The biggest benefit I've found is how easy it was to get up & running quickly when we first started using them in our organization! It's been great that they provided training resources as well early so you're not left without any support if need be (which has happened very rarely).
There isn't much downside from my experience at least yet; but nothing significant either. This software helps us track risks across various aspects of an org such as compliance/policy violations or technical issues etc., which allows each team member access via separate logins where applicable.