
Benefits
IBM OpenPages with Watson Regulatory Compliance Management makes understanding regulatory compliance requirements and controls faster and cheaper. This remedy:
- Reduces the dangers brought on by regulation non-compliance.
- Also reduces waste by getting rid of redundant or overlapping controls.
#3. Policy Management for IBM OpenPages
This policy and adherence management system reduces the complexity and burden of adhering to industry, ethical, privacy, and governmental regulatory demands. Key attributes of the solution include:
- It is easier to manage invention, review, approval, attestation, and exception management since the entire life of rules and regulations is under control. connects the policies to the regulatory library
- Manages interactions with regulators: Keep track of regulatory questions and concerns, as well as your responses.
Benefits
IBM The complexity of adhering to many business, ethical, privacy, and governmental regulations is reduced through OpenPages Policy Management. The remedy:
- Gives you the assurance you need to react to regulator queries in a timely and correct manner.
- Enables the right staff members to quickly identify, comprehend, and testify to your rules and procedures.
#4. IT Governance using IBM OpenPages
By coordinating IT operations management with corporate business initiatives, strategy, and regulatory needs, it lessens the complexity of IT risk management. In order to enhance transparency, assistance with decisions, business performance, and valuation, it also connects several IT governance silos. A key component of the solution is:
- Comprehensive workflow: Routing and notification of IT-related tasks automatically enables root-cause analysis and tracks and records all pertinent IT incidents. Planning from the top down and business risk are the driving forces behind the start of investigation processes.
Benefits
The on-demand, useful reporting offered by OpenPages IT Governance allows for tracking of IBM IT risks.
- Ensures that problems are resolved immediately.
- Supports the frameworks for best practices (COCO, COBIT, ITIL, and ISO) and laws.
#5. Internal Audit Management with IBM OpenPages
enables internal auditors to examine organizational GRC from a specially designed, cross-departmental perspective. Key attributes of the solution include:
- Planning the engagement: Facilitates developing and managing the audit’s scope and objectives, as well as producing the workpapers that will be used for execution.
- Reporting: Offers a single-click audit report that pulls in all the necessary information from the main repository.
Benefits
IBM Transparency and a guarantee of audit coverage are provided by OpenPages Internal Audit Management.
- Encourages the business to work together
- Information that contributes to auditing continuous improvement
#6. IBM OpenPages Risk Governance Model
It makes sure that model risk management processes have a higher level of interaction and openness. OpenPages Model Risk Management’s flexible and personalized platform has the following key solution features:
- Metrics for models: Track and record issues and metrics related to models.
- Workflow management: Allows for the management of the validation and model lifecycle workflows.
Benefits
It is possible to configure IBM OpenPages Model Risk Management to enable a variety of techniques across various organizational structures, model kinds, and risk tiers.
- Encourages the enterprise-wide uniformity of model nomenclature and documentation.
- Processes for review and approval are streamlined to reduce expenses and boost productivity.
#7. IBM OpenPages Vendor Risk Administration
With the goal of enhancing business performance, it assists in effectively managing third-party partnerships and engagements. Key elements consist of:
- Reduces risk linked to vendors: Assists in addressing the risks connected to suppliers and the distribution of their goods and services.
- The effectiveness of mitigation is assessed, allowing businesses to track and evaluate vendor risk.
Benefits
You may better understand the risks and achieve better results while conducting business with all of your vendors with the aid of IBM OpenPages Vendor Risk Management.
- Describe to each vendor the significance of the task they perform for you.
- Manages and keeps track of the risks reduction
#8. IBM Management of OpenPages’ financial controls
is a monetary management system that makes it easier and less expensive to comply with the Sarbanes-Oxley Act and other rules governing international financial reporting. Key attributes of the solution include:
- Reduces the expense and difficulty of complying with international financial reporting rules. Simplifies regulatory compliance.
- Workflow automation assigns tasks to important stakeholders within the organization.
Who Uses IBM Openpages?
Banking (11), Artificial Intelligence (07), and Financial Services (07) are the top 3 industries utilizing IBM OpenPages for Governance, Risk, and Compliance.
What Is Openpages Used For?
An integrated platform for compliance, risk, and governance (GRC), IBM OpenPages, helps businesses manage risk and legal issues at all levels of the organization. It offers a number of fundamental services and practical elements that cover the risk and regulatory domains, such as Risk in operations.
What Is IBM Openpages Grc Platform?
The IBM OpenPages GRC Platform is a potent integrated risk, governance, and compliance platform that enables businesses to manage operational risk and regulatory challenges. With this platform, it is undoubtedly possible to evaluate all operational risks.
Does Apple Use IBM?
Despite their unsuccessful partnership, Apple and IBM made the decision to work together once more in 2014 to develop Apple’s iPhone® and iPad®. Since then, they have collaborated as partners in a variety of capacities. The entire mobile sector has been pleasantly surprised by this collaboration between Apple and IBM.
What Companies Use IBM Mainframe?
Customers of the IBM Mainframe span a wide range of industries. Wells Fargo, TSYS, LabCorp, MTB, Citi, Oracle, Adobe, and other leading businesses use the IBM Mainframe.
Is Grc Part of Sap?
GRC, or governance, risk, and compliance, is a tool that corporations use to manage risk, compliance, and corporate governance procedures. Organizations can detect, assess, and manage compliance and risk across all of their activities with the use of SAP GRC, which automates and streamlines these processes.
What Is the Difference Between Grc and Egrc?
While EGRC adopts a higher-level, more comprehensive business strategy and applies it throughout the entire organization as opposed to concentrating on its individual portions, GRC incorporates a variety of department-specific techniques. Therefore, the “E” in “EGRC” stands for more than just the incorporation of GRC within businesses.
Is Grc Part of Erp?
An organized approach to IT alignment with corporate goals, effective risk management, and compliance is known as governance, risk, and compliance. A successful corporate security program depends on the security of the ERP system (enterprise resource planning) and compliance, risk, and governance (GRC).
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