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.Show more 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.Show less
To create this list of best Compliance Management Software we have researched 71 various solutions currently available on the market, studying their features, ease-of-use, customer service, available integrations with other systems and mobile device support with our patented SmartScoreTM rating system. This list has been created by Jenny Chang, our SaaS authority dedicated to the Compliance Management Software category.
Compliance management 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 tools for your needs? We make your task easy by detailing the main features and factors to look for in these platforms.
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 to small, medium-sized, and large enterprises in any sector or industry.
Most compliance management software tools are flexible. They can be customized to fit any industry. Some, however, are highly specialized. Common targets of highly-specialized platforms are restaurants, IT businesses, and life science research.
There are three main types of compliance management software:
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 ethical 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 cybersecurity. Corporate cybersecurity has become most important given the increasing incidents of ransomware and hacking attacks. Cybersecurity risk extends to third parties, employees, operational units, and business units. This means compliance plays a key role and businesses need to ensure that they are compliant with the latest and best cybersecurity standards and regulations to ensure their systems and customer data are safe from prying eyes.
Automated Compliance. AI made a big splash into the SaaS industry, including in the compliance management software category. As market change and regulations are becoming more dynamic, a human-paced historical analysis will get you left behind. Armed with real-time data and feeds, AI-augmented platforms can adapt faster, thanks to predictive analytics, machine learning, and great computational power.
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.
Software tools underutilized. Many times, companies buy the most comprehensive software platforms they can find. However, employees end up not using its full set of features. This doesn’t only neglect the cost of initial adoption. This also continues to be an opportunity cost that keeps on piling up. Therefore, in some sense, compliance management needs more stringent compliance rules, regulations, and monitoring.
There are usually three types of compliance software deployment. These are (1) on-premise, (2) cloud-based, and (3) hybrid.
Compliance management software tools are usually offered in personalized quotes. Every deployment is different as every company. So, before choosing a platform to adopt, you should always remind yourself of the bottom line that software adoption is an investment. You need to measure its ROI.
However, this is not that easy. Compliance doesn’t exist in a silo. You need to work with other departments to keep track of whether your investment really paid off.
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Pricing details are a vital consideration when you analyze SaaS providers. Ask the provider if they offer price safeguards and contractual flexibility. “Shelfware” has become a major issue in SaaS licensing as customers end up paying for more than they require. Plus, to get pricing predictability, consumers are forced to subscribe to long-term contracts. Make certain you don’t get saddled with perpetual licensing and get locked in for a long period with a single provider. Ask about easy exit policies that enable you to move on to another vendor if you are not satisfied with the services offered by the current one. Select a provider that offers a convenient standard annual termination facility as well as long-term price protection.
Another crucial element to consider is whether the cloud provider meets compliance and security requirements. Your company is answerable to staff members, customers, business partners, and regulators. Therefore, you should choose a provider that has adopted a technically sound and comprehensive security program. Map your security control requirements such as availability, integrity, confidentiality, privacy, and accountability to the provider’s capabilities. Ask the potential vendor about the processes and systems they use to protect your sensitive data. Do they meet general as well as industry-specific compliance and security standards? Do they offer special measures to meet the unique security needs of your specific industry? Get satisfactory answers to these queries before you make the investment.
The best compliance management software is Form.com. It helps companies manage inspections, audits, incident reports, root cause analysis, and even supplier audits, among others. The platform is being used by businesses of all sizes and in different industries. These include retail, restaurant, and oil and gas. With Form.com, businesses can digitize audits and expedite corrective and actions (CAPAs).
Aside from its interface, the real differentiator of this platform is its flexibility. You can design dynamic forms and workflows easily in the system. This means that you can quickly deploy tools to ensure compliance. Create and distribute forms for incident tracking, CAPA management, safety audits, and any workplace-related evaluation. Also, it has powerful automation options.
What’s more, Form.com is mobile-ready. It even has offline access to ensure compliance-related processes don’t get bogged down whenever there is no internet connection. This is very important when you are out on the field.
General benefits for adopting compliance management software are:
Most compliance management software products have these general features below.
Compliance management is a complex and sensitive process. That is why most compliance management software solutions were designed to make it simple. However, there are those that are stellar at making the complex and complicated simple. Here are three of them:
Most good compliance management software solutions are being monetized by developers. Compliance is a sensitive and highly complex business area. Thus, you really want a premium platform and a trusted provider for it. The next best thing is really to sign up for a free trial and find out if the software is good for you. However, it’s somewhat rare to find top providers that offer free trial plans. What’s more, these trials only last for seven days to a month. That said, they’re not good for long-term use.
If you want easy-to-use compliance management software solutions that have a great balance between price and features, check out some of the examples we’ve mentioned above.
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