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Workiva vs Global Risk Exchange

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Our analysts compared Workiva vs Global Risk Exchange based on data from our 400+ point analysis of Risk Management Software, user reviews and our own crowdsourced data from our free software selection platform.

Overview Pricing Benefits & Features User Ratings Analyst Summary Screenshots
Workiva Software Tool
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Global Risk Exchange Software Tool
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Product Basics

Workiva is a cloud-based reporting platform that globally connects an organization’s workforce with its data sets and data sources. It combines all user data under a single digital roof to remove any errors and ensure complete transparency. Provides automatic and secure scheduling of repetitive tasks and recycles redundant data and reports into functional assets. It allows users to visualize data relating to ERP, consolidation, compliance, security, budgeting and more by connecting everything under one secure reporting module.

A live-updating dashboard with a code-free interface allows for easy analysis and data reporting. It auto-updates linked cross-organizational data for a seamless reporting experience.
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Global Risk Exchange is a sophisticated software solution designed to streamline and enhance risk management processes. It excels in managing tasks such as risk assessment, mitigation, and compliance tracking. This platform is particularly well-suited for large enterprises and financial institutions that require robust risk management capabilities due to the complexity and scale of their operations. The software's ability to centralize risk data and provide comprehensive analytics makes it invaluable for these organizations.

Key benefits of Global Risk Exchange include improved risk visibility, enhanced decision-making, and streamlined compliance processes. Popular features encompass real-time risk monitoring, customizable dashboards, and automated reporting. Users appreciate its intuitive interface and the depth of its analytical tools, which set it apart from similar products in the market.

Pricing details for Global Risk Exchange are not readily available, and it is recommended that users contact SelectHub for a tailored pricing quote based on their specific needs. This ensures that potential customers receive accurate and relevant information regarding costs.

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Product Assistance

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Product Insights

  • Centralized Data Storage: Store all internal control tests and documents in one centrally accessible database.  
  • Automated Reports: Save a ton of time and resources with built-in automation for regulatory and financial reporting processes. 
  • Intuitive Accounting Interface: Employees can adjust faster to the accounting module due to the platform’s visual and functional similarity with Word and Excel. 
  • Fast Data Access: Quickly access all necessary data and reports from anywhere within the U.S. Instantaneously update all changes throughout the server and eliminate inconsistencies in datasets. 
  • Easy Data Sync: Automatically update data across multiple documents in real time by linking to each other. Save time spent on manual edits and deduplication. 
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  • Enhanced Decision-Making: Provides real-time data analytics to support informed decision-making, reducing uncertainty and improving strategic planning.
  • Cost Efficiency: Identifies potential risks early, allowing for proactive measures that can save significant costs associated with risk mitigation and management.
  • Regulatory Compliance: Ensures adherence to industry regulations and standards, minimizing the risk of legal penalties and enhancing corporate governance.
  • Improved Risk Visibility: Offers a centralized platform for tracking and monitoring risks, providing a comprehensive view of potential threats across the organization.
  • Streamlined Communication: Facilitates better communication and collaboration among stakeholders by providing a unified interface for risk-related information.
  • Customizable Reporting: Generates tailored reports that meet the specific needs of different departments, enhancing the relevance and utility of risk data.
  • Operational Resilience: Strengthens the organization’s ability to withstand and recover from adverse events by implementing robust risk management practices.
  • Enhanced Stakeholder Confidence: Demonstrates a commitment to risk management, thereby increasing trust and confidence among investors, customers, and partners.
  • Scalability: Adapts to the growing needs of the organization, ensuring that risk management processes remain effective as the business expands.
  • Data-Driven Insights: Leverages advanced analytics to uncover patterns and trends, providing actionable insights that drive continuous improvement in risk management.
  • Proactive Risk Mitigation: Enables the identification and addressing of risks before they materialize, reducing the likelihood of negative impacts on the business.
  • Resource Optimization: Allocates resources more effectively by prioritizing risks based on their potential impact and likelihood, ensuring that critical areas receive the necessary attention.
  • Enhanced Accountability: Assigns clear ownership of risks and mitigation actions, fostering a culture of accountability and responsibility within the organization.
  • Continuous Monitoring: Provides ongoing surveillance of risk factors, allowing for timely updates and adjustments to risk management strategies.
  • Integration with Existing Systems: Seamlessly integrates with other enterprise systems, ensuring a cohesive approach to risk management across all business functions.
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  • Enterprise Risk: Get a 360-degree picture of risk with dedicated assessment and remediation capabilities. Generate reports and perform internal audits to make informed business decisions. 
    • Risk Assessment: Track and assess risks in real time. Prepare risk assessment spreadsheets and act on critical risk information first. 
    • Aggregation and Analysis: Correlate and analyze multiple data sources to find the complete context behind risk information. Categorize risks by datasets like historic risk ratings, risk owners, pillars and more. 
    • Risk Prioritization: Prioritize critical risk throughout the environment with key risk indicator (KRI) information. 
    • Risk Reporting: Create up-to-date risk reports with data visualization options. Combine information from KRIs and risk owners with heat maps, graphs and scatter and bubble charts to prepare reports on enterprise risk. 
  • Internal Audit Management: Streamline the auditing process with custom templates and automated evidence gathering, certification, reporting and planning tools. Access relevant data, manage audits and follow up on tasks. 
    • Audit Analytics: Automatically populate audit reports in a no-code environment to highlight any exceptions. 
    • Templates: Process audits faster with over 3,000 purpose-built AuditNet templates. 
    • Audit Reporting: Increase stakeholder and audit committee engagement with personalized audit reports. Tailor reports accordingly by elaborating on specific details. 
    • Follow Up: Automatically drill down into complicated reports to elaborate on observations and recommended courses of action. 
  • Policy and Procedure Management: Manage policies and procedures across the entire organization. Maintain an up-to-date inventory of auditable policies and procedures. 
    • Policy Indexes: Correlate policies with regulations, controls, processes and risks to create an interconnected and centralized master index. Standardize policies with templates and automatically update changes. 
    • Review Permissions: Review and edit documents directly from the platform. Streamline the review process with automated assessments and audits. 
    • Document History: Track all edits to policy documents with full version history. Send documents for bulk approval and leave comments and reviews within the content. 
    • Attestation Tracking: Track policy status, link current document versions and schedule deadlines. Sign and approve policies from any device and export records for auditing purposes. 
  • Internal Controls: Improve the visibility and security of risk information with internal controls. Allow risk and control owners to make updates with full transparency. 
    • Documentation: Implement role-based permissions to control access to information. Review, edit and update files in their native formats with the Microsoft Office 365 integration. Instantly visualize updates by linking data fields to narratives and flowcharts. 
    • Testing: Perform random sampling tests with single or bulk tasks. Monitor test progress, attach samples and communicate results from the dashboard. Automatically corroborate evidence and track response. 
    • Reporting: Run convenient and tailored reports for data fields including issues tracking, COSO mapping, status reporting and more. Deliver accurate risk information to senior management, business partners and stakeholders. 
    • Certification: Leverage letter templates, customizable certificates and reminders to establish an efficient certification process. Sign and approve certificates from any device with an internet connection. 
  • FERC Reporting: Meet the Federal Energy Regulatory Commission’s (FERC) standards with accurate and prompt XBRL tagging. Work on connected datasets in real time to eliminate errors. Supported forms include electric (Form No. 1, 1-F, 3-Q, 714), gas (Form No. 2, 2A, 3Q), oil (Form No. 6, 6-Q) and service companies (Form No. 60). 
  • SEC Reporting: Streamline the preparation and filing of proxy statements, tax disclosures, 10-Qs, 10-Ks, 8-Ks, 20-Fs, Section 16 and more. Comply with European regulations like Solvency II, CIPC, IFRS and more. Link datasets to narratives and consolidate both structured and unstructured information with EDGAR and XBRL services. 
  • Capital Market Transactions: Implement a greater degree of control over debt, equity, IPO and M&A deals. Prepare documentation for capital market transactions, mergers, acquisitions, debt-offerings and take-private deals with preconfigured workflows. 
    • Speed and Accuracy: Link numbers and texts across multiple files to process transactional documentation faster. Streamline the evaluation process by automatically creating review, sign-off and commentary tasks within documents and reports. 
    • Risk Reduction: Eliminate inconsistent numbers, version inaccuracy and certification errors with a single consolidated data source. Maintain accountability, security and transparency with complete version history and permission-based access. 

    • Limitations

    At the time of this review, these are the limitations according to user feedback:

    •  Users located outside the US can experience latency issues in the SOX module. 
    •  The NextGen platform has a few incomplete features and bugs. 
    •  Involves a steep learning curve. 
    •  High subscription charges. 

    Suite Support

    Visit the vendor’s support center to learn more about using the platform; online resources include patch notes, beginner’s guides, articles, hot topics and transition assets. The community forum hosts discussions, events, webinars and feedback.

    mail_outlineEmail: [email protected].
    phonePhone: (800) 706-6526. Additional phone numbers for customers in other regions are available on the vendor’s website.
    schoolTraining: Log in to the vendor’s website to access the Learning Hub. Online training is available in the form of guided courses, videos, newsletters and simulations.
    local_offerTickets: Visit the vendor’s website to submit a support ticket.
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  • Comprehensive Risk Assessment: Offers detailed risk evaluation tools to identify and analyze potential threats.
  • Real-Time Monitoring: Provides continuous tracking of risk factors with instant alerts for emerging issues.
  • Customizable Dashboards: Allows users to tailor their interface to display the most relevant data and metrics.
  • Scenario Analysis: Facilitates the simulation of various risk scenarios to predict potential impacts and outcomes.
  • Regulatory Compliance Tracking: Ensures adherence to industry standards and legal requirements through automated compliance checks.
  • Data Integration: Seamlessly integrates with existing systems and databases for a unified risk management approach.
  • Incident Management: Streamlines the process of reporting, tracking, and resolving risk-related incidents.
  • Risk Heat Maps: Visualizes risk levels across different areas of the organization using intuitive heat maps.
  • Audit Trails: Maintains detailed logs of all risk management activities for transparency and accountability.
  • Collaboration Tools: Enhances team communication and coordination with built-in collaboration features.
  • Automated Reporting: Generates comprehensive reports on risk status and trends with minimal manual input.
  • Mobile Access: Provides access to risk management tools and data from mobile devices for on-the-go monitoring.
  • Risk Scoring: Assigns quantitative scores to risks based on their severity and likelihood, aiding in prioritization.
  • Training and Support: Offers extensive resources and support to ensure users can effectively utilize the software.
  • Custom Risk Models: Enables the creation of tailored risk models to fit specific organizational needs and contexts.
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Product Ranking

#9

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#35

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Risk Management Software

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User Sentiment Summary

Excellent User Sentiment 587 reviews
Great User Sentiment 36 reviews
92%
of users recommend this product

Workiva has a 'excellent' User Satisfaction Rating of 92% when considering 587 user reviews from 3 recognized software review sites.

86%
of users recommend this product

Global Risk Exchange has a 'great' User Satisfaction Rating of 86% when considering 36 user reviews from 2 recognized software review sites.

4.6 (58)
n/a
n/a
4.28 (18)
4.6 (36)
4.3 (18)
4.6 (493)
n/a

Awards

Workiva stands above the rest by achieving an ‘Excellent’ rating as a User Favorite.

User Favorite Award

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Synopsis of User Ratings and Reviews

Functionality: 69% of users who reviewed this aspect were satisfied with the platform’s functionalities, including internal controls and issue Testing, SOX narratives, auditing, and policy management.
Ease of Use: According to 61% of users mentioning this element, the platform’s intuitive UI makes it easy to use.
Sharing and Collaboration: All the users who mentioned this element said the platform made it easier to share documents and collaborate on projects.
Service and Support: 83% of users reviewing customer support said it’s highly responsive and knowledgeable.
Automation: 100% of reviewers mentioning automation found it helpful to learn and apply new formats and automate financial and regulatory processes.
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Reduced Assessment Workload: The platform significantly reduces the time and effort needed for third-party risk assessments by providing access to a repository of over 15,000 pre-existing, validated risk evaluations.
Access to Hard-to-Assess Vendors: Global Risk Exchange includes assessments of large, complex third parties, such as major cloud providers and law firms, that are typically difficult to assess independently.
Comprehensive Vendor Monitoring: The platform offers predictive risk profiles for over 250,000 global third parties, allowing businesses to proactively identify and mitigate potential risks across their entire vendor ecosystem.
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Speed and Performance: 100% of users mentioning performance said they experienced bugs, glitches and slow upload and export speed on the NextGen platform.
Cost: All the users who reviewed this aspect found the system’s subscription charges higher than its competitors.
Training Resources: 60% of users mentioning this element said the platform requires more training material to compensate for its steep learning curve.
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Potential for Inaccuracies: Relying solely on pre-existing assessments might not accurately reflect a vendor's current risk posture, as circumstances can change rapidly.
Limited Scope: The database, while extensive, might not cover all vendors a company uses, requiring additional assessments outside the platform.
One-Size-Fits-All Approach: Standardized assessments might not address the specific risk concerns of every organization, potentially leaving some vulnerabilities unexamined.
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Workiva is a cloud-based comprehensive reporting platform that provides unrestricted global access to FERC and SEC reporting modules, internal controls, and audit and policy management tools for complete in-house risk management. The platform can be difficult to learn initially, but a responsive support team makes it easier to understand the functionalities. In addition, automated reporting processes add a lot of value to the platform. However, the NextGen platform has a few performance issues. Updates can cause temporary glitches and bugs, resulting in unforced errors in datasets. All in all, Workiva is a safe bet for vulnerability management software. In spite of high subscription costs, it’s an excellent candidate if you can fit it into your budget.

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Is Global Risk Exchange the "gold standard" or does it need a "risk assessment" of its own? Global Risk Exchange (formerly CyberGRX) is a platform that aims to streamline third-party risk management (TPRM) by providing access to a vast library of pre-assessed vendor risk profiles. While there's a lack of readily available user reviews from the past year, making it difficult to provide a detailed assessment of user sentiment, its key features suggest a focus on efficiency and scalability in TPRM. Global Risk Exchange stands out for its extensive database of over 15,000 attested risk assessments and predictive risk profiles for over 250,000 global third parties. This allows organizations to quickly evaluate potential vendors without conducting time-consuming individual assessments. The platform also integrates with ProcessUnity's broader TPRM suite, offering a comprehensive solution for managing third-party risks. However, the absence of recent user feedback makes it challenging to definitively assess its strengths and weaknesses compared to competitors like RiskRecon or BitSight. Without concrete examples of user experiences, it's tough to say whether Global Risk Exchange truly delivers on its promise of efficiency and risk reduction. Based on its features, Global Risk Exchange seems most suitable for organizations with large vendor ecosystems looking to streamline their TPRM processes. Its vast database and automated assessments could save significant time and resources compared to manual assessments. However, without access to user reviews, it's difficult to definitively recommend it over competitors or for specific use cases.

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