Best Compliance Software
Organizations often face operational concerns due to legal and regulatory changes. Compliance management always poses to be a complicated task and can be damaging if miss-managed. With a proper compliance system, you can now easily organize, manage, and keep up with the regulatory requirements. Compliance solutions that are available today offer efficient and comprehensive methods to manage compliance regulations effectively. Automate your compliance activities, manage regulatory audits, and reduce risk with compliance management software. The list of compliance management systems mentioned below includes the best compliance software, their features, and reviews.
List of Compliance Software | Compliance Management SystemFilter
- 51Compliance Analytics to Detect, Identify and Convert Unpaid Software Use
Revenera Compliance Intelligence detects, identifies, and reports on organizations using your software without paying for it. Whether they're pirates or existing customers overusing licenses, you get insight into who's using it, how long they've used it, and how widely they've deployed it. Compliance Intelligence has helped customers uncover tens of millions of infringers around the world.... read more about Revenera Compliance Intelligence
- 52Better Risk Management Is Closer Than You Think
SureCloud is the first company to deliver market-leading Governance Risk and Compliance (GRC) software solutions and award-winning Cyber Security and Risk Advisory services, all underpinned by a single cloud-based platform. Whether you are interested in buying Gartner recognised GRC software or CREST certified Cyber and Risk Advisory services, you will benefit from automated workflows and insight ... read more about SureCloud
- 53Risk, Compliance & Auditing Made Easy
ViClarity is an innovative platform that allows you to track and manage all of your audit, risk and compliance in one system. The ViClarity solution is fully configurable meaning you can build your own checklists from your existing Excel documents or manual risk registers. You can also choose from our many pre-populated templates which are mapped directly back to regulatory templates and edit thes... read more about ViClarity
- 54Safety and Compliance made SIMPLE !
Kiri Align is a cloud-based safety and compliance management software (EHS software), aimed at helping organisations comply with safety standards and provide a safe working environment to employees. The platform offers a host of features including handling safety inspections/tasks, incident management and reporting, training management and storing of safety documentation. Kiri Align enables use... read more about Kiri Align
- 55Automate your Governance, Risk & Compliance with No-code
ReadiNow, powered by the next-generation DX Platform (Digital Transformation) enabling you to manage all facets of your business now. Ranging from GRC, IRM to ERP. Build any application with ZERO coding using ReadiNow easy-to-build workflows. GRC Applications Include: - Business Continuity Managment - Vendor Risk Management - IT Disaster Recovery Management - IT Risk Management - Audit Management ... read more about ReadiNow
- 56The Easy Route to Better Compliance.
Health, Safety, Quality, and Environmental compliance management provided across 14 modules that can be accessed anywhere, anytime on any device and all for one price. Build a legal register and keep updated on any changes. Manage all your standards and ISO¿s in one place, always being audit-ready. Manage Incidents, risks, training records, audits, non-conformances, assets, aspects, contractors, ... read more about MY Compliance ManagementVisit website14 DaysContact Vendor
- 57The world's leading compliance management platform.
CGA Technology provides technology solutions for the management of Safety, Equipment, Facilities, and Human Resources. Our Flexible online Software as a Service (SaaS) platform in conjunction with mobile applications and NFC technology reduce costs, monitor, and improve processes to gather real-time information for a business. Turn the labor of paperwork and documentation into a cost-effective fun... read more about Flex Manager
- 58Gain visibility, control risk and improve performance across your organization.
Organizations everywhere are challenged to provide processes and tools to maintain safe work environments. ITRAK 365 manages increasingly stringent compliance challenges with a suite of technological tools specifically tailored to the safety industry. Organizations can assemble and configure ITRAK 365 to reflect their specific safety business processes. Those processes are then extended to first-l... read more about ITRAK 365
- 59Simplify OSHA record keeping and COVID-19 safety
Safety Assure helps companies establish a safer workplace without the administrative burden. Our easy-to-use mobile app for OSHA record keeping for injury and illness enables your employees to log incidents, accidents, near misses, and observations with ease and wherever these events are noticed. Complying with safety standards to avoid penalties and lower operational costs has never been easier.... read more about CloudApper SafetyVisit website14 Days$10/Month
- 60Integrated Software for the management of Compliance, Safety & Training
Bluezone manager is an all-in-one cloud-based solution for managing compliance, safety, and training of your people, assets, and buildings. We help ensure your people are safe, trained, and healthy and your assets and building portfolio compliant. Bluezone manager is a modular solution which means you need only select the modules you require for your business but with the ability to add on further... read more about Bluezone
- 61A compliance and risk experts.
SAI Global's EHS software was developed to support an organization's key EHS & Sustainability (EHS&S) business processes, providing a framework for managing EHS&S performance. One of the most flexible offerings in the market, it provides your key decision-makers with the information they need for taking positive, proactive steps to mitigate EHS&S risks enterprise-wide. Our solution includes over 2... read more about SAI360
- 62Open source license compliance software system and toolkit.
FOSSology is an open-source license compliance software system and toolkit. As a toolkit, you can run license, copyright, and export control scans from the command line. As a system, a database and web UI are provided to give you a compliance workflow. License, copyright, and export scanners are tools available to help with your compliance activities.... read more about FOSSology
- 63More supplier management. Less third-party risk.
ComplyWorks Corporate CMS has changed the way companies and contractors manage their prequalification and compliance processes. Our flexible and scalable web-based solution can help you and your team through the entire contractor management lifecycle. ComplyWorks’ solutions are flexible, scalable, and affordable, so you can go beyond basic governance, risk management, and compliance (GRC) requir... read more about complyworks
- 64Manage all your sustainability reporting, corporate social responsibility and HSE management system.
Managing health, safety, and environmental risks is core business for all organizations. The reporting of performance metrics proportionate to business risk provides assurance the risks are being managed. At the same time, it produces co-benefits such as improved productivity, innovation, and cost savings. iSystain’s modular solutions cover these essentials, including risk assessment, compliance... read more about iSystain
- 65SIMPLIFIES COMPLIANCE WITH ENVIRONMENTAL AND SAFETY REQUIREMENTS.
A customizable environmental data management system that includes modules for waste, air, water, and weather data management and tracking. Manage and track your requirements for permit or non-permit. Track contacts, regulations, due dates, and costs. Use built-in tools such as automated reminders, containment calculators, mobile inspections, incident reporting apps to improve efficiency. Proactive... read more about Ecesis
- 66A smart health and safety management system everyone can use.
Prevent, predict, and reduce worker injury and claims. Donesafe helps companies achieve safer and more fulfilling workplaces all around the world. Our team has created the world’s most intuitive cloud-based EHS safety management software that transforms safety culture and drives worker participation and leadership. Through innovative, low-cost mobile-first products we make it easy and accessible... read more about Donesafe
- 67Operational Continuity. Compliance Assurance.
Surface proactive insights and learnings to identify risks and assess vulnerabilities and inform both business investment and preparedness efforts. Share situational intelligence throughout your organization, network, region, or state to enhance decision making and Influence better outcomes. Track resources, personnel, facility status, and available beds then request or deploy in response to event... read more about Corvena
- 68Powerful, configurable & global regulatory compliance software.
WERCS Studio software is designed to help you efficiently manage your environmental health and safety (EHS) initiatives and mitigate risks of noncompliance. This hazard communication and chemical data management software is comprised of more than 30 scalable modules that provide the most comprehensive and flexible automated solutions available. ... read more about WERCS Studio
- 69A compliance management solution that isn’t overpriced or absurdly difficult to use.
PlanTRAK is a web-based system designed to help companies manage, delegate, and track recurring compliance requirements and obligations. Stay organized and on track with compliance schedules that automatically create and assign recurring requirements and tasks to users at each facility. Record and assign corrective actions from audits or inspections. Manage projects with a series of tasks designat... read more about PlanTRAK
- 70Easy to manage your EHS documents, deadlines, permits, and tasks — all in one, modern platform.
Encamp is an end-to-end environmental compliance platform that makes it easy to manage all EHS documents, deadlines, permits and tasks, from one, modern platform. Customers use Encamp to understand, manage and meet their environmental compliance needs - for all 50 states - from start to finish. Unlike complex, siloed data management systems, Encamp provides a simple user experience that easily all... read more about Encamp
- 71Health & safety compliance management software for organisations across all industries and sectors.
Smartlog is a cloud-based fire and health & safety compliance management software for business organisations and non-profit institutions. Smartlog incorporates multiple compliance functions into one central hub, such as health & safety awareness training, risk assessments, accident reporting (RIDDOR), asset management. and a sophisticated premises management facility. For fire safety and health & ... read more about Smartlog
- 72'Legislation compliance' made simple.
Manage and automate compliance to environmental legislation, health, and safety legislation, and management systems. Simplifi provides all the tools required to implement and manage a robust compliance management system. Create a legal register in a few clicks that provides full legal summaries for all UK EHS legislation and automatically keep it current and up to date. SIMPLIFi Solutions Ltd have... read more about Simplifi SolutionsVisit website7 DaysContact Vendor
- 73Safety training and compliance just go easier.
Web-based solution that provides EHS management through safety training, OSHA compliance, training tools, and more. It is the go-to resource for safety and environmental professionals. Our fully customizable, cloud-based platform offers best-in-class tools, time-saving resources, federal and state regulatory analysis, and training assets available right at your fingertips. you get complete access ... read more about EHS HeroVisit website14 DaysContact Vendor
- 74Stress-free compliance management.
Imagine you had a regulatory lawyer that knew your business inside out and could tell you, for any given task or risk, all the specific legal sections you had to comply with (as well as what they actually meant), for every operational site. Imagine the lawyer could tell you how compliant each site was and, what each site needed to do to be perfectly compliant, and also that the lawyer's advice was... read more about Standards & Legal
- 75Compliance Operations Platform. Built to Scale.
Hyperproof builds cloud-based software that allows organizations of all sizes to easily navigate their compliance journey. As a compliance operations solution, Hyperproof makes compliance efforts and audit processes faster, simpler and less expensive. Key features and benefits: 1. Get started quickly: lever starter compliance templates from Hyperproof to accelerate your time-to-value. Or, upload e... read more about HyperproofVisit websiteN/A$800/Month
- 76Open Source Technology. Easy to Use. No License Fee
When it comes to Quality Management, the one – size – fits – all approach is flawed. We believe what differentiates your business from another business is worth celebrating and hence we designed Momentum QMS to allow you to work the way you have always worked.... read more about Momentum QMS
- 77Business process transformation
ARIS has been the #1 business process analysis (BPA) and management software solution for organizations seeking to embrace digital transformation. Why? Today’s volatile markets demand rapid change. But that change isn’t organic. It’s strategic. ARIS offers true business process transformation via tightly managed and controlled change.... read more about ARIS
- 78We help you to create a risk-aware culture!
Parapet provides standard risk templates that integrate with the Agile methodology. Securing your enterprise and increasing reputation will open doors for growth with Parapet as your partner. Reduce the complexity of Risk Management, tasks, and user-based notifications through automation. Using a unified approach, Parapet helps you manage your enterprise's risks, compliance, audit, health and safe... read more about ParapetVisit websiteN/A$1/Month
- 79Compliance for a cause
A strong technology driven Compliance Management Solution that marries legislative knowledge repository and technology. India's Leading GRC technology solutions provider offering 13 innovative SaaS based risk and compliance management solutions and 2 advisory portals. With aim to bring accountability and transparency, our solutions enables clients to know, delegate, report, monitor & manage their ... read more about LexComply
- 80Business Transformation Platform
We believe that process is at the center of everything. We deliver business transformation software that turns your processes into a portfolio of valuable assets. Our cloud-based business process management solutions will connect the dots between transformation vision and operational reality enabling true business continuity and resiliency. Our platform is the most comprehensive, supporting RPA an... read more about iGrafx
- 81Better business management, governance and assurance.
Automate the process of assuring that what needs to get done, does, and let teams love you for it. InPhase is the all-in-one, self-service enterprise performance management platform. Taking care of your performance management, business intelligence, analytics and dashboarding needs. Better, faster decision making from board to individual. The visual toolkit incredibly delivers to all your end user... read more about InPhase
- 82Your Digital Information Security Management System
Innovate develops ESM, an IT-system that simplifies and streamlines work within information security and risk identification: - visual support for identifying all your information and how to protect it - supporting Risk Identification using a simplified workflow - collaborative work with Information Security and IT-architecture - get more specialists involved! Organizations that need to tak... read more about Enterprise Security ModellerVisit website1 DaysContact Vendor
- 83The Next Generation of Supervised Governance, Risk and Compliance Digital Solution
OXIAL is a leading provider and vendor of web-based Governance, Risk, and Compliance (GRC) software and on-demand service solutions for large, middle and small organizations from a multitude of sectors. OXIAL has grown into a one avant-garde solution to help companies to mitigate and manage risks within their organization; think beyond GRC, think sGRC (Supervised GRC). The GRC supervision model pr... read more about Oxial sGRC
- 84WORLD CLASS CENTER FOR CYBERSECURITY
SYNERGi is an award-winning, sophisticated (yet affordable) GRC platform used by organisations to develop, maintain and report compliance against legal and regulatory obligations. The cloud-based platform has a range of different modules to choose from, ensuring you can pick and choose the modules required to meet your business objectives. From managing your ISO 27001 certification process to mana... read more about SYNERGiVisit website1 DaysContact Vendor
- 85Platform-based System for organisations to effectively & efficiently manage their ISO Certification
ISOvA reduces the cost and effort of ISO certification by providing a tailored management system and dedicated Virtual Assistant. ISOvA supports businesses with the implementation and maintenance of ISO Standards. ISOvA reduces the cost and effort of ISO certification by providing a tailored management system and dedicated Virtual Assistant. We believe that effective management systems are not jus... read more about ISOVA
- 86A Compliance Management System
OmniStar Ethics is a highly configurable management solution that removes cumbersome, paper-based processes, providing an entirely new level of functionality for seamless, consistent and automated management of ethics compliance, and the processes that govern them. OmniStar Ethics is a compliance management system bringing transparency and reporting efficiency to the governance of all ethics-relat... read more about OmniStar Ethics
- 87GRC, IMS, IKS, ISMS and data protection “All in one”!
QSEC is a GRC software that can combine several management systems in one solution to form an integrated management system (IMS). This forms the implementation of the requirements: - of compliance - of information security management - of the BSI IT-Grundschutz and - of data protection according to GDPR the heart of the GRC software QSEC. Due to similar structures of the procedure according... read more about QSEC
- 88Control Your Security. Keep Control of Your Time.
Strengthen your controls while simplifying your process with Securicy. Securicy’s information security management platform guides companies as they establish and maintain the robust security programs needed to sell into enterprises and highly regulated industries. Whether you have a part-time security team or a dedicated bench of experts, Securicy’s Information Security Management Platform amp... read more about Securicy
- 89Helping Companies Across the Board Achieve Compliance.
StandardFusion is a cloud-based SaaS GRC application designed to make security and compliance simple and approachable. Designed to allow organizations to quickly and easily manage their GRC program, operational risk, manage their organizations controls, control testing and follow best practices. Manage all the tasks associated with your internal and external audits. Conduct audits with confidence ... read more about StandardFusionVisit website14 Days$750/Month
- 90Identify and Manage Third-Party Risk
A modular, best-in-class, plug & play compliance platform to effectively identify and manage multiple areas of third-party risk. Built specifically for mid-size companies, users can be up and running within minutes. Blue Umbrella GRC is designed to scale as your third-party risk management program matures and expands. Get started today with one module or create a bundle and build from there. Forge... read more about Blue Umbrella GRCVisit websiteAvailable$325/Month
- 91Manage risks and incidents across the enterprise in a single solution.
Our intuitive integrated risk management software for mid to large-sized organizations includes solutions for risk management, corporate security, business resilience, and IT risk. Resolver enables these teams to drive user adoption, share data more effectively, streamline operations and provide more actionable insights throughout the organization. You’re passionate about what you do because it ... read more about Resolver
- 92Manage all your risks with an easy to use and configurable system
Dynamically manage all your risks in a single platform: Risks, Compliance, Health and Safety, Internal Audit, Incidents and KRIs. Protecht.ERM delivers centralised divisional and group risk assessments as well as control testing to support control effectiveness ratings. It can be challenging to engage front line users who have limited risk experience. Protecht.ERM has been designed for usability a... read more about Protecht.ERM
- 93The GRC Assessment Platform
Remediate critical risks, prove regulatory compliance, and ensure a cyber-resilient organization with Isora GRC. Achieve visibility across your organization without the hurdles of manual spreadsheet processes or complicated legacy software. Streamline your IT Risk Assessments with Isora GRC. Leverage a lightweight, yet powerful surveying solution for conducting IT Risk Assessments. Launch self-ass... read more about Isora GRC
- 94Cloud-Based; Audit, QMS, GRC, Document, Asset, InfoSec, Risk, Contingency Management Software
Clarity & simplicity ZEBSOFT provides all the controls to manage complex issues in an intuitive easy to use interface. ZEBSOFT has been created to simplify the way in which organisations control their governance, risks & compliance (GRC) & to facilitate the Continual improvement methodology of operation. ZEBSOFT is all about utilising compliance to drive continual improvement and the organisations... read more about ZEBSOFT
- 95The Low-code Audit, Risk, Compliance & Quality Software
Auditrunner is a platform designed to handle all audit, risk, control, quality and compliance related processes end-to-end of enterprises. Hassle-free integration process enables you to enjoy the benefits of the platform within weeks of kickoff. The low-code platform we are built upon is fully customizable and allows for compliance with any standard or regulation. Operate in a responsive manner in... read more about AuditrunnerVisit websiteN/A$890/One-time
- 96Build, Operate, and Showcase Your Security and Risk Management Program
Ostendio MyVCM is an Integrated Risk Management Platform for organizations who need to demonstrate compliance to security standards internally and externally. Ostendio MyVCM guides you through the process of building a complete Security and Privacy program, from Risk Assessment to policy and procedures development. Tracking and executing hundreds of tasks - day-in, day-out - across a busy organiza... read more about Ostendio MyVCMVisit websiteN/A$19.95/Month
- 97Delivery and enforcement of your organisations’ policies and procedures
NETconsent enables your organisation to become compliant and remain compliant with your business processes and regulatory requirements. At the heart of our solution are three key pillars; Policy Management, Learning Management System and Content. All of which work in harmony to help educate your workforce, thereby driving positive change to facilitate compliance. Through education, you can increas... read more about NETconsent
- 98Our world revolves around Microsoft 365
DocRead by Collaboris is a powerful add on for SharePoint that helps you distribute and manage your vital policy documents across your workforce - however large or small. DocRead for SharePoint helps ensure staff compliance by effortlessly requesting that staff read and agree with your policies and procedures in a fully trackable process. DocRead is policy management software for SharePoint that h... read more about DocRead for SharePoint
- 99Policies, Procedures and Lean ISO Coaching
OnPolicy is the best document management solution for the needs of small-to-medium businesses like yours. OnPolicy stores your important documentation — policies, procedures, etc. — in an efficient and orderly manner. OnPolicy ensures that your employees use only the most accurate and up-to-date versions of your documents. OnPolicy provides a document review and approval process – the Work F... read more about Bizmanualz OnPolicyVisit website30 Days$990/Year
- 100The leading quality management system for life sciences teams
Qualio’s eQMS unites your teams, processes, and data, so you can get your products to market quickly and scale successfully. Qualio is an all-in-one quality and compliance management platform built for small and growing businesses in life sciences and healthcare. Reliable, affordable, and easy to use, Qualio helps companies building life saving products get to market faster by reaching 100% ISO,... read more about Qualio
- Introduction to Buyer’s Guide For Compliance Software
- What Are the Risks Associated With Non-compliance?
- What Is Compliance Software?
- Why Is Compliance Software Critical For an Organization?
- What Are The Benefits of Compliance Software?
- Essential Features of Compliance Software
- What Are the Key Considerations to Take into Account While Buying Compliance Software?
- How Effective Is SaaS-based Compliance Software?
- Latest Trends In Compliance Software
- What Are the Best Practices For Compliance Management?
- What Is the Average Cost of Compliance Software?
- Why Refer to GoodFirms' List of Compliance Software?
Introduction to Buyer’s Guide For Compliance Software
Good governance is a key to a successful business, and compliance is the backbone of good governance. To stop businesses from falling prey to unethical practices, compliance laws were introduced by various government and autonomous regulatory bodies. Many types of compliance laws were introduced, such as regulatory and legal compliance, IT compliance, finance compliance, health and safety compliance, etc., depending on the industry type and their business operations. As per their industry norms, various businesses have to abide by the compliance laws. If an organization fails to meet these compliances, then it could lead to legal lawsuits and penalties.
There is no doubt that compliance laws have brought stability to businesses. However, with so many compliance laws to adhere to, it becomes overwhelming for organizations to keep track of compliance updates and renewals. Manual or conventional methods for tracking compliances are not effective and prone to human errors. Compliance software or compliance management system is an ideal solution to manage various compliances. With the help of the best compliance software, businesses can keep track and set the notification for any compliance. When it comes to selecting the best compliance management tool, there is no one solution fits all, as the compliance software selection could vary based on the business needs. For instance, compliance software for financial services could be different from the healthcare industry. It is essential that users have a clear view of the compliance software capabilities before finalizing any software.
This buyer guide on compliance software is designed to help business owners from various sectors to understand the compliance software, its various features and attributes. This buyer guide could interlace business owners with all the necessary information required to help them decide on the right compliance software that best fits their business type and size.
What Are the Risks Associated With Non-compliance?
There is a rise of various compliance laws in recent times to protect sensitive data and prevent violation of regulatory laws. The organization engaged in multiple business processes needs to meet industry compliance to conduct their business safely, and any lapse in this can expose the organization to unexpected risks.
- Legal lawsuits: Any organization or employee violating compliance rules can face legal action or a product ban.
- Brand reputation: Organization can lose the brand reputation and trust factor if they violate the compliance rules. The client can terminate the project if they find the organization is not in compliance with the industry standards and regulations.. It can spoil brand reputation and survival in the market. The organization that is non-compliant or not obeying the industry’s regulation risks its brand and the third party associated with it.
- Fines and penalties: Besides legal lawsuits, an organization can also incur a financial loss in the form of fines and penalties.
- Additional Audits: Non-compliance can demand additional audits, which can be time-consuming and requires more effort.
- Waste of resources: During the business life cycle, companies invest in various projects and resources to run their business smoothly. On a regular basis, they have to invest to buy equipment or hire human resources. It is an ongoing and expensive process that continues during the entire life cycle of the business. Organizations that do not follow the regulations can risk their business processes and even take the whole business down.
What Is Compliance Software?
Compliance software or compliance management system is a tool that enables organizations to continuously monitor, assess, and adhere to the policies, laws, and procedures mandatory for an organization to conduct their business processes. The compliance software market is huge, and it comes in many versions depending on the industry operations.
Why Is Compliance Software Critical For an Organization?
Meeting compliance obligations is a way to show stakeholders that the organization is committed to perform business in the right way and follows the highest ethical standard. It helps the organization to win projects and client's trust, which is essential for organization growth. However, tracking and managing compliance could be very challenging if handled manually. Manual methods are prone to human errors and highly unreliable. The nature of modern compliance is not that it begins at one point and finishes, but it keeps upgrading regularly. Compliance software could be handy in mitigating all the issues related to monitoring and managing compliances.
Organizations can remain vigilant on the latest compliance updates only if they have a robust compliance tracking system. It can be productive in tracking the compliance and notifying users about the new updates. Besides monitoring the compliances, it automates many activities that turn out to be time-consuming and costly for business organizations.
Some companies ignore risk assessment, especially when they are harnessing a newer business model. In desperation to build a new business model, they overlook the compliance requirement, resulting in penalties or fines. It is a common issue among companies, and compliance management software can be quite helpful in addressing this issue. Compliance software can help conduct third-party risk assessment and management, especially when the organization is venturing into a new market or business model.
Compliance management does not simply mean obeying laws and rules, but it also means enhancing the internal processes. Compliance software can strengthen the company's internal process by encouraging employees to follow the operational guidelines. It can be used for incident management, risk assessment management, workflow management, etc., which can all add up in enhancing the efficiency of the organization.
A well-defined compliance management plan can minimize the risk of violating the compliance and enhance the organization's efficiency. The best way to know how compliance management can help achieve this; is to explore the benefits of compliance software.
What Are The Benefits of Compliance Software?
- No legal issues: All companies have to follow some regulatory laws and policies to avoid legal lawsuits. Compliance software can help in avoiding such legal lawsuits. It monitors various regulatory laws and sends reports to the administrators if there is any violation recorded by the system.
- Automation: Compliance software can automate almost all tasks related to compliance management. The automation of compliance reduces a lot of efforts of team members verifying compliance manually; it also minimizes the error rate that usually occurs due to human errors.
- Monitoring regulatory changes: One of the advantages of compliance software tools is that it proactively tracks the regulatory changes and informs administrators if there are any recent updates.
- Reduce costs: Compliance software helps the organization to save costs in a number of ways. By implementing the compliance software tools, users can avoid penalties and fines they incur if they miss on any compliance rules. They can cut operational costs and automate repetitive tasks that usually require a good amount of human resources. It also prevents financial losses that one can incur due to human error; since software takes care of all the activities, this risk factor is also reduced.
- Centralized management system: Compliance software provides a centralized approach to manage all the compliance-related tasks. By having a centralized data system, it becomes easy for an administrator to review, approve and distribute the policies across the organization. It gives clear visibility on all the compliances from a single interface.
Now that you are familiar with the use and purpose of the compliance management system, it is time to explore the essential features of a compliance software to discover its true potential.
Essential Features of Compliance Software
- Policy management
- Compliance tracking and reporting
- Audit management
- Fraud management
- Document controlling
- Incident management
- Workflow automation
- Risk management
- Data security
- Customized dashboard
- Version control
What Are the Key Considerations to Take into Account While Buying Compliance Software?
- Easy to use: Most organizations find managing compliance a tiresome job, and to simplify the tasks, it is advisable to use a compliance software. If the top compliance management system is not user-friendly, it can frustrate users more and can affect their compliance management effort. So, the first and the most important aspect of a compliance tool is that it should come with a user-friendly interface.
- Data analytics and automated reporting: Data analytics is a crucial feature in a top compliance management system. It gives a clear picture of the usage of the software and its performance. It allows business owners to get details about whether the software behaves the way it was expected. An automated reporting can give a complete view of the pending tasks or risks associated with any compliance procedures. It details the regulatory tasks and makes sure that there is no gap in meeting compliance rules.
- Customization: Some organizations have specific requirements for managing compliances. The regular compliance software available in the market sometimes does not fulfill the organization’s requirements, and it needs to be configured as per the business requirements. In such a case, users should consider compliance software that allows customization.
- Scalable: Some companies add software functions or features as demand arises. The compliance software that is scalable can give users the flexibility to add services on demands. Some projects that require certain advanced features can switch to the enterprise version and resume the regular version once the project is completed.
- Pricing: Pricing is a critical factor for any business planning to invest in the software, especially small and medium enterprises. Small and medium enterprises have to do thorough research on compliance software tools as some features are advanced and add costs unnecessarily. Besides features, hidden charges for training can also add to the cost of the software. The software users have to ensure that they don’t exceed their budget and get low ROI on the software.
How Effective Is SaaS-based Compliance Software?
SaaS-based compliance software is very effective in allowing companies to handle their compliance management. Tracking, governing and following all the regulatory standards becomes much easier with a SaaS-based compliance software. Cloud compliance software deployment is fast and does not require an in-person visit for technical support. Some SaaS-based compliance software follows a pay-as-you-go pricing model, which allows users to spend on features they only need or use. Many companies also offer a free trial that further reduces the learning curve. Most SaaS-based compliance software provides an automatic data backup facility, which gives a sense of security to users. Most SaaS-based compliance software supports mobile devices, which means users can track compliance details on the go.
SaaS-based compliance software is an indicator of the evolving landscape of compliance practices and how organizations are bracing up new technology for smooth compliance management. In the near future, industries could see more such innovation in managing compliance, and staying vigilant on the latest trends in compliance software.
Latest Trends In Compliance Software
- AI-driven chatbots: AI-driven chatbots can be helpful in managing compliance. It can act as a single source of information for users to answer the compliance-related FAQs or can be used to update local and regional laws.
- RPA (Robotic Process Automation): RPA or robotic process automation can make the audit process quite easy. The process of compliance is generally rule-based and requires structured data inputs. RPA actions, once saved in the log, can perform the same action with high accuracy without any errors. Since robots save their action into the activity log, it becomes easy for companies to prepare audit trails.
- Virtual compliance management: Virtual compliance management is quite becoming popular within the organization for meeting compliance requirements. Fast internet speed and technology such as video conferencing facilitate the implementation of virtual compliance management. Virtual compliance management is an affordable option and minimizes the potential vulnerabilities as it involves a team of multiple advisors. With virtual compliance management, the organization can assure a robust compliance program and enhance the organization’s efficiency.
What Are the Best Practices For Compliance Management?
- Use top compliance software: The top compliance software enables users to identify compliance issues and security vulnerabilities effortlessly due to its powerful features and modules.
- Automation: Users can deploy automation for regular monitoring of compliance and send a notification to the system admin if any potential threat is identified.
- Risk-based assessment: During mergers, acquisitions, or as a part of the growth strategies, an organization changes its functioning. The policies and procedures implemented five years ago may not be effective today, and so do the compliance rules. It is essential that business owners perform risk-based assessments periodically and evaluate their compliance policy regularly.
- Inform employees about compliance policies: An organization can fully implement compliance policies only if their employees follow the policies. It is essential that employees are well aware of the compliance policies, and if needed, they should be given training on sound compliance practices. Annual training sessions on the organization’s compliance program keeps employees informed and helps to identify the gaps in implementing the compliance program.
- Conduct cybersecurity audit: Cybersecurity threats are common in all businesses, no matter the size or type of business. Business owners should conduct cybersecurity audits regularly to keep their system clean for the smooth transition of the compliance program.
What Is the Average Cost of Compliance Software?
The average cost of compliance software could be as low as $1/month or as high as $800/month. The price of the best compliance software could vary based on the business requirements and size of the organization. It depends on what features, services, and technology companies are expecting from the top compliance software. Different compliance software vendors follow different pricing models, which can also influence software pricing.
- Compliance Software for startups and small businesses: Usually, startups and small businesses operate their businesses with limited resources, and they always make an effort to complete their task within a set budget. Compliance management is a complex task and requires top compliance software to keep track of regulatory laws and procedures. Fortunately, there are free compliance management software or low-budget compliance software available in the market that could aid startups and small businesses to perform their compliance-related job on a set budget. Parapet is an excellent compliance management tool for a startup at a starting price of $1/month. It eliminates the barrier for startups and small-scale businesses of upfront investment and hiring expensive resources. The tool monitors the industry’s compliance activities automatically and safeguards organizations from security threats. Another low-range tool that could well address the compliance management issue is Kiri Align at a starting price of $20/month. The tool is a full-scale compliance management system for startups and small-scale businesses. There are few more tools that can be included in the same slab includes Fossology, Termly, and ComplyGlobal.
- Compliance software for mid-size and large scale businesses: Medium and large-scale businesses keen on high-end features can look for medium-range compliance tools like Ostendio MyVCM that offers compliance management features at a price of $19.95/month. The platform allows the organization to connect with vendors in real-time for risk assessment. There are more features that qualify Ostendio MyVCM as the best compliance software for mid-size and large-scale businesses. One more compliance tool that falls in the mid-range slab includes Bizmanualz OnPolicy. Bizmanualz offers policy and procedure management software for $83/month. Users can perform many activities such as, automate the company’s policy and procedures manual, document control, template workflow and share important documents over the web with an easy-to-use interface. A few more tools that can be categorized in the mid-range category include NETconsent, Zebsoft, OmniStar Ethics, etc. Apart from these, if you are running a huge business set-up that demands an end-to-end compliance software solution that is capable of audit management, policy management, vendor assessment management, incident management, etc. then StandardFusion for $750/month is an excellent high-end compliance tool. The tool supports workflow automation and integration to third-party tools such as Jira, Zendesk, etc. Users inclined towards high-end tools and advanced features can also consider tools such as Blue Umbrella GRC, CyberOne, and Onspring.
- Free and Open Source Compliance Management Software: Free and open source compliance management software is a good alternative for users who want to customize the compliance software feature without adding the development costs. Free and open source compliance management software provides a flexible platform for business owners, especially startup and small scale businesses, to enhance the performance of the compliance management and at the same time take advantage of new features.
Why Refer to GoodFirms' List of Compliance Software?
GoodFirms is a prominent review and rating platform for IT solutions. It has been listing software products from various sectors and industries. GoodFirms expert team ensures that all software products pass through a rigorous review and rating process so that customers can choose the best software solution for their organization. Customers can analyze and filter the best software solution by comparing them on attributes such as price, service, and features.
Compliance software could be quite helpful in tracking the compliance laws and safeguarding the organization from potential risks. In case your organization is struggling in managing various compliance laws, then do to fail to check the list of best compliance software designed by GoodFirms experts. Evaluating compliance management software whether it is adequately designed for maximum effectiveness and is well-integrated into the company's operations and workforce is the need of the hour. This buyer's guide must have helped you in gaining all necessary inputs.