Introduction
Internal control software plays a pivotal role in helping businesses monitor, assess, and improve their internal processes, reducing the likelihood of errors, fraud, and regulatory violations. Internal control software is a specialized platform that helps organizations design, implement, monitor, and test the controls that protect against financial misstatement, fraud, operational errors, and regulatory non-compliance, covering the full lifecycle from risk assessment through deficiency management and board-level reporting. These systems are designed to streamline risk identification, automate audit processes, and enhance overall operational transparency.
As regulatory requirements become more stringent, companies need advanced tools to meet compliance standards while efficiently managing risk. Internal control software provides an integrated solution that strengthens governance and reduces the burden of manual monitoring.
According to a June 2025 report by the US Government Accountability Office, auditor hours spent testing internal controls at one public company grew from 3,000 hours in 2012 to 8,000 hours in 2024, with associated audit fees rising from approximately $900,000 to $3 million, a trajectory attributed not to company growth but to escalating documentation requirements from PCAOB inspections. The data point illustrates why automated internal control platforms have moved from a compliance convenience to an operational necessity for organizations managing SOX obligations at scale.
In this guide, we’ll explore the fundamentals of internal control software and highlight the key factors to consider when selecting the right system for your organization.
Key Takeaways
- Internal control software is essential for businesses to manage risks effectively, streamline compliance processes, and automate internal audits, significantly reducing manual effort and the potential for errors.
- Leading internal control software options include MetricStream, Workiva, and AuditBoard, which offer robust features such as real-time risk monitoring, AI-driven analytics, and customizable workflows to meet specific industry requirements.
- When selecting internal control software, businesses should evaluate scalability, user-friendliness, integration capabilities, customization options, and the availability of strong support and training resources.
What is Internal Control Software?
Internal control software is a specialized system designed to help organizations implement, monitor, and maintain effective internal controls. Its primary function is to safeguard against risks such as fraud, data breaches, financial misstatements, and non-compliance with regulations. By automating critical control processes, the software enhances transparency and accuracy in operations, reducing the chance of human error and ensuring continuous compliance with evolving regulatory standards.
Examples of Internal Control Software
Internal control software solutions are designed to help organizations streamline risk management, ensure compliance, and strengthen operational oversight. Some widely used examples include:
SAP GRC
A robust enterprise solution that helps organizations manage risks and ensure regulatory compliance through modules like Access Control, Process Control, and Risk Management. It's widely used in large organizations due to its integration with the broader SAP ecosystem.
AuditBoard
A cloud-based platform focused on internal audit, SOX compliance, risk management, and workflow automation. It's particularly popular among enterprises for its user-friendly interface and scalable features.
LogicGate Risk Cloud®
A highly customizable platform that enables organizations to build workflows for risk management, internal controls, and audit tracking. It's suited for mid-to-large enterprises looking for flexibility.
Resolver
A risk intelligence platform that combines audit management, risk assessment, compliance tracking, and incident reporting. It's known for its ability to correlate risk data across business units.
Workiva
Ideal for internal controls over financial reporting (ICFR) and SOX compliance, Workiva offers automation, real-time collaboration, and version control for audit trails and documentation.
Each of these tools provides specialized features that align with different business sizes and regulatory needs, from automated control testing to real-time dashboards for risk monitoring.
Benefits of Internal Control Software
Investing in internal control software delivers significant advantages that go beyond compliance:
Improved Accuracy and Reduced Errors:
Automation eliminates manual data entry and inconsistent tracking, minimizing the risk of human error across control documentation and testing.
Real-Time Risk Monitoring:
Dashboards and analytics provide up-to-date insights into control effectiveness and emerging risks, allowing quicker response times.
Regulatory Compliance Support:
These platforms help ensure alignment with frameworks like SOX, COSO, ISO 27001, and GDPR by keeping audit trails and control activities well-documented and easily accessible.
Scalability and Consistency:
As businesses grow, internal control software scales with them, ensuring consistent implementation of control activities across departments and geographies.
Collaboration and Accountability:
Role-based access and workflow automation promote cross-functional collaboration while maintaining accountability and traceability of actions.
Audit Readiness:
By maintaining centralized documentation and evidence of control activities, these tools drastically reduce the time and effort needed for external audits.
Internal Control Software Key Components
The effectiveness of internal control software depends on its core components, which typically include:
| Component | Purpose | Without It |
| Control Library | Centralised repository of all controls by process, objective, and regulation | No consistent taxonomy; duplicated and inconsistently named controls |
| Risk-Control Mapping | Links controls to identified risks for risk-based audit prioritisation | Controls tested without risk context; critical gaps missed |
| Workflow Automation | Routes control testing, remediation, and approvals automatically | Manual follow-up; missed deadlines; accountability gaps |
| Real-Time Dashboards | Live visibility into control status, findings, and overdue items | No early warning; problems discovered at audit time |
| Evidence Management | Centralised storage for control documentation and test evidence | Evidence scattered; audit preparation takes weeks |
| Access Control | Role-based security for sensitive control data | Data integrity risk; SOX segregation violations |
| Integration | Connects to ERP, SIEM, GRC, and ticketing systems | Siloed data; manual re-entry; incomplete picture |
Control Library
A centralized repository that contains all internal controls categorized by business process, objective, or regulation. This acts as the foundation for control mapping and assessment.
Risk and Control Mapping
The ability to link specific controls to identified risks, enabling a risk-based approach to internal audit and compliance.
Workflow Automation
Automated workflows for control testing, approvals, remediation, and reporting help streamline the entire internal control process.
Real-Time Dashboards and Reporting
These provide visibility into control status, overdue tasks, risk exposure, and audit findings, allowing decision-makers to act promptly.
Documentation and Evidence Management
Tools for attaching supporting documentation, versioning, and audit trails to demonstrate compliance and facilitate external audits.
Access Control and User Management
Ensures only authorized personnel can view or edit sensitive data, maintaining data integrity and security.
Integration Capabilities
The ability to connect with ERP systems, ticketing tools, or GRC platforms for seamless data flow and comprehensive oversight.
7 Best Internal Control Software in 2025
Effective internal control software helps organizations manage risks, maintain compliance, and streamline their operations. The following are seven leading internal control software solutions available in 2025, each offering features tailored to various industry requirements.
MetricStream
MetricStream’s internal control software helps organizations comply with US and UK SOX requirements by automating and standardizing control testing and remediation workflows, minimizing inconsistencies and reducing compliance costs. It enables businesses to prioritize and rationalize controls mapped to high-risk areas or those with greater material impact, streamlining control frameworks and lowering associated testing costs. The software also provides in-depth visibility into the status of financial controls and SOX compliance across the enterprise, empowering organizations to proactively identify areas of concern or opportunities for improvement.
MetricStream is regarded as a top internal control software solution provider for several reasons:
Comprehensive Features for Internal Control Management
- Control Framework Integration: MetricStream’s software allows organizations to align internal controls with multiple frameworks such as COSO, SOX, and other regulatory standards.
- Real-time Monitoring: Provides continuous monitoring and visibility into control performance across business processes.
- Automation and Workflow: Automates control testing, risk assessments, and reporting, reducing manual effort and human error.
Strong Focus on Risk-Integrated Control Management
- Integrated Risk Management (IRM): Combines internal controls with risk management, enabling organizations to assess risks and controls in a unified view.
- Risk-Control Mapping: Links risks to specific controls, improving efficiency and accountability.
Advanced Technology and Analytics
- AI and Machine Learning: Enhances the identification of control gaps and anomalies through predictive analytics.
- Dashboards and Reporting: Offers customizable dashboards and advanced reporting tools for actionable insights.
Scalability and Flexibility
- Supports organizations of all sizes, from mid-market enterprises to global corporations.
- Cloud-based and on-premise deployment options cater to diverse operational needs.
Regulatory and Audit Readiness
- Keeps organizations audit-ready by documenting evidence, tracking compliance metrics, and maintaining a clear audit trail.
- Simplifies compliance with global internal control regulations, including Sarbanes-Oxley (SOX) Act and industry-specific mandates.
Proven Industry Expertise
- Trusted by leading organizations across industries like financial services, healthcare, energy, and manufacturing.
- Demonstrated success in helping companies reduce compliance costs, improve operational efficiency, and strengthen governance.
Customer-Centric Approach
- Offers robust customer support and professional services to ensure successful implementation and adoption.
- Delivers continuous updates and enhancements to meet evolving business and regulatory needs.
Workiva
Workiva provides collaboration and reporting capabilities for internal audit. Designed to streamline audit, risk, and compliance processes, it allows teams to work simultaneously on reports, track issues in real-time, and ensure data consistency across departments.
Key Features:
- Real-Time Collaboration: Enables multiple users to work on documents simultaneously.
- Integrated Reporting: Consolidates data for consistent reporting across the organization.
- Cloud-Based Platform: Offers accessibility and flexibility through a secure cloud environment.
- Enterprise System Integration: Seamlessly integrates with various enterprise systems and data sources.
- Customizable Workflows: Adapts to specific business processes and compliance requirements.
- User-Friendly Interface: Provides an intuitive platform that's easy for teams to adopt.
AuditBoard
AuditBoard is a GRC platform that provides internal audits and risk management capabilities. It offers a robust set of tools for audit planning, risk assessments, and issue tracking. Its intuitive dashboards and real-time reporting capabilities provide excellent visibility into audit processes.
Key Features:
- Audit Planning and Management: Streamlines the entire audit lifecycle from planning to reporting.
- Risk Assessment Tools: Offers dynamic risk assessment functionalities.
- Issue Tracking and Resolution: Facilitates efficient tracking and remediation of audit findings.
- Intuitive Dashboards: Provides real-time insights through customizable dashboards.
- Compliance Management: Supports compliance with various regulatory standards.
- Easy Implementation: Quick to deploy with cost-effective solutions for mid-sized to large enterprises.
Galvanize (formerly ACL)
Galvanize offers a GRC platform with a focus on analytics-driven risk and compliance management. Its standout feature is integrating data analytics into internal control processes, providing deeper insights into potential risks and compliance issues.
Key Features:
- Analytics-Driven Risk Management: Leverages data analytics for informed decision-making.
- Continuous Monitoring: Automates monitoring of transactions and controls.
- Data Integration: Connects with multiple data sources for comprehensive analysis.
- Regulatory Compliance Support: Assists with compliance in highly regulated industries.
- Custom Reporting: Generates detailed reports tailored to specific organizational needs.
- Automation and Alerts: Automates routine tasks and provides alerts for anomalies.
Riskonnect
Riskonnect manages risk by providing integrated solutions for tracking and mitigating enterprise-wide risks. Its user-friendly interface allows businesses to manage everything from operational risk to third-party risk on a single platform.
Key Features:
- Enterprise Risk Management: Covers all aspects of risk across the organization.
- User-Friendly Interface: Simplifies risk tracking with an intuitive platform.
- Third-Party Risk Management: Manages risks associated with vendors and partners.
- Configurable Workflows: Customizes processes to fit organizational requirements.
- Detailed Reporting and Analytics: Offers in-depth insights through robust reporting tools.
- Scalable Solutions: Adapts to the needs of businesses of various sizes and industries.
Diligent
Diligent's internal control software is known for its focus on compliance and governance. It simplifies regulatory compliance through real-time data analysis and automated reporting, making it particularly suited for companies focused on corporate governance and ESG reporting.
Key Features:
- Governance Focus: Enhances board and executive collaboration on governance matters.
- Real-Time Data Analysis: Provides up-to-date insights for informed decision-making.
- Automated Compliance Reporting: Streamlines the creation of compliance documents.
- ESG Reporting Support: Assists with environmental, social, and governance reporting requirements.
- Regulatory Change Alerts: Keeps organizations ahead of evolving regulatory landscapes.
- Flexible Platform: Adapts to complex compliance frameworks across various sectors.
Hyperproof
Hyperproof is a compliance and risk management platform that helps companies ensure ongoing compliance with industry regulations. It automates many aspects of compliance management, making it easier for organizations to maintain regulatory standards.
Key Features:
- Automated Compliance Management: Simplifies control testing and evidence collection.
- Risk Assessments: Conducts thorough risk evaluations to identify potential issues.
- Audit Trails: Maintains detailed records for transparency and accountability.
- Compliance Monitoring: Provides continuous oversight of compliance status.
- Cloud-Native Architecture: Ensures seamless integration with other business systems.
- Scalable Solution: Suitable for organizations of all sizes seeking to streamline compliance.
Vendor Comparison Table
| Vendor | Primary Strength | Best For | SOX Support | Key Differentiator |
| MetricStream | Integrated GRC and controls | Enterprise GRC, SOX, and operational risk | US and UK SOX | Broadest GRC integration; AI-powered (AiSPIRE); Chartis #1 Audit |
| Workiva | Financial reporting collaboration | SOX ICFR and SEC reporting | Strong | Real-time multi-user document collaboration |
| AuditBoard | Internal audit workflow | Audit-centric organisations | Good | Intuitive UI; full audit lifecycle management |
| Galvanize (ACL) | Data analytics and controls | Data-driven audit and monitoring | Good | Embedded analytics; ACL data scripting |
| Riskonnect | Enterprise risk and controls | Integrated risk and controls | Available | Strong ORM and controls integration |
| Diligent | Board governance and controls | Board-level GRC reporting | Available | Board portal integration; director reporting |
| Hyperproof | Compliance automation | Multi-framework IT compliance | Limited | Fast deployment; SME-friendly; compliance-first |
Things to Consider Before Choosing an Internal Control Software
Selecting the right internal control software for your organization requires careful consideration of several factors to ensure it meets your business's current needs and future growth potential.
Scalability
One of the most critical aspects is scalability. As your business expands, the software should be able to grow with it, whether you are increasing users, adding new departments, or expanding operations globally. Ensure the platform can support larger datasets, higher user volumes, and additional functionalities without sacrificing performance.
User Interface
A user-friendly interface is essential for smooth implementation and adoption across teams. The software should be intuitive and easy to navigate, reducing the learning curve for employees. A clean, accessible design improves efficiency, minimizes training time, and fosters greater user engagement.
Integration
Compatibility with existing systems like ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) is another key factor. The software should integrate seamlessly with your current technology stack to avoid data silos, streamline workflows, and provide a unified platform for risk management, auditing, and compliance.
Customization
Every business has unique processes and regulatory requirements. Therefore, the internal control software should offer customization options to adapt workflows, reporting, and controls to your specific needs. The ability to tailor the system without extensive development ensures flexibility and efficiency.
Support and Training
Lastly, robust customer support and comprehensive training resources are crucial for a successful rollout. Ensure the vendor provides ongoing support, troubleshooting, and learning materials to keep your teams proficient and the system running smoothly over time.
Selection Criteria
| Criterion | What to Assess | Questions to Ask |
| SOX Support | US and UK SOX ICFR workflow; PCAOB-aligned evidence management | Does it support both US and UK SOX? Walk me through the end-to-end workflow. |
| COSO Alignment | Pre-built COSO mapping; 5-component and 17-principle coverage | Is COSO pre-mapped out of the box? Can the structure be customised? |
| Automation | Level of workflow automation for testing and remediation | What percentage of the control cycle can be automated without custom development? |
| Integration | ERP (SAP, Oracle); SIEM; GRC platforms | What native integrations are available, and what is the API architecture? |
| Scalability | Multi-entity, multi-geography, large control libraries | How many controls do your largest customers actively manage? |
| AI Capabilities | Anomaly detection; control gap prediction | Can you demonstrate live AI monitoring against a real control dataset? |
| Audit Readiness | Evidence packaging; external auditor access provisioning | How does the platform support external auditor access during fieldwork? |
Why MetricStream?
MetricStream’s Internal Audit and SOX Compliance softwares have earned its reputation as a leading internal control software due to its robust scalability, industry-specific solutions, and exceptional customer support. Its platform is designed to accommodate businesses of all sizes, from mid-sized companies to global enterprises, ensuring that it can scale as operations grow. The platform’s versatility is particularly beneficial for industries like finance, healthcare, and manufacturing, which face complex regulatory requirements.
MetricStream’s Business GRC stands out with its integrated approach to Governance, Risk, and Compliance (GRC). Its AI-driven analytics and real-time risk monitoring help companies manage compliance efficiently while automating audit and risk assessment processes. Additionally, its low-code/no-code platform allows for high customization, enabling businesses to tailor the software to their unique workflows without extensive technical effort.
Conclusion
Effective internal control software is a vital component for any organization seeking to strengthen its governance, risk management, and compliance frameworks; the right solution can streamline operations, reduce risks, and ensure regulatory compliance. As businesses grow and face increasingly complex challenges, investing in a scalable, customizable platform becomes essential.
To keep up with the evolving regulatory landscape, businesses must explore these technologies to stay compliant and efficient. Therefore, choosing the best software based on your organization's size, industry, and specific requirements becomes critical.
Contact us to learn more about how MetricStream can help you achieve your compliance goals.
Internal control software plays a pivotal role in helping businesses monitor, assess, and improve their internal processes, reducing the likelihood of errors, fraud, and regulatory violations. Internal control software is a specialized platform that helps organizations design, implement, monitor, and test the controls that protect against financial misstatement, fraud, operational errors, and regulatory non-compliance, covering the full lifecycle from risk assessment through deficiency management and board-level reporting. These systems are designed to streamline risk identification, automate audit processes, and enhance overall operational transparency.
As regulatory requirements become more stringent, companies need advanced tools to meet compliance standards while efficiently managing risk. Internal control software provides an integrated solution that strengthens governance and reduces the burden of manual monitoring.
According to a June 2025 report by the US Government Accountability Office, auditor hours spent testing internal controls at one public company grew from 3,000 hours in 2012 to 8,000 hours in 2024, with associated audit fees rising from approximately $900,000 to $3 million, a trajectory attributed not to company growth but to escalating documentation requirements from PCAOB inspections. The data point illustrates why automated internal control platforms have moved from a compliance convenience to an operational necessity for organizations managing SOX obligations at scale.
In this guide, we’ll explore the fundamentals of internal control software and highlight the key factors to consider when selecting the right system for your organization.
- Internal control software is essential for businesses to manage risks effectively, streamline compliance processes, and automate internal audits, significantly reducing manual effort and the potential for errors.
- Leading internal control software options include MetricStream, Workiva, and AuditBoard, which offer robust features such as real-time risk monitoring, AI-driven analytics, and customizable workflows to meet specific industry requirements.
- When selecting internal control software, businesses should evaluate scalability, user-friendliness, integration capabilities, customization options, and the availability of strong support and training resources.
Internal control software is a specialized system designed to help organizations implement, monitor, and maintain effective internal controls. Its primary function is to safeguard against risks such as fraud, data breaches, financial misstatements, and non-compliance with regulations. By automating critical control processes, the software enhances transparency and accuracy in operations, reducing the chance of human error and ensuring continuous compliance with evolving regulatory standards.
Internal control software solutions are designed to help organizations streamline risk management, ensure compliance, and strengthen operational oversight. Some widely used examples include:
SAP GRC
A robust enterprise solution that helps organizations manage risks and ensure regulatory compliance through modules like Access Control, Process Control, and Risk Management. It's widely used in large organizations due to its integration with the broader SAP ecosystem.
AuditBoard
A cloud-based platform focused on internal audit, SOX compliance, risk management, and workflow automation. It's particularly popular among enterprises for its user-friendly interface and scalable features.
LogicGate Risk Cloud®
A highly customizable platform that enables organizations to build workflows for risk management, internal controls, and audit tracking. It's suited for mid-to-large enterprises looking for flexibility.
Resolver
A risk intelligence platform that combines audit management, risk assessment, compliance tracking, and incident reporting. It's known for its ability to correlate risk data across business units.
Workiva
Ideal for internal controls over financial reporting (ICFR) and SOX compliance, Workiva offers automation, real-time collaboration, and version control for audit trails and documentation.
Each of these tools provides specialized features that align with different business sizes and regulatory needs, from automated control testing to real-time dashboards for risk monitoring.
Investing in internal control software delivers significant advantages that go beyond compliance:
Improved Accuracy and Reduced Errors:
Automation eliminates manual data entry and inconsistent tracking, minimizing the risk of human error across control documentation and testing.
Real-Time Risk Monitoring:
Dashboards and analytics provide up-to-date insights into control effectiveness and emerging risks, allowing quicker response times.
Regulatory Compliance Support:
These platforms help ensure alignment with frameworks like SOX, COSO, ISO 27001, and GDPR by keeping audit trails and control activities well-documented and easily accessible.
Scalability and Consistency:
As businesses grow, internal control software scales with them, ensuring consistent implementation of control activities across departments and geographies.
Collaboration and Accountability:
Role-based access and workflow automation promote cross-functional collaboration while maintaining accountability and traceability of actions.
Audit Readiness:
By maintaining centralized documentation and evidence of control activities, these tools drastically reduce the time and effort needed for external audits.
The effectiveness of internal control software depends on its core components, which typically include:
| Component | Purpose | Without It |
| Control Library | Centralised repository of all controls by process, objective, and regulation | No consistent taxonomy; duplicated and inconsistently named controls |
| Risk-Control Mapping | Links controls to identified risks for risk-based audit prioritisation | Controls tested without risk context; critical gaps missed |
| Workflow Automation | Routes control testing, remediation, and approvals automatically | Manual follow-up; missed deadlines; accountability gaps |
| Real-Time Dashboards | Live visibility into control status, findings, and overdue items | No early warning; problems discovered at audit time |
| Evidence Management | Centralised storage for control documentation and test evidence | Evidence scattered; audit preparation takes weeks |
| Access Control | Role-based security for sensitive control data | Data integrity risk; SOX segregation violations |
| Integration | Connects to ERP, SIEM, GRC, and ticketing systems | Siloed data; manual re-entry; incomplete picture |
Control Library
A centralized repository that contains all internal controls categorized by business process, objective, or regulation. This acts as the foundation for control mapping and assessment.
Risk and Control Mapping
The ability to link specific controls to identified risks, enabling a risk-based approach to internal audit and compliance.
Workflow Automation
Automated workflows for control testing, approvals, remediation, and reporting help streamline the entire internal control process.
Real-Time Dashboards and Reporting
These provide visibility into control status, overdue tasks, risk exposure, and audit findings, allowing decision-makers to act promptly.
Documentation and Evidence Management
Tools for attaching supporting documentation, versioning, and audit trails to demonstrate compliance and facilitate external audits.
Access Control and User Management
Ensures only authorized personnel can view or edit sensitive data, maintaining data integrity and security.
Integration Capabilities
The ability to connect with ERP systems, ticketing tools, or GRC platforms for seamless data flow and comprehensive oversight.
Effective internal control software helps organizations manage risks, maintain compliance, and streamline their operations. The following are seven leading internal control software solutions available in 2025, each offering features tailored to various industry requirements.
MetricStream
MetricStream’s internal control software helps organizations comply with US and UK SOX requirements by automating and standardizing control testing and remediation workflows, minimizing inconsistencies and reducing compliance costs. It enables businesses to prioritize and rationalize controls mapped to high-risk areas or those with greater material impact, streamlining control frameworks and lowering associated testing costs. The software also provides in-depth visibility into the status of financial controls and SOX compliance across the enterprise, empowering organizations to proactively identify areas of concern or opportunities for improvement.
MetricStream is regarded as a top internal control software solution provider for several reasons:
Comprehensive Features for Internal Control Management
- Control Framework Integration: MetricStream’s software allows organizations to align internal controls with multiple frameworks such as COSO, SOX, and other regulatory standards.
- Real-time Monitoring: Provides continuous monitoring and visibility into control performance across business processes.
- Automation and Workflow: Automates control testing, risk assessments, and reporting, reducing manual effort and human error.
Strong Focus on Risk-Integrated Control Management
- Integrated Risk Management (IRM): Combines internal controls with risk management, enabling organizations to assess risks and controls in a unified view.
- Risk-Control Mapping: Links risks to specific controls, improving efficiency and accountability.
Advanced Technology and Analytics
- AI and Machine Learning: Enhances the identification of control gaps and anomalies through predictive analytics.
- Dashboards and Reporting: Offers customizable dashboards and advanced reporting tools for actionable insights.
Scalability and Flexibility
- Supports organizations of all sizes, from mid-market enterprises to global corporations.
- Cloud-based and on-premise deployment options cater to diverse operational needs.
Regulatory and Audit Readiness
- Keeps organizations audit-ready by documenting evidence, tracking compliance metrics, and maintaining a clear audit trail.
- Simplifies compliance with global internal control regulations, including Sarbanes-Oxley (SOX) Act and industry-specific mandates.
Proven Industry Expertise
- Trusted by leading organizations across industries like financial services, healthcare, energy, and manufacturing.
- Demonstrated success in helping companies reduce compliance costs, improve operational efficiency, and strengthen governance.
Customer-Centric Approach
- Offers robust customer support and professional services to ensure successful implementation and adoption.
- Delivers continuous updates and enhancements to meet evolving business and regulatory needs.
Workiva provides collaboration and reporting capabilities for internal audit. Designed to streamline audit, risk, and compliance processes, it allows teams to work simultaneously on reports, track issues in real-time, and ensure data consistency across departments.
Key Features:
- Real-Time Collaboration: Enables multiple users to work on documents simultaneously.
- Integrated Reporting: Consolidates data for consistent reporting across the organization.
- Cloud-Based Platform: Offers accessibility and flexibility through a secure cloud environment.
- Enterprise System Integration: Seamlessly integrates with various enterprise systems and data sources.
- Customizable Workflows: Adapts to specific business processes and compliance requirements.
- User-Friendly Interface: Provides an intuitive platform that's easy for teams to adopt.
AuditBoard is a GRC platform that provides internal audits and risk management capabilities. It offers a robust set of tools for audit planning, risk assessments, and issue tracking. Its intuitive dashboards and real-time reporting capabilities provide excellent visibility into audit processes.
Key Features:
- Audit Planning and Management: Streamlines the entire audit lifecycle from planning to reporting.
- Risk Assessment Tools: Offers dynamic risk assessment functionalities.
- Issue Tracking and Resolution: Facilitates efficient tracking and remediation of audit findings.
- Intuitive Dashboards: Provides real-time insights through customizable dashboards.
- Compliance Management: Supports compliance with various regulatory standards.
- Easy Implementation: Quick to deploy with cost-effective solutions for mid-sized to large enterprises.
Galvanize offers a GRC platform with a focus on analytics-driven risk and compliance management. Its standout feature is integrating data analytics into internal control processes, providing deeper insights into potential risks and compliance issues.
Key Features:
- Analytics-Driven Risk Management: Leverages data analytics for informed decision-making.
- Continuous Monitoring: Automates monitoring of transactions and controls.
- Data Integration: Connects with multiple data sources for comprehensive analysis.
- Regulatory Compliance Support: Assists with compliance in highly regulated industries.
- Custom Reporting: Generates detailed reports tailored to specific organizational needs.
- Automation and Alerts: Automates routine tasks and provides alerts for anomalies.
Riskonnect manages risk by providing integrated solutions for tracking and mitigating enterprise-wide risks. Its user-friendly interface allows businesses to manage everything from operational risk to third-party risk on a single platform.
Key Features:
- Enterprise Risk Management: Covers all aspects of risk across the organization.
- User-Friendly Interface: Simplifies risk tracking with an intuitive platform.
- Third-Party Risk Management: Manages risks associated with vendors and partners.
- Configurable Workflows: Customizes processes to fit organizational requirements.
- Detailed Reporting and Analytics: Offers in-depth insights through robust reporting tools.
- Scalable Solutions: Adapts to the needs of businesses of various sizes and industries.
Diligent's internal control software is known for its focus on compliance and governance. It simplifies regulatory compliance through real-time data analysis and automated reporting, making it particularly suited for companies focused on corporate governance and ESG reporting.
Key Features:
- Governance Focus: Enhances board and executive collaboration on governance matters.
- Real-Time Data Analysis: Provides up-to-date insights for informed decision-making.
- Automated Compliance Reporting: Streamlines the creation of compliance documents.
- ESG Reporting Support: Assists with environmental, social, and governance reporting requirements.
- Regulatory Change Alerts: Keeps organizations ahead of evolving regulatory landscapes.
- Flexible Platform: Adapts to complex compliance frameworks across various sectors.
Hyperproof is a compliance and risk management platform that helps companies ensure ongoing compliance with industry regulations. It automates many aspects of compliance management, making it easier for organizations to maintain regulatory standards.
Key Features:
- Automated Compliance Management: Simplifies control testing and evidence collection.
- Risk Assessments: Conducts thorough risk evaluations to identify potential issues.
- Audit Trails: Maintains detailed records for transparency and accountability.
- Compliance Monitoring: Provides continuous oversight of compliance status.
- Cloud-Native Architecture: Ensures seamless integration with other business systems.
- Scalable Solution: Suitable for organizations of all sizes seeking to streamline compliance.
Vendor Comparison Table
| Vendor | Primary Strength | Best For | SOX Support | Key Differentiator |
| MetricStream | Integrated GRC and controls | Enterprise GRC, SOX, and operational risk | US and UK SOX | Broadest GRC integration; AI-powered (AiSPIRE); Chartis #1 Audit |
| Workiva | Financial reporting collaboration | SOX ICFR and SEC reporting | Strong | Real-time multi-user document collaboration |
| AuditBoard | Internal audit workflow | Audit-centric organisations | Good | Intuitive UI; full audit lifecycle management |
| Galvanize (ACL) | Data analytics and controls | Data-driven audit and monitoring | Good | Embedded analytics; ACL data scripting |
| Riskonnect | Enterprise risk and controls | Integrated risk and controls | Available | Strong ORM and controls integration |
| Diligent | Board governance and controls | Board-level GRC reporting | Available | Board portal integration; director reporting |
| Hyperproof | Compliance automation | Multi-framework IT compliance | Limited | Fast deployment; SME-friendly; compliance-first |
Selecting the right internal control software for your organization requires careful consideration of several factors to ensure it meets your business's current needs and future growth potential.
Scalability
One of the most critical aspects is scalability. As your business expands, the software should be able to grow with it, whether you are increasing users, adding new departments, or expanding operations globally. Ensure the platform can support larger datasets, higher user volumes, and additional functionalities without sacrificing performance.
User Interface
A user-friendly interface is essential for smooth implementation and adoption across teams. The software should be intuitive and easy to navigate, reducing the learning curve for employees. A clean, accessible design improves efficiency, minimizes training time, and fosters greater user engagement.
Integration
Compatibility with existing systems like ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) is another key factor. The software should integrate seamlessly with your current technology stack to avoid data silos, streamline workflows, and provide a unified platform for risk management, auditing, and compliance.
Customization
Every business has unique processes and regulatory requirements. Therefore, the internal control software should offer customization options to adapt workflows, reporting, and controls to your specific needs. The ability to tailor the system without extensive development ensures flexibility and efficiency.
Support and Training
Lastly, robust customer support and comprehensive training resources are crucial for a successful rollout. Ensure the vendor provides ongoing support, troubleshooting, and learning materials to keep your teams proficient and the system running smoothly over time.
Selection Criteria
| Criterion | What to Assess | Questions to Ask |
| SOX Support | US and UK SOX ICFR workflow; PCAOB-aligned evidence management | Does it support both US and UK SOX? Walk me through the end-to-end workflow. |
| COSO Alignment | Pre-built COSO mapping; 5-component and 17-principle coverage | Is COSO pre-mapped out of the box? Can the structure be customised? |
| Automation | Level of workflow automation for testing and remediation | What percentage of the control cycle can be automated without custom development? |
| Integration | ERP (SAP, Oracle); SIEM; GRC platforms | What native integrations are available, and what is the API architecture? |
| Scalability | Multi-entity, multi-geography, large control libraries | How many controls do your largest customers actively manage? |
| AI Capabilities | Anomaly detection; control gap prediction | Can you demonstrate live AI monitoring against a real control dataset? |
| Audit Readiness | Evidence packaging; external auditor access provisioning | How does the platform support external auditor access during fieldwork? |
MetricStream’s Internal Audit and SOX Compliance softwares have earned its reputation as a leading internal control software due to its robust scalability, industry-specific solutions, and exceptional customer support. Its platform is designed to accommodate businesses of all sizes, from mid-sized companies to global enterprises, ensuring that it can scale as operations grow. The platform’s versatility is particularly beneficial for industries like finance, healthcare, and manufacturing, which face complex regulatory requirements.
MetricStream’s Business GRC stands out with its integrated approach to Governance, Risk, and Compliance (GRC). Its AI-driven analytics and real-time risk monitoring help companies manage compliance efficiently while automating audit and risk assessment processes. Additionally, its low-code/no-code platform allows for high customization, enabling businesses to tailor the software to their unique workflows without extensive technical effort.
Effective internal control software is a vital component for any organization seeking to strengthen its governance, risk management, and compliance frameworks; the right solution can streamline operations, reduce risks, and ensure regulatory compliance. As businesses grow and face increasingly complex challenges, investing in a scalable, customizable platform becomes essential.
To keep up with the evolving regulatory landscape, businesses must explore these technologies to stay compliant and efficient. Therefore, choosing the best software based on your organization's size, industry, and specific requirements becomes critical.
Contact us to learn more about how MetricStream can help you achieve your compliance goals.
Frequently Asked Questions
Internal control software is a technology platform that automates the design, testing, monitoring, and documentation of internal controls to protect organisations against financial misstatement, fraud, operational errors, and regulatory non-compliance.
The right platform depends on use case: MetricStream for enterprise GRC and SOX, Workiva for financial reporting collaboration, AuditBoard for audit-centric workflows, Galvanize for analytics-driven monitoring, and Hyperproof for fast multi-framework IT compliance deployment.
SOX platforms manage ICFR workflow from risk assessment through control design, testing, and deficiency classification, with PCAOB-aligned evidence collection, management attestation support, and external auditor access provisioning.
Internal control software focuses specifically on control design, testing, and monitoring, while GRC software covers a broader scope including enterprise risk, compliance, audit, and policy management, often with controls as one integrated module.
The seven core components are control library, risk-control mapping, workflow automation, real-time dashboards, evidence management, access control, and integration capabilities, together covering the full control lifecycle from design through reporting.
Continuous control monitoring uses automated queries against ERP transaction data and real-time access control surveillance to provide always-on coverage, replacing point-in-time testing cycles that leave gaps between audit periods.
Automation improves accuracy, enables real-time detection instead of periodic review, scales coverage to 100% of transactions, generates continuous audit evidence, and frees control teams to focus on exceptions and higher-risk areas.
SOX implementation for a mid-size organisation typically takes three to six months, while enterprise GRC deployments covering multiple frameworks and jurisdictions typically take six to eighteen months, with phased rollouts delivering faster initial value.
AI capabilities in control platforms include anomaly detection, predictive risk scoring, intelligent evidence matching, NLP-based regulatory change alerts, and control gap identification, collectively shifting teams from reactive to anticipatory control management.
MetricStream automates US and UK SOX ICFR compliance across the full control cycle, with COSO-aligned libraries, AiSPIRE AI monitoring, and real-time financial control visibility, and is ranked number one in the Audit category by Chartis RiskTech100.
