Compliance Software

The Top 7 Free and Open Source Compliance Software

The Top 7 Free and Open Source Compliance Software

Whether one works in a blue-chip organization, a government entity, or a non-profit venture, there are a set of familiar terms in all working environments. ‘Organizational Governance,’ ‘Self-Regulation,' ‘Compliance Code of Conduct,' besides many others are examples of these common phrases. The terms mentioned above and associated words closely link to the Compliance Framework. 

Compliance is the process of adhering to rules, standards, protocols or regulations laid down by an authority. Regulation and compliance go hand-in-hand; a company’s operations need compliance checks to ensure they fulfil a plethora of strict rules and norms while executing complex, multi-stage processes.  

The bigger the organization, the greater the number of compliance checks required. It includes compliance checks for process operations in every department - from finance to legal, IT, and marketing. Manual compliance checks may not serve the purpose in such situations. Compliance Software can help you meet compliance readiness. 

This blog highlights the necessity for compliance software. The article also highlights the consequences of having poor compliance practices while enlisting the best free and open source compliance software to meet all regulatory needs.

Do not wait longer; get the best out of GoodFirms in compliance software recommendations today!   

The Five Pillars of Compliance Management 

Compliance is critical when business continuity, performance, and sustainability face heavy scrutiny by various stakeholders. As cited by the law firm, Baker McKenzie, there are five pillars of Compliance management. They are;

  • Leadership - The senior management of an organization must endorse and promote integrity and ethics - the foundations of compliance programs, backed by a senior compliance officer(s). Designing and executing compliance programs must also involve collaboration between leaders of all departments and critical stakeholders. The compliance officers must apply and interact with the boardroom to implement, report, and oversee compliance-related matters. 
  • Risk Assessment - Risk assessment is the first step of all compliance programs. Assessing risk in every business vertical is essential. These risks arise due to evolving business conditions, third-party vendor agreements, and financial transactions. Staying on top of risks but constantly updating policies is necessary. Constant reviews of risk apparatus and reporting of risk enhancements is also critical. 
  • Standards and Controls - Controlling processes within organizations is essential to maintain financial accuracy. Furthermore, the onus to introduce strict business process evaluations - especially when interacting with third-party business partners - is high. The process must adhere strictly to regulations. Standards of performance and business controls for course correction and compliance maintenance are vital.     
  • Training and Communication -  Training is a must. All business persons must complete periodic, well-documented, and subject-matter expert-led training for compliance. Companies can communicate the benefits of compliance adherence via meetings, town halls, and organizational newsletters. Teams need to update training modules regularly while also ensuring a broad scope of world issues. 
  • Oversight - This step includes compliance program maintenance and updation by leaders of multiple business units to benefit inter-organizational collaboration. Oversight is critical in compliance methods for tracking, reporting, and flagging third-party vendor contract terms, payments, and procedural accuracy. Oversight also includes root-cause analysis and resolution of inadequacies.  

Impact of Poor Compliance Protocol Adherence

Compliance disobedience comes with more consequences than just punitive legal fees. A broad scope of business processes is negatively affected due to shoddy regulatory oversight by the compliance management in-house setup. Some of the pitfalls of poor compliance management are as follows: 

Impact of poor compliance       

What is Compliance Software?

Compliance software is a suite of digital tools, functions, and applications that help businesses control their exposure to multiple risks while ensuring functioning like; process execution, reporting, documentation, collaboration, risk analysis, etc., of every department. 

It ensures adherence in line with a set code of standards and regulations forged internally, by a governing authority or an international body of reputation and expertise. 

Compliance software streamlines, automates, and manages all aspects of business process compliance. It ensures the company’s execution of its aims, objectives, and values in everyday business does not run contrary to the standards set by compliance boards or authorities. It acts as a centralised repository of documented information and organisational communication to efficiently manage process workflows through the firm.

Compliance solutions help firms mitigate costly penalties and other dents to reputation while upholding operational excellence and promulgating a culture of best practices in every vertical.      

GRC and Compliance Software 

The foundations of Governance, Risk, and Compliance (GRC) is central to any compliance software; compliance management would be incomplete without it. The GRC framework, defined by the Open Compliance and Ethics Group (OCEG), is crucial in implementing compliance management systems. It comprises four central principles known as the GRC capability model - Learn, Align, Perform, and Review. All four principles are crucial features within the software. Compliance solutions, with the GRC capability model, address the following parameters - 

  • They enhance the performance of the organisation alongside transparency. 
  • It helps mitigate risks better. 
  • They reduce the total cost of operating processes.
  • They introduce, preserve security of the platform, and prevent data breaches or leaks.
  • They ensure accurate communication and stakeholder collaboration. 

GRC capability

     Source - OCEG

Advantages of Compliance Software

Compliance solutions are a boon for organizations continually looking to improve business processes without compromising values. Some of the most significant advantages of compliance software are as follows: 

advantages of compliance software  

Features of Compliance Software

The compelling time-saving features of compliance software are as follows: 

Features of compliance software

Market Options for Prospective Compliance Software Buyers

A prospective buyer of compliance management software and compliance systems can choose from among a wide variety of options - from premium, and freemium to free and open source compliance software. Let us look at some of the market’s best compliance tools, especially the free and open source compliance management systems, below.  

Comparison Chart of the Top 7 Free and Open Source Compliance Software
 

Comparison table compliance software

*Free Trial 

#1 Eramba 

Eramba is a free and open source compliance software. The compliance tool promotes simplicity, scalability, affordability, and openness through its Governance, Regulation, and compliance (GRC) software. Eramba is a compliance management system that fosters risk management, incident management, policy reviews, internal control testing, and reminders as its core features, among many more. This risk compliance software helps battle employee ignorance with consistent awareness programs, while organizations can also opt for the ‘Account Reviews’ feature to meet internal system compliance. The free compliance software is implementable as an on-premise or SaaS solution. Furthermore, the compliance management software offers paid support and special updates for its paid enterprise version, over its free version.  

Eramba compliance software    

Source - Eramba 

The features that make Eramba and ideal bet are: 

  • Audit Management
  • Compliance Tracking
  • Incident Management
  • Risk Management
  • Surveys & Feedback
  • Version Control
  • Workflow Automation

#2 SimpleRisk

SimpleRisk Core is a free and open source compliance software, offered under the broader ambit of SimpleRisk. Priding itself on the simplicity, affordability and effectiveness of its platform, the free compliance software constitutes the most critical SimpleRisk capabilities of Governance, Risk Management and Compliance. The vendor compliance management software offers companies the chance to define, upload and manage their governance standards, procedures and exceptions. SimpleRisk’s regulatory compliance management software allow regular audits through testing of defined internal controls and frameworks, alongside necessary documentation. A bespoke risk management tool in the Compliance management system software also allows you to determine the category and types of risks to regulate and track. An asset management tool helps users keep track of their complex resources in the organization. In contrast, the compliance management software enables you to define security risk by completing assessments on standards such as CIS Security, HIPAA, NIST 800 - 171 etc. 

SimpleRisk compliance software

Source - Simple Risk

Simple risk is a popular compliance software owing to these features: 

  • Audit Management
  • Compliance Tracking
  • Controls Testing
  • Risk Management
  • Surveys & Feedback
  • Version Control
  • Workflow Automation

#3 FOSSology

FOSSology is a free and open source compliance management software. The software compliance system is a license management software that helps manage all compliance issues arising from the deployment of open source software licenses. The free and open source compliance management system allows firms to detect, track, remove and display bulk copyrights through an efficient scanning program to adhere to rules and regulations. Also, the compliance software adds copyrights where necessary. Its smooth interface is easy to navigate, while it also locates ECC statements and their types - Identified, Irrelevant, and To be discussed.  

Fossology compliance software

Source - FOSSology

FOSSology compliance management software features include: 

  • Archiving & Retention
  • Compliance Tracking
  • Controls Testing
  • Risk Management
  • Surveys & Feedback
  • Version Control
  • Workflow Automation

#4 Momentum Systems

Momentum Systems’ Compliance management system is an open source compliance software. An effective compliance management system software depends on its ability to audit financial records, store employee training data, and offer role-based security - all of which the compliance software performs carefully. The available training data links employee competency with modules covered while importing audit checklists is a piece of cake. Similarly, assigning tasks to team and external members is a hassle-free process alongside tracking those tasks. A risk registry maintains the types of compliance processes and associated types of risks that need constant attention. Organizations can upload bespoke risk matrices and evaluate strategies to mitigate the risks on an ongoing basis. One of the top compliance software, momentum systems helps integrate processes and view the entire chain of events in one glance. Similarly, the compliance solution has dedicated project management, team collaboration, and reporting and analytics modules.        

Momentum systems compliance software

Source - Momentum Systems

The best features of Momentum Systems Compliance Management Software are: 

  • Audit Management
  • Compliance Tracking
  • Environmental Compliance
  • Incident Management
  • Risk Management
  • Version Control
  • Workflow Automation

#5 My Compliance

My Compliance is a free-trial based compliance software. My Compliance prioritizes the automation and management of all the compliance tasks from the ground up. A clean user interface and easy access to central control ensure that My Compliance is one of the best compliance software available in the market. Users can create, share and update reports for easy collaboration. . Similar functionality extends to audit trails, online training, legal compliance, and the compliance tool’s risk management arms. The compliance system is accessible on mobile where users can view events which are non-conformance to compliance standards, assess the risk of processes, and track tasks per member. The risk compliance software provides templates for various audit purposes (gap analysis, etc.), environmental scoring for legislation and process audits, besides an effective user support setup.     

My compliance management

Source - My Compliance

The features that make My Compliance software a stand-out are: 

  • Audit Management
  • Compliance Tracking
  • Controls Testing
  • Incident Management
  • Risk Management
  • Surveys & Feedback
  • Version Control
  • Workflow Automation

#6 Intelex

Intelex is an asset management software platform, but it also maintains a free-trial based compliance management software. The software assures users of compliance task management (assignment, tracking, follow-up). It offers buyers a pathway to access regulatory content partners such as SiteHawk and CyberRegs to keep track of regulation changes. Intelex’s compliance management software is compliant with ISO 9001, ISO 14001 and OHSAS 18001, while risk reporting and management, incident recording as associated features. The regulatory compliance management software records document access and control, training data, non-conformance reporting, and audit trails to help users access important compliance data in a centralised manner.   

Intelex

Source - Intelex

Intelex’s compliance software has the following features:

  • Archiving & Retention
  • Audit Management
  • Compliance Tracking
  • Controls Testing
  • Incident Management
  • Risk Management
  • Surveys & Feedback
  • Version Control
  • Workflow Automation

#7 ARIS 

ARIS by Software AG is a free trial-based compliance management software. The compliance management system software helps businesses fulfil their GRC requirements by designing exceptional controls and profiling risk management. The compliance solution combines audit-proof workflows and business process analysis (BPAs) to give customers a strategic edge through the compliance management systems. ARIS is a compliance tool that can identify and record incidents, manage risks, maximise GDPR compliance, and reduce the wastage of resources (viz. Time, Talent, and Money). Stakeholders are consistently in the loop on the company’s audit processes, while the compliance management software promises greater process control, efficiency, and audit transparency - all while being platform-independent. 

The software helps businesses conduct root cause analysis. It allows firms to become agile, simultaneously segregating important rules into easy to implement compliance control structures.      

Aris compliance

Source - ARIS

The critical features of ARIS compliance software are as follows:

  • Audit Management
  • Compliance Tracking
  • Controls Testing
  • Risk Management
  • Version Control
  • Workflow Automation

The popularity of compliance software is easily discernible by the sheer number of compliance management systems available as solutions online. Be it any industry, be it any role requirements, compliance management systems prove to be indispensable. One compliance software that seems to be incredibly in-demand from among the plethora of compliance tools available on the market is Quantivate. Let’s take a closer look at the compliance solution below.   

Quantivate

Quantivate is a popular compliance software that helps companies manage their GRC requirements with ease. The Saas architecture-based software drives business flexibility, decision making prowess, and regulation conformity with aplomb. The software helps increase risk management capability while also designing an integrated system to derive maximum value and ROI. Quantivate’s compliance systems also lay the platform for inter-organizational collaboration and enhanced efficiency. The compliance software tracks and minimises costs automates workflows, maintains audit trails and records proof of compliance—all in all, a modern solution to your firm’s compliance needs.  

Quantitative Compliance Software

Source - Quantivate

The best features of Quantivate are:

  • Archiving & Retention
  • Audit Management
  • Compliance Tracking
  • Controls Testing
  • Environmental Compliance
  • Incident Management
  • Risk Management
  • Surveys & Feedback
  • Version Control
  • Workflow Automation

Conclusion

The GRC code application is getting further rigorous, as the world of business and technology intertwines deeply in every possible sector. A recent study found that more professionals in financial institutions are dealing with compliance-related activities every day. Another estimate by consulting firm KPMG reveals that companies spend as much as $270 Billion in compliance-related RegTech’ expenditures annually. Cybersecurity is another apnea for organizations, with analysis showing that incomplete compliance resulted in firms losing upto $700 Billion in security breaches. 

The correct and timely implementation of compliance software will help prevent resource wastage, assess and reduce all kinds of risk arising out of processes, and enable organizations to be agile to business conditions.  


If you had previously used any of the software mentioned above, do leave us your feedback. Share your opinions on the article in the comments section below. If your organization plans to purchase a compliance software soon, our in-depth Buyer’s Guide on compliance software will help make your decision very easy. Do refer to GoodFirms’ Software Directory for more information on all kinds of software, many of which will be an exceptional addition to businesses worldwide.

Jason Adams
Jason Adams

Jason Adams is a writer with a keen interest to continue learning and develop his research abilities. Avid reader and an eye towards growth, he is associated with GoodFirms, a frontline, and evolving reviews and rating platform.

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