Find out more about Compliance Management Software
What is Compliance Management Software?
Compliance management software is used by organizations to comply with legal, industry, security and other regulations. Every organization needs to follow and abide by many regulations and rules. Compliance management software helps you collect all compliance knowledge under one roof and regulate and maintain the necessary compliances. You can manage compliance risk by governing and tracking your global and domestic regulatory requirements in real time. Features such as customized calendar and compliance library facilitate compliance actions for each legal body and ensure they are automatically updated as regulations change. Start by checking our leader , and other recommended solutions in this category.
Top 8 Most Popular Compliance Management Software
How To Choose The Best Compliance Management Software
Compliance management software tools help organizations and companies meet their regulatory requirements. There are numerous good quality solutions in this category. So how do you do effective comparisons to select the best compliance management software for your needs? We make your task easy by detailing the main features and factors to look for in these platforms.
Get to know each product with free trial
A great way to start your search for the best compliance management software is to sign up for the free trial or demo of leading programs. Top compliance management software providers offer this facility to enable you to check out their app’s features free of cost and do a general comparison with other tools. We recommend you check out LogicGate, Promapp, MyEasyISO, Field iD, and Deltek Costpoint. These applications have received impressive rankings and ratings in our compliance management software reviews.
Organizations in almost all sectors and industries need to meet various compliance requirements. Therefore, compliance management software is essential for small, medium-sized, and large enterprises in any sector or industry.
Examples of Compliance Management Software
- LogicGate: A workflow automation solution that enables you to build business applications and streamline communications. You don’t have to hire expert developers as you can build and deploy business apps with solution templates. Plus, you can use its simple drag-and-drop interface to create complex business process workflows. LogicGate helps companies automate their risk and compliance processes by deploying workflows as self-contained applications.
- Promapp: A cloud-based process management software solution that allows you to create and store business processes online. The tool processes and tracks changes in real time and allows you to approve and complete operations in the cloud. The best part is you don’t need to worry about training or maintenance costs. Other highlights are the tool’s streamlined navigation and effortless exchange and sharing of processes and files.
- MyEasyISO: A full suite of ISO QHSE software. It helps you implement and manage ISO 22000, OHSAS 18001, and ISO 9001 and 14001 standards easily. The solution simplifies ISO compliance by automating most of the processes. This helps you to quickly and efficiently implement ISO certification. The best part is the application’s software modules are easy to use, adaptable, and versatile.
- Field iD: A popular EHS compliance management platform that provides a range of sophisticated features. It allows you to create safer workplaces by using the features offered via its web-based system. The application uses the arrangement of RFID tags and barcodes which helps to automate the EHS framework of organizations in different industries. Top features include reporting interface, asset tracking, safety dashboards and more.
- Deltek Costpoint: A suite of ERP solutions designed for government contractors and businesses. It offers them quality business intelligence, manufacturing, labor management, and project accounting solutions that enable them to be compliant while boosting efficiency and profitability. Top features include compliance, contract management, automation, analytics, and employee self-service.
Types of Compliance Management Software
There are three main types of compliance management software:
- All-purpose platforms. These provide generic features for compliance management across sectors. Sample vendors include Navex and CMO Compliance.
- Industry-specific applications. These help companies in heavily regulated sectors such as financial services, industrial manufacturing, health care etc. meet specific commercial and legislative requirements.
- GRC (governance, risk management, and compliance) platforms. These offer generic compliance management tools as well as a wider set of features such as legal management, business continuity planning, and IT risk management for corporate governance and risk management.
Key Features of Compliance Management Software
- Fraud management. This feature allows you to detect fraudulent activity in vendor payments, financial statements, etc. Your company’s employees can use web forms and whistleblower hotlines to alert management about fraud.
- Conflicts management. Enables you to track potential conflicts of interest such as employee trading, employee gifts, etc.
- E-learning for compliance training. Customizable and generic online courses to train employees on compliance activities.
- Change management and regulatory intelligence. Tracks XML and RSS feeds of regulatory information and alerts put out by government organizations and standards bodies. You can map the feeds to existing policies. Some vendors employ legal teams that build knowledge bases of global regulations.
- Audit management. Includes reporting and case management features and systematic workflows to investigate and resolve compliance issues. Some platforms support field reporting in real time for audits.
- Compliance reporting. Offers scheduled reports and dashboards to help you get visibility on noncompliance and violations at various levels. Top apps support continuous tracking of KPIs linked to important business processes for compliance problems.
- Controls monitoring. Workflow engine allows departments to attest compliance with regulations and policies. Controls are recorded in a centralized catalog and standardized workflows facilitate a process for controlled incident escalation.
- Compliance registry and policy management. Version control, approval workflows, policy authoring etc. Policies are recorded in a central registry that maps relevant regulations.
Benefits of Compliance Management Software
- Your company management can enjoy peace of mind after meeting all compliance requirements.
- The software provides alerts about impending deadlines for compliance thereby helping you avoid penalties.
- Your company can showcase good compliance and attract investors, employees, and customers enabling your business to grow and prosper.
- A quality compliance solution can help to prevent errors before they happen or detect them at an early stage, thereby minimizing the need to repeat tasks.
- The software can embed compliance in the DNA of your business operations which improves efficiency in all departments.
- Your company can enhance brand loyalty and trust by implementing an effective and well-communicated compliance program. This will tell your stakeholders that your company regards compliance as a top priority and is committed to meeting the highest ethical standards. Plus, it demonstrates your knowledge and expertise on all pertinent regulations and laws. This will increase the trust of vendors, employees, and customers in your company and boost brand loyalty.
Increasing need for ethics and compliance. In 2017, the US, Japan, Europe and other regions saw accelerated economic growth. As companies expand and reach new markets, they encounter more compliance and ethics risks. Therefore, organizations are focusing on putting effective structures in place to govern their compliance practices and ethical culture as they graduate to higher levels of activity.
Importance of cyber security. Corporate cyber security has become most important given the increasing incidents of ransomware and hacking attacks. Cyber security risk extends to third parties, employees, operational units, and business units. This means compliance plays a key role and businesses need to ensure they are compliant with the latest and best cyber security standards and regulations to ensure their systems and customer data are safe from prying eyes.
Obsolete software. Older software is not designed to keep up with constant change. Plus, they are difficult to use and maintain, and costly to upgrade. The solution is to invest in a modern platform that enables you to keep updated with the latest changes in compliance requirements.
Compliance silos. In many companies, separate teams, roles, and activities are involved in handling different compliance requirements. This means there is often lack of communication and integration among these different compliance silos. As a result, there is inefficiency and duplication of work. The solution is to ensure all your company’s compliance activities are integrated and managed cohesively to enhance efficiency.
List of Compliance Management Software Companies
Originally published on , updated
Our Score Read More
Our review platform employs our certified SmartScore™ mode to test all the applications in the Compliance Management Software category so that we can help you choose the best possible app. It compares and contrasts the following metrics: cruscial functionalities, collaboration features, customization, integrations with other services, how easy a software is to use and learn, help & support, how secure a software is, mobile support, general media ratings. Currently, vRealize Configuration Manager is the leader in this category and is recommended by our experts. After extensive research and analysis it had the best results among its competitors and our experts strongly suggest that you consider it as one of the choices for your needs.
User Satisfaction Read More
A summary of general user satisfaction with the products in our Compliance Management Software category based on our unique algorythm that analyzes customer reviews, comments and opinions across a wide set of social media sites to help you make an informed investment decision.
Pricing Read More
Every vendor in the Compliance Management Software category will provide a different set of pricing plans for its service and each package will include a unique set of tools. Below we list the overal pricing for the cheapest package available for each app. Keep in mind that advanced features may cost extra.
Devices Supported Read More
An overview of what kind of devices and operating systems are supported by the listed B2B solutions in the Compliance Management Software category, including mobile platforms and web-based solutions.
Laguages Supported Read More
Check what languages and geographies are supported by the top B2B solutions in the Compliance Management Software category, including spftware aimed at international markets and prepared for multi-cultural teams of employees.
Pricing Model Read More
Learn what pricing plans are offered by the vendors in the Compliance Management Software category to see which one fits your business requirements and expenses best. Note that specific solutions can provide free or freemium accounts for you to test first.
Customer Types Read More
A brief look at what types of clients a given B2B service in the Compliance Management Software category provides for, from small businesses and non-profits to large enterprises.
Deployment Read More
A summary of what styles of software deployement are provided by every B2B vendor in the Compliance Management Software category. Even though most of modern SaaS services are cloud-hosted there are solutions may offer an on-site deployment model as well.
Post by Alex Hillsberg