Compliance management is a critical component of any business’ operations, helping to ensure it meets industry regulations and standards. Making use of the best software for compliance management can alleviate much of the burden of compliance management while providing other key benefits.
In this article, we’ll talk about the top 8 software for compliance management. We’ll go through what compliance management is and why companies ought to use the software platforms available at their disposal.
We’ll also look at the benefits, risk of not using one, and other aspects of this software that can help you make an informed decision when selecting compliance software for your business. Continue reading to find out more about the benefits of adopting software for compliance management.
Compliance Management and its Software
Compliance management is a systematic strategy to ensure that all applicable rules and contractual responsibilities are met by an organization’s procedures, policies, and processes. The primary goal is to instill the greatest amount of accountability while minimizing risk.
This can be achieved by creating clear policies, establishing processes to ensure their constant observance, and conducting inspections to ensure compliance needs are satisfied. Additionally, it entails open contact with regulatory organizations as required.
Compliance management software is a type of software that is used to help administer and enforce laws and regulations.
Typically, the programme automates workflows, stores documents, keeps track of policies and procedures, provides reports, sends notifications and reminders, and even conducts risk assessment and management.
Advantages of Using Compliance Management Software
Using compliance management software has a number of benefits, such as:
Enhanced Effectiveness
Operations can be made more efficient and streamlined using compliance management software. Automation of processes and real-time visibility into your compliance posture allow you to see problems early and stop them from developing into expensive difficulties.
You can increase your organization’s revenue while preserving its reputation by using the appropriate compliance management system.
Lower Cost
Organizations can gain a lot from automating compliance management operations, including a decrease in the demand for human labor and a drop in overhead expenses. Organizations can free up resources that can be used elsewhere by automating crucial compliance management processes.
Automation of compliance management can also lessen the chance of human mistakes while increasing accuracy and efficiency.
Enhancing Data Security
Data security is becoming more and more important to organizations, and using compliance management software is a wonderful approach to increase data security.
Organizations make sure that their sensitive data is secured and that they are in compliance with applicable requirements by adopting compliance management software.
By doing this, it may be possible to avoid exorbitant fines or reputational harm in the case of a data breach. Additionally, firms may use compliance management software to ensure that their data is safe and backed up, which can provide them peace of mind in case of an emergency.
Tracking Compliance More Easily
Organizations can find it simpler to monitor their adherence to rules if they employ compliance management software. This can be a useful tool for making sure the company is fulfilling its duties and for identifying any areas where improvement may be required.
Additionally, the software can aid in streamlining the regulatory compliance process to make it more effective and quick.
Increased Accountability of Employees
Employees are more likely to be aware of and take compliance rules seriously if they are spelled out clearly and made available through a centralized software system.
In addition to raising overall compliance levels, this can also increase responsibility and openness in the event that a problem does occur.
Compliance management software can assist firms in developing a compliance culture that safeguards all parties.
Risks of Not Using Compliance Management Software
Choosing not to use software solutions for compliance management can be a risky proposition. With increased legislation and regulations, it is increasingly difficult for companies to stay up-to-date with all of the rules and changes that govern their operations.
- Without proper compliance software, organizations can struggle to stay compliant with laws, leading to fines, penalties, or even criminal litigation
- Failing to have the right tools in place can jeopardize a company’s reputation as well as its legal standing in the eyes of regulatory bodies
- Tracking compliance standards and regulatory developments manually is often ineffective and inefficient compared to automated solutions
- It also increases the chances of errors given the large volumes of data that must be managed effectively on an ongoing basis
- Foregoing software solutions may result in higher costs associated with managing compliance issues due to missed deadlines or incorrect enforcement of protocols.
Leveraging the right software can provide teams with an opportunity for cost savings by simplifying processes such as monitoring performance and auditing operations while promoting organization-wide visibility into goals and objectives necessary for attaining sustainable growth both from financial and legal perspectives.
Review of The Top 8 Software Tools for Compliance Management
Here is a review of the top 8 software programs for compliance management of organizations.
1. Totum Compliance
Totum Compliance is an easy-to-use cloud software that simplifies the process of assessing and managing your compliance obligations.
It helps you identify where the biggest risks are, track business activities in real-time, automate timelines, and generate tasks to ensure that all obligations are met, from contractual obligations to laws, regulations, standards, and codes.
In addition, it can help you avoid compliance breaches – and their significant consequences – by providing audit and assurance solutions. With Totum Compliance’s powerful capabilities, you can have greater confidence in your ability to meet industry requirements while
Pricing: Available on request.
Notable Features
- Compliance Management
- Email Notification and Reminders
- Mobile Access
- Project Management
- Risk Management
- Role-Based Permissions
- Scheduling
- Third-Party Integrations
- Workflow Management
- Activity Dashboard
Summary
Totum Compliance simplifies managing compliance in organizations. It provides complete visibility into any commitments and licenses, allowing you to effectively manage risks with custom risk matrices and create treatment plans.
Additionally, you can set up email reminders when compliance statuses change, so nothing falls through the cracks.
With its integrated oil & gas compliance management software solution, you will have comprehensive reporting capabilities with multiple export formats – ideal for providing internal teams and managing critical information.
Watch out for: It does not have a free trial.
2.QT9 QMS
QT9 QMS‘s web-based solution makes compliance easier in a variety of industries, such as the biomedical and pharmaceutical, medical device, food & beverage, general manufacturing, and aerospace industries.
This comprehensive AS9100 quality management system provides risk management and quality management suited for ISO 13485 and FDA 21 CFR Part 11 compliance for electronic signatures as well as for 21 CFR Part 820 FDA requirements.
Furthermore, it is equipped with features, including tracking purchase dates and warranties, material costs used in maintenance, and labor costs associated with each piece of equipment.
With this great product, you can easily set up a preventive maintenance schedule that is not only cost-effective but also complies with the required FDA quality system requirements.
Price: It is available on request, however, it has a 30-day free trial.
Notable Features
- Dynamic Dashboards
- Priority Management
- Monitoring
- Third-Party Integrations
- Custom Branding
- Incident Management
- Access Controls/Permissions
- Audit Management
- Approval management
- Automated Reminders
Summary
QT9 QMS is a comprehensive software for managing compliance. It allows brands to customize their account with custom branding options, ensuring a cohesive user experience. Suppliers can handle actions such as completing forms and surveys without ever leaving the platform.
Team members can keep up with tasks across multiple sites, while management is able to easily track employee training history at a single centralized location. To make life even easier, users can also access their accounts using an iPhone, iPad, or Android device!
QT9 QMS offers an easy-to-use system for keeping your business in compliance – all in one place.
Watch out for: Some users complained the change control process is clunky and difficult to manage.
3. COMPLYment
COMPLYment is a security risk compliance software solution founded in 2011 that helps businesses assess, reduce, mitigate, and manage security risks while remaining compliant with government regulations.
Using data analytics and security best practices, COMPLYment provides an effective way to track and analyze compliance progress with powerful metrics and dynamic charts.
Companies of all sizes can use the platform for security tips and stay ahead of the curve when it comes to managing compliance with standards such as PCI, ISO, HIPAA, SEBI, SAMA, GDPR, and NIST – helping them avoid costly revenue losses due to non-compliance.
Pricing: Available on request.
Notable Features
- Setup and Control
- Audit Trail
- Vulnerability Management
- Environmental Compliance
- Streamlined Compliance Process
- Risk Alerts
- Third Party Assessment
- Real-time Analysis and Monitoring
- IT Risk Management
Summary
COMPLYment helps organizations ensure compliance with industry standards. It offers a comprehensive solution that includes components such as OSHA compliance, Sarbanes-Oxley compliance, IT risk management, and real-time visibility of compliance.
Through its services, businesses can create standard and structured compliance in line with international standards. By using COMPLYment’s services, organizations have easier access to the resources needed for staying ahead of the regulation curve and maintaining the highest level of compliance within their industry.
Watch out for: No free trial or free version.
4. Workiva
Workiva offers the ultimate software for financial reporting and compliance monitoring. This innovative software provides access to real-time information by connecting to existing financial data and ERP systems.
It’s the ideal tool for finance, accounting, audit, operations, and compliance teams who are looking to handle environmental compliance or track their audit trail. Along with this, Workiva simplifies team management, data management, and project management through its user-friendly interface.
Whether you’re looking for increased transparency with SASB and TCFD disclosures or managing GRI and CDP rules, Workiva has your needs covered.
Pricing: It is available on request
Notable Features
- Internal Audit Management
- Archiving & Retention
- Controls Testing
- Sarbanes-Oxley Compliance
- Version Control
- ESG Reporting
- Surveys & Feedback
- Compliance Tracking
- Archiving & Retention
Summary
Workiva has expansive SOX compliance capabilities, robust data-integration functionalities, and class-leading collaboration tool sets. These features make companies of all sizes manage their financial reporting with ease.
Their platform integrates seamlessly with Sage Intacct and Fastpath Assure for real-time access to your ERP systems and respective financial data, then easily produces customized reports for accuracy and transparency.
All of this is done through a simple yet powerful interface that makes tracking your finances easier than ever before.
Watch out for: It doesn’t have OSHA compliance tracking.
5. Interfacing
Interfacing provides organizations with the ability to maintain a Quality Management System (QMS & EQMS) for their business operations. Established in 1983, it has become a leader in archiving and retention, enabling companies to process data securely and efficiently.
Interfacing makes it easy for organizations to adhere to HIPAA, ISO, and OSHA compliance regulations through certifications. Additionally, its software suites are designed with secure protocols to prevent any unauthorized access by an external party while also providing full accessibility via mobile devices.
It is clear that Interfacing is a great asset that many businesses can utilize in their quality management system endeavors.
Pricing: It is available on request.
Notable Features
- Risk Alerts
- Sarbanes-Oxley Compliance
- Version Control
- Audit Trail
- Controls Testing
- Environmental Compliance
- FDA Compliance
- HIPAA, ISO, OSHA Compliance
- Process Management
- API Connection
Summary
Interfacing software offers the ability to capture all audit and test instances within one repository and provides tools for inserting brand logos, colors, quotes, and other proprietary content to ensure consistency.
With the use of Interfacing solutions, firms can also make sure that their staff is up-to-date with new regulations and standards by using the software to develop educational materials, training modules, and interactive quizzes.
This allows organizations to track employee engagement on compliance topics in order to ensure that all employees are aware of the latest requirements. This type of proactive approach prevents any surprises related to failing to comply
with existing legislation and regulations.
Watch out for: Some users have reported that the software is slow and cumbersome.
6. Effivity
Effivity is a powerful compliance management software developed by Effivity Technologies Pvt. Ltd for businesses around the world.
This SaaS platform provides a comprehensive quality, occupational health & safety, environment, and food safety management system for companies following world-renowned standards.
This standard includes ISO 9001, ISO 14001, ISO 45001, ISO 13485, TS 16949, ISO 22718, ISO 22000, and HACCP, GMP BRC, and FSSC 22000. Effivity can help to mitigate risk and protect the reputation of companies while automating compliance processes efficiently to save time and money.
Pricing: Start at $97 per month, although there is a 15-day free trial.
Notable Features
- Real-Time Notifications
- Environmental Compliance
- Archiving & Retention
- Monitoring
- Audit Trail
- Version Control
- Compliance Tracking
- Corrective and Preventive Actions (CAPA)
Summary
Effivity provides powerful risk assessment and remediation tools to help you identify any potential gaps in regulation, so you can swiftly take corrective action. Additionally, it offers collaboration features to enable the design and development process to be streamlined and more efficient.
With its user-friendly interface, capabilities, and cost-saving effectiveness, Effivity is set to revolutionize the way businesses manage their compliance needs.
Watch out for: There are complaints about having to wait for vendors before being able to make minor changes to the software.
7. HSI Donesafe
HSI Donesafe is an innovative risk and compliance management software that helps organizations stay on top of the regulations and requirements needed for their activities. It ensures organizational compliance across various domains, from safety to environment, quality, and health management.
Not only does it track risks, causes, effects, and controls, but it also assigns actions to stakeholders when any deviations or transgressions are noticed within the system. HSI Donesafe supports businesses with audits and inspections, which can easily be related to items already stored in the system.
With HSI Donesafe, businesses can reduce their operational costs while minimizing financial risks at the same time.
Pricing: Available on request.
Notable Feature
- Incident Management
- Hazard Management
- Chemical and SDS Management
- Worker’s Compensation
- Asset management
- Certification Management
- Ergonomics
- Vendor and Supplier Management
- Emergency Management
- Alert and Notification
Summary
HSI Donesafe makes it as easy as possible for organizations to keep track of their ESG goals. By monitoring safety, injury, health, compliance, risk, environment, sustainability, and quality goals alike, Donesafe helps give you a complete overview of where your organization stands.
On top of that, the software has features like reporting and analytics, as well as corrective and preventive actions that can help businesses do better. Donesafe has a user-friendly interface and efficient services when it comes to managing all your EHSQ and ESG challenges with ease!
Watch out for: It does not have a free trial.
8. Cognibox CMS
Cognibox CMS is a cloud-based solution that assesses business needs and provides customized solutions to ensure compliance in multiple areas of regulation.
Companies utilizing Cognibox CMS can easily manage contractor profiles, define compliance management procedures, and optimize health & safety protocols.
It also offers automated notification forms for updated information regarding contractors. Businesses are quickly able to assess their risk exposure and strengthen their strategies for managing it with Cognibox CMS’s streamlined process.
Its features make it an invaluable tool for keeping organizations compliant with the latest regulations while protecting their stakeholders.
Pricing: It is available on request.
Notable Features
- Compliance Management
- Compliance Tracking
- Contractor management
- File Management
- Online Training Platform
- Risk Assessment
- API
- Alerts and Notification
- Role Based Permission
Summary
Cognibox CMS is an innovative solution for risk and compliance management. It helps organizations define a set of standards for contractors, ensure contractors are compliant with required standards and keep track of any updates needed to meet those requirements.
The software empowers organizations to process meaningful data that includes verifying employee information like certifications and insurance compliance, on top of managing Health & Safety related requirements.
Cognibox CMS adds value to businesses by helping them track their performance through real-time KPI updates, which are vital to evaluate progress and determine what changes or corrective actions need to be taken.
Watch out for: There are complaints from users that onboarding employees is time-consuming and costly.
How to Choose the Right Software for Your Business Needs
Selecting the right software for your business needs is to be prioritized to avoid a waste of resources. There are a few key factors to consider to ensure you make the right choice.
Available Features
Ensure that you have a good understanding of features like monitoring, identification of risks, assessment of risks, customizable alerts, and notifications as this can make all the difference in choosing the new system.
These features provide a great platform for organizations to use in ensuring that they are compliant with the current regulations and protected from potential risks.
The features could also include scalability, compatibility with existing technology, security requirements, or specific integrations.
It is therefore important to consider features when choosing these tools.
Support Services
Every software package requires some amount of education, training, and onboarding for the system to be effective. Certain vendors may offer live customer service, help, or tutorials within the platform itself, or other relevant materials that can make the user experience smoother.
Having a good support system in place can make a major difference in terms of implementation and keeping everyone in your organization on track with its ongoing usage.
Evaluating potential options based on these criteria will ensure you end up with a software solution that meets both your needs for risk and compliance management as well as being supported by helpful services.
Budget
Budget is often a key factor to consider when utilizing risk and compliance management software. You should consider your organization’s size, industry, goals, resources, and processes in order to determine how much you should allocate for the software and its associated services.
Ensure you research different providers and understand what features are included in their pricing structure this will help you get the most value from the software within your budget. Additionally, examine the scalability of the product to make sure it will meet any potential changes in demand or other unanticipated disruptions down the road.
By taking these steps before investing in any particular product you will increase its chances of success within your organization; ultimately helping you keep up with industry trends while creating an efficient workflow process for all involved stakeholders.
Final Thought
Software for compliance management is a valuable tool to help businesses stay organized and on top of regulatory standards.
Not only does it provide benefits such as the ability to automate processes, proper document storage, and traceability, but it also helps mitigate the risks associated with not using software for compliance management.
When choosing a software solution, be sure to research your options thoroughly so you can pick one that best meets your business needs. Taking advantage of compliant software could make all the difference in helping to keep your business up-to-date!
