Imagine this. You’re a U.S.-based non-profit that has to adhere to a minimum of 50 Federal, state-specific, and local regulations to keep receiving the grants. Right from the FDA and IRS to DOJ Federal laws, there are several other state-specific rules that you need to comply with. Monitoring and tracking the regulator compliance requirements are time-consuming. Doing it manually makes it even more cumbersome.
Top 10 compliance management systems
Not just non-profits or any other highly regulated industries like healthcare and consumer products need to adhere to compliance. Businesses across industries need to adhere to industry-specific compliance, state-imposed regulations, and Federals laws. This is where compliance management system comes in handy.
It lets you centralize and automate your compliance processes across different functions and locations. Good compliance management system automates framework, task routing, and send reminders so that you don’t need to scout through emails and manual interventions to receive updates. You can assign a task with a few clicks, generate actionable and data-rich reports in minutes, helps you collaborate with teams, and save up to 10 hours per week.
How to choose a compliance management system – Key features to look for
The compliance software industry is not new. With so many compliance management software around, choosing which one will be apt for your business might seem overwhelming, especially if you’re investing in it for the first time. So we have curated a quick checklist of key features to look for.
Meet business requirements
Many software compliance management system in the market cater to specific industries like IT, healthcare, food, legal, etc., while a few others are generalized compliance software that you can customize to your needs. So, pick a compliance management software that suits your business requirements.
The automated regulatory change management process
Regulatory change is inevitable. You can’t avoid it, but you can invest in automated compliance management software so that all the processes of changing policies can be done when there are regulatory changes without the scope of human errors.
Dashboards and reports
Modern compliance management system should provide an intuitive dashboard and reporting system. It should be able to analyze the raw data and present it in an easy-to-consume format. The dashboard should allow you to view your business’s compliance with the regulatory guidelines.
Governance and policy management
Clear and well-documented policies are a part of good governance. Any organization that follows a good governance culture must have structured policies. Policy management ensures that all departments work together to uphold an organization’s governance. Governance and policy management are integral parts of any compliance program.
Compliance management calendar
Check for a tool that offers a compliance calendar where you can track progress and assign tasks from a single dashboard. The software should be able to highlight the compliance workflow, throw real-time notifications for compliance issues that need immediate attention, and have a thorough compliance reporting system.
Top 10 players in the compliance management system
1. Logic gate
It’s a no-code governance, risk, and compliance (GRC) software with a suite of built-in applications. It allows compliance professionals to create and communicate risk strategies across the organization.
The software has various customization options that let it scale up as your business evolves and grows. For example, it offers different prebuilt templates to create documentation, create custom workflows that align with your specific business functions, and a library of previously designed workflows that you can reuse in the future.
The software encourages you to collaborate within teams. You can share processes with your team members, compile data from various sources, and offers easy accessibility. It also helps in process management, monitoring, and audit management.
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A cloud-based SaaS GRC software that helps you to attain the highest InfoSec standard. The tool helps you to automate different compliance processes, like streamlining the audit cycle. It gives better visibility for reporting with dashboards. Other integrated platforms include JIRA, AWS, Slack, ServiceNow, etc.
Different types of audits, like ad-hoc, regular, and industry-specific, are available. It provides different rules to validate audits based on predefined criteria. It lets you define corrective and preventive action plans for any regulatory changes. The tool allows you to score your suppliers depending on the associated risk. This helps in easy vendor selection.
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A well-known player in the GRC , ethics and compliance learning, EHS, ESG, and Sustainability space. The software comes with scalable and flexible modules. It has a unified approach to risk management, aiming to help you achieve global compliance risk management and build trust.
The tool gives a complete bird’s eye view of cybersecurity risks and threats. It has a configurable platform with a centralized repository. The software helps in better coordination of data and information. Comes with risk and control frameworks that are mapped with policies.
Contact the team to get a customized quote.
AuditBoard is a risk management platform that allows you to identify and mitigate risk immediately. The platform is designed on a connected risk architecture with central unified data at the core of the architecture. AuditBoard has four-award winning applications — RiskOversight, CrossComply, SOXHUB, and OpsAudit.
Offers different types of audits like ad-hoc, industry-specific, and regular. Offers pre-built templates for various industries. It can maintain all the updated regulatory content and documents. Can identify various risk factors and classify them according to risk severities. You can review vendor contracts for compliance and score them based on the risk associated with a business. Lets you track mandatory certifications imposed by different government institutions and Federal laws.
Pricing detail is not provided. You may contact the brand for a customized quote.
VComply is a no-code GRC platform that empowers you to create, manage, track, and monitor your GRC program. It is a next-generation platform that helps you streamline your organization’s GRC programs using an integrated suite of compliance, risk, policy and audit, and assurance products.
VComply comes with an intuitive user interface and lets you set up your frameworks and compliance programs in days. With this software, you can perform also compliance risk assessment, management and mitigation. It beings in management oversight, automate alerts, follow ups and reporting, and analyze compliance gaps to create corrective action plans. It comes with a centralized document repository for storing documents and managing audit evidence.
VComply caters to a wide range of audiences, from SMBs to Enterprises. Some of the tool’s key features are: Integrated workflows and in-built frameworks and controls, built-in risk assessment and risk matrix tool for risk prioritization, compliance and risk workspace for stakeholder collaboration, extensive reports & dashboards with KPI metrics for better visibility, centralized document repository for compliance data and evidence, automated policy generation, review and approval, and attestation workflows, gap analysis of each compliance requirement and analysis of the progress, alerts, reminders, and notifications. It automates the compliance process with workflows and drives collaboration through a centralized risk management workspace. It helps monitor the progress of tasks, identity, assess, and mitigate risk management workflows. The pre-built controls from established frameworks also come in handy.
It has three pricing plans. The basic starter GRC Suite costs $1,199 for 3 users per month. The Pro GRC Suite is priced at $1,999 for 3 users per month. Ask for a quote if you want to avail the Enterprise GRC Suite.
The software aims to strengthen the governance and compliance practices in an organization by utilizing data analytics and robotic process automation. It gathers deep insights across risk, audits, and compliance to help the leadership team make informed decisions. It works as a centralized platform where the C-suite can derive information, collaborate, and make important business decisions.
Apart from different audit types and validation rules, the tool also offers an audit trail, regulatory content library, action plans based on regulatory changes, estimate the impact of regulatory changes, identify risks and monitor goals.
You may get in touch with the brand for a customized quote.
EASE is a mobile-friendly tool for conducting audits. The tool is simple to use and efficiently audits complex processes like layered process audits, Gemba walks, 5S, and more. It offers detailed insights so that the user has a detailed picture.
It lets you identify job hazards by job location and type of work. It lets you apply ergonomic standards at work, and track and monitor the air and water quality to maintain compliance at work. It also allows you to manage chemical hazards for employees and the environment.
You can take a free 30-day pilot before purchasing their plan.
It is a cloud-based GRC platform that many high-trust organizations rely upon. It offers an ecosystem of connected modules, so when you update a policy or a compliance regulation, it reflects across all the policy instances.
For easy content delivery and tracking, the tool offers self-led, instructor-led, and web-based collaboration and tracking of different compliance modules. It allows everyone to see the progress. The tool allows you to store, organize, and search all training content.
Get in touch with the team to receive a customized quote.
It helps manage risks and compliance for financial institutions through its integrated solutions encompassing different risk types. You can choose the risk modules you want to assess for your organization.
Offers integrated solution for enterprise risks, business continuity, cybersecurity, audits, findings, etc.
You can get a custom quote from the team.
It’s a complete audit and inspection tool. You can create your checklist using the tool in minutes.
Let you identify job hazards, check and apply ergonomics, monitor the work environment, come with prebuilt inspection templates, identify corrective actions, and address incidents.
The basic plan starts at $12 for one user per month.
Compliance software can save you a lot of time and costs. It saves you from paying heavy fines and lawsuits for not adhering to compliance and regulator guidelines. While there are many tools in the market, knowing your requirement can help you choose the right tool. If you decide to opt for VComply, book a demo now.