10 Best Compliance Management Software: Benefits, Features, and More

Maintaining regular compliance isn’t just about following a bunch of rules; it’s all about safeguarding your business from potential risks. Since there are many strict compliance rules, it becomes difficult to keep track of them, and that’s where compliance management software comes in handy. 

We have explained the importance of Legal Compliance Software, its key features, and the best ones that you must have for your business in this blog. So read till the end and pick the ones that’re best for you! 

What is Compliance Management Software?

Compliance management software is a software-based on digital algorithms that is meant to assist organizations in monitoring, managing, and keeping in check compliance with legal and regulatory as well as internal policy requirements. 

Businesses can centralize compliance activities with this software in a single secure platform as opposed to the traditional ways of using spreadsheets, emails, and manual audits. 

The software monitors regulatory regulations, automates regulatory compliance processes, records documentation, identifies risks, and gives real-time visibility on compliance status. Additionally, the software is applied whether a company is operating locally or globally to ensure that nothing goes through the cracks. 

10 Best Compliance Management Software

The selection of the appropriate compliance management software depends on the industry, the size of the company, and regulatory needs. We have prepared a list below that features the 10 best compliance management software solutions that are used by companies all over the world:

MetricStream is one of the popular regulatory compliance software programs that has been developed to support organizations that are operating in a highly regulatory environment. It offers a single platform by which governance, risk, and compliance can be managed in different regions. 

The software can accommodate complicated regulatory systems and assist businesses in keeping tabs on and tracking compliance activities. It is best used by large businesses with complicated compliance requirements. 

Key Features: 

• The governance, risk, and compliance (GRC) management is centralized.
• Change and obligation monitoring by the regulators.
• High-tech audit planning and execution tools.
• Document and policy life cycle management.

Pricing: Starting at $75,000 per year.

LogicGate Risk Cloud is a no-code compliance management solution that is flexible and can be configured to create and tailor compliance processes without significant effort. It is developed with agility in mind, which makes it suitable for companies that require changing their regulations at a very rapid rate. 

The platform is user-friendly, and it enables group work. It is an application that is used by large and medium-sized businesses. 

Key Features: 

• This financial compliance software allows third-party enterprise plugins. 
• You get personalized dashboards and analytics. 
• Risk and compliance reporting in real-time. 

Pricing: Starting package at $13,000 – $14,000 for small enterprises. 

NAVEX is an all-in-one corporate compliance software that deals with ethics, risks, and regulatory compliance. It assists organizations in enhancing their compliance programs and advancing transparency and accountability. Policies and reporting have been embraced by industries in the platform. 

Key Features: 

• Simplifies policy and procedures. 
• Analyses compliance risks and lays out the plans. 
• Tools to strengthen backend operations. 

Pricing: Starting $19.99/user/month and custom pricing model. 

Hyperproof is a new, cloud-based regulatory compliance management software that was designed to support fast-growing companies, particularly in the SaaS and technology industries. It also makes preparing audits simple as it provides immediate compliance visibility.

The platform will eliminate manual work and enhance team accountability. It suits organizations that aim at becoming SOC 2-compliant, ISO-compliant, and GDPR-compliant. 

Key Features: 

• Suit evidence collection through automation. 
• It helps with live compliance borders. 
• Accountability tracking and responsibility for tasks. 

Pricing: Starting at $12,000/year. 

ZenGRC is a user-friendly regulatory compliance management software that assists organizations in managing compliance, audits, and risks under one platform. It aims at strengthening complicated compliance procedures and enhancing effectiveness. The software can be scaled and, therefore, can be applicable to all businesses. 

Key Features: 

• A simple reporting dashboard. 
• Automated audit workflows. 
• Risk mitigation planning and risk evaluation. 
• Simple port compliance requirement monitoring. 

Pricing: Starting at $2,500 per month for small teams. 

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OneTrust is a prominent software for compliance management that aims at data privacy and security requirements. It is popular in supporting GDPR, CCPA, and any other privacy activities worldwide. The platform assists companies in remaining transparent in using data and mitigating the threat to privacy. It can be particularly useful to data-driven businesses. 

Key Features: 

• The platform has global privacy compliance tools, GDPR, and CCPA. 
• Automated regulatory changes. 
• Risk assessment of privacy and data. 

Pricing: Starting $11,500 annually. 

SAI360 is a compliance tracking software product that is used to manage and control risks as well as compliance, both proactively in organizations. It integrates compliance, ethics, and enterprise risk management within a single platform. 

The software facilitates powerful governance conduct and enterprise-wide compliance observability. It is appropriate in large organizations. 

Key Features: 

• Change management and regulatory obligations. 
• Training management instruments and policies. 
• Risk evaluation for all types of enterprises. 
• An overall dashboard for reporting and compliance analytics. 

Pricing: Starting $500-$1,000/month for basic package. 

Diligent Compliance is made to suit those organizations that need a rigid control of governance and compliance. It simplifies the audit and compliance processes and enhances leadership-level accountability. 

It is an extensive platform in the fields of finance, healthcare, and the public sector. Furthermore, it increases the transparency and reporting within the internal department of the organization. 

Key Features: 

• Workflow automation, audit, and adherence. 
• Identification and monitoring of risk. 
• Tools to perform highly effective analysis. 

Pricing: Starting price is $23,800/year. 

Qualio is a dedicated compliance tracking software that is created for the healthcare and life science sectors. It assists companies in regulating the quality processes and attaining high standards of regulations. 

The platform has made documentation and audit preparation simple. Qualio suits the businesses of companies that are governed by the FDA and ISO. 

Key Features: 

• Quality management system (QMS) service. 
• Document controls and version control. 
• Training and audit preparedness features. 
• FDA and ISO compliance tools. 

Pricing: Starting at USD 29,000/year for 3 users. 

Resolver is an effective compliance monitoring program that is based on incident, risk, and investigation management. 

It assists all types of businesses to react appropriately to regulatory violations and breaches of compliance. You can switch to this platform to simplify the complicated risks and to enhance transparency. 

Key Features: 

• Effective tools to analyze risks. 
• All-in-one case management system. 
• Quality checking tools to adhere to the laws. 

Pricing: Starting price is $10,000/year. 

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The Importance of Compliance Management Software 

Failure to comply with a company may result in dire effects such as fines, persecution, loss of image, and loss of customers. The regulations are also in a continuous flux, so that organizations would find it a challenge to get updated manually.

Compliance management is beneficial to businesses because it assists businesses in: 

• Ensuring consistency in the business operations. 
• Develop customer and stakeholders’ trust. 
• Be ready to be audited and inspected. 
• Respond to regulatory charges fast. 
• Make document management handy and simple. 

The software in compliance management also makes this complexity much easier since it provides structure, automation, and accountability. 

How Regulatory Compliance Software Works?

The compliance management software is a centralized program that incorporates the compliance needs and the day-to-day business functions. It mostly follows the following steps: 

• Mapping Regulations: The software determines the relevant laws, standards, and internal policies that apply to the organization. 
• Risk Assessment: It is an assessment of compliance risks in terms of business activity, industry, and geography. 
• Automation of Tasks: Review, approval, and reporting of compliance tasks are automated by providing reminders and alerts. 
• Documentation Management: All documents that are related to compliance are stored safely and can be provided on demand. 
• Audit Readiness: The system keeps audit trails to facilitate internal and external auditing. 

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Key Features of Financial Compliance Software

Financial compliance software is the most reliable tool for businesses to streamline their operations. Let’s look at the features of software here: 

1. Overall Dashboard of Compliance: The single dashboard gives real-time information on the compliance status of departments, regulations, and locations. This enables the leaders to spot the gaps and take corrective action promptly. 

2. Reminders and Automated Alerts: The software reminds you of the upcoming deadlines and policy review, certifications, and changes in regulations, and it does not miss anything. 

3. Document Policy and Management: The compliance management software serves as a single secure repository of policies, procedures, and contracts, and evidence with version control and access controls. 

4. Mitigation and Risk Assessment Tools: Intrinsic risk assessment tools are used to detect possible compliance risks and prescribe mitigation efforts before problems become more serious. 

5. Audit Management: This software streamlines the internal and external audit process through the maintenance of the audit trail, log, and documentation, which minimizes the time and stress involved in the preparation stage. 

6. Reporting and Analytics: Individualized reports and analytics can assist organizations to prove to regulators and stakeholders that they are compliant, as well as assist in making decisions grounded in data. 

Benefits of Compliance Management Software 

Compliance management software can take a lot of the load off your shoulders by cutting the manual labor and automating the tasks. Moreover, that’s not it, this software can do much more: 

• Improved Efficiency: Manual work, paperwork, and repetitive jobs are minimized with automation, and the teams are able to concentrate on strategic initiatives. 

• Less Risk of Non-Compliance: Constant monitoring and notification assist organizations in dealing with the problems in advance before they escalate into violations. 

• Cost Savings: Businesses save money by incurring less money in forms of fines, penalties, and failure to comply in the long run. 

• Scalability: Compliance software expands as your business grows, and it will fit new regulations, markets, and the complexity of operations. 

Wrapping Up!

Compliance is no longer a manual exercise to manage in the current business environment that is highly driven by regulations, but rather it needs accuracy, uniformity, and real-time monitoring. 

These compliance management software make managing this difficulty easier by automating the processes, centralizing documentation, and making sure that organizations remain in line with the changing laws and industry standards. 

We have explained all about compliance management software and the best ones in the market in this blog. We hope this information will help you find the right one!

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