A Primer on Incident and Compliance Management Software

Businesses are under increasing pressure to deliver products on time with high standards, but they’re struggling even more when it comes down health and safety concerns. These issues can lead into serious injuries or loss of life in the workplace as well financial damages that affect both businesses’ bottom lines – like plant closures due to an accident at your facility which resulted from poor ergonomic practices. Or what about the damage done by natural disasters such s hurricanes this summer causing extensive flooding right near one of our factories leaving them without power overnight during peak production periods ? And then there’s always PR reputations being tarnished because people don’t believe anymore

Incident and compliance management involves dealing with changing industry trends, business environments, and government regulations. To adequately address these changes, organizations need efficient incident management software. But before searching for one, it is necessary to know the fundamentals of incident management software.

What is incident and compliance management software?

Incident and compliance management software is an integrated framework that helps you manage business and compliance processes. Incident management software enables companies to establish simpler relationships among requests, incidents, and issues. The end goal of incident management is restoring normal service operations as quickly as possible. It also aims to minimize the adverse impacts of incidents on business, eventually improving service quality.

Here’s a simple illustration of the incident management system.

Source

 An incident management platform follows a specific procedure that includes the following steps:

• Detect and record

• Classify incidents and prioritize

• Investigate and analyze

• Resolve and restore incident closure

Why Do Companies Need Incident and Compliance Management Software?

Research states that 45% of companies have an operational incident response plan.  Also, statistics indicate that the compliance and risk management software industry is expected to reach $63.59 billion in 2026 at a CAGR of 13.4%.

These numbers suggest that companies are gradually adopting compliance tools and systems to manage incidents and compliance. This is because incident management restores the normalcy of operations after an incident is reported by timely detecting and resolving errors.

Incident management software gives organizations greater visibility and control over their IT infrastructure. Incident management software allows teams to efficiently manage their IT operations and work towards reducing the downtime and possibility of crashes.

Moreover, modern IT solutions offer automated incident management software with advanced features so companies can respond to errors more promptly. These features include:

• Monitoring and alerting

• Multi-channel communication tools

• Extensive incident reporting

• Analytics

• Workflow automation

Further, incident and compliance management software enables businesses to track their processes closely. They help audit business processes and align them with industry regulations, legal, and security requirements, consumer standards, and organizational policies.

Modern incident and compliance management systems cover a wide range of business processes and regulatory requirements, such as:

• Financial documentation

• Industry-specific standards and regulations

• Organizational and business partner policies

• Corporate ethics policies

Benefits of Incident and Compliance Management Software

Listed below are a few benefits of using incident and compliance management software.

   1. Minimizes error and maintains consistency

Incident management software helps achieve optimal compliance and ensures efficient services. It monitors services, sends alerts, takes care of financial documentation, and ensures compliance with regulatory standards, policies, etc. Plus, incident and compliance management software automates manual workflows and ensures consistency.

   2. Helps with compliance

One of the biggest challenges businesses face is the ever-changing regulatory standards and policies. With incident and compliance management systems, businesses can stop worrying about compliance. Incident and compliance management systems ensure that organizations follow all industry-specific standards, government regulations, and corporate ethics policies.

   3. Optimized business operations

Most modern incident management systems have incident reporting features that managers can access valuable insights when analyzing the incident. These incident reports help organizations to improve their internal processes and long-term performance capabilities.

Top 5 incident and compliance management software

Here are the top 5 incident and compliance management software that can boost an organization’s efficiency:

1. LogicGate

Risk Cloud®, the incident management software by LogicGate, is a centralized platform designed to report incidents, communicate with stakeholders, identify the related regulations, escalate matters as and when required, and identify a solution.

To ensure hassle-free incident management for business organizations, LogicGate has made this automation-driven application ready and easy to use, eliminating slow, manual processes. What’s more, the software also offers a single window to track incidents, establish communication protocols, and more, accelerating the resolution time.

The key features of LogicGate incident management software are:

• Out-of-the-box reporting

• Home screen dashboards

• Cross-application to-do lists

• In-app notifications

2. SAI360

The hotline and incident management software from SAI360, a leading ESG cloud provider, is a perfect tool for automated end-to-end investigation and reporting any incident. This easy-to-integrate solution supports agile and smart reporting with intuitive forms and multi-channel support. This incident management software stands out because its solution mechanisms go beyond regular outcomes and help build a culture of compliance.

Here are a few key features of the SAI360 incident management system.

• Built-in, configurable and automated workflows

• Configurable reports with actionable insights

• Real-time access to a central repository

• Supports compliance audits

3. VComply

VComply is a comprehensive compliance and risk management platform that helps organizations manage all compliance solutions proactively from one place. Using this platform, they can track incidents, conduct compliance audits, and manage compliance effectively. This platform has been designed to enable companies to centralize and automate every compliance process across locations and business functions with the click of a button or two.

As there is no one-size-fits-all solution, VComply solutions can be customized to meet all unique business requirements. It also focuses on accelerating team collaboration to move away from silos, while its easy reporting mechanism is designed to support better decision-making. By leveraging automation, this solution also significantly reduces the scope of manual error or time spent on repetitive tasks.

A few key features of VComply are:

• Flexible, user-friendly, and intuitive workflow aligning with business processes

• Alert, follow-ups, and reporting automation

• Unified workspace for team collaboration

• Real-time notifications and alerts

4. SiteDocs

SiteDocs is a compliance management software focusing on safety compliance, ensuring easy, fast, and better services. With SiteDocs, organizations can make it easier for employees to fill up and sign digital forms. Also, you can upload important safety information and documentation to an online library for teams to consult.

A few features of this compliance software are:

• Manage and monitor safety activity

• Compliance in real-time

• Track employee certifications

• Create forms

• Audit reports

• Digital signatures

5. HaloITSM

HaloITSM is a leading IT service management solution. Its incident management system helps organizations restore normal service operations quickly and minimizes the adverse effects of incidents on the business service. Thus, HaloITSM allows businesses to maintain service quality and availability.

The platform requires minimal effort from the user’s end, and it also seamlessly integrates with other applications like Microsoft Teams, Azure DevOps, Office 365, etc.

A few key features of HaloITSM are as follows:

• Track activities on incident requests – from occurrence to closure.

• Robust reporting capabilities on all data captured

• Report and record all incidents’ root cause to ensure preventing their recurrence.

• Speed up escalating incident request types instantly with intelligent linking.

• Link incidents submitted through emails and the web to new problem requests easily
  

Conclusion

Incident management platforms play a significant role in a business. It reduces manual labour and cost and improves visibility into business operations. Hence, utilizing the right software, such as VComply, can enhance your productivity and make your work easier by offering an array of incident and compliance management features in one place.

To learn more, visit the VComply website and book a live demo today!