The compliance industry is evolving quickly. An increase in compliance costs is anticipated in the coming years. Compliance Software, also known as regulatory compliance software, is becoming more and more important to organizations as a way to centralize operations, automate processes, comply with regulations, uphold moral standards, and protect their brand.
Various organizations may have different definitions of compliance. Which compliance automation program, nevertheless, best suits your requirements? What features need to be included in compliance software? Is the compliance software affordable for you?
Famous Compliance Management Software
1. AuditBoard
A business can see risk holistically thanks to Auditboard, a centralized platform that unifies audit, risk, and compliance data. This Compliance Software houses all pertinent data in a single system of record, which promotes better team communication. In addition to facilitating alignment, this link improves real-time reporting and offers a comprehensive understanding of the risk characteristics.
Workflows are automated by Auditboard to promote smooth communication across different company divisions. With the help of automation technologies, teams may save time and focus more on providing strategic value to the company by creating a user-centric experience with less friction.
A variety of specialized modules from Auditboard are available to handle various aspects of risk and compliance management.
Features:
- Compliance Management.
- Compliance Tracking.
- Configurable Workflow.
- Controls Audit.
- Customizable Dashboard.
- Customizable Reports.
- Customizable Templates.
- Dashboard.
- Dashboard Creation.
- Data Import/Export.
- Document Management.
- Exceptions Management.
- FDA Compliance.
- Forms Management.
- Framework Management and many more.
Pricing: Contact AuditBoard.
2. Cflow
With the aid of Cflow, a cloud-based workflow system, you may efficiently and centrally handle your compliance needs. Without the Cflow features in this instance of compliance management, it would be negligent. It has an easy-to-use interface, configurable processes, metrics, documentation, and activity tracking for compliance.
Authorizations are simple and you never overlook a weak point in your company. Cflow offers process routines that may be used to apply its astute corrective actions. Automated notifications and user-friendly reports may provide you with a comprehensive overview of your organization’s implementation of live compliance management. Easy integration and forms are two other important components.
Features:
- API.
- Access Controls/Permissions.
- Activity Dashboard.
- Activity Tracking.
- Alerts/Notifications.
- Approval Process Control.
- Archiving & Retention.
- Audit Management.
- Business Process Automation.
- Calendar Management.
- Collaboration Tools.
- Commenting/Notes.
- Compliance Tracking.
- Customizable Dashboard.
- Customizable Fields.
- Customizable Forms.
- Customizable Reports.
- Customizable Templates.
- Data Import/Export.
- Document Management and many more.
Pricing:
- Free trial available.
- Happy: $7/user/month.
- Joy: $11/user/month.
- Bliss: $16/user/month.
3. IBM OpenPages
With the use of software, process automation, and data flows, IBM OpenPages Regulatory Compliance Management is a scalable and adaptable solution that gives businesses a thorough understanding of their regulatory compliance risks.
The platform offers an integrated approach to governance, risk, and compliance (GRC) by centralizing risk management processes and using IBM Watson’s sophisticated AI capabilities. This increases productivity and builds trust in the compliance procedures.
IBM OpenPages is an expert in quickly cataloging requirements, analyzing their effect on corporate operations, and dissecting complex rules into manageable chores. This lessens the time and expense needed to comply with regulatory standards while also assisting in reducing the risks of non-compliance, such as possible penalties and fines.
IBM OpenPages is home to a single repository that facilitates the quick processing of large amounts of regulatory data by classifying and disaggregating regulatory needs for different stakeholders.
Additionally, the platform makes it possible to tie these criteria to internal taxonomies and business objectives, making it possible to comprehend and assess complicated legislation in a way that is more tailored to individual firms.
Features:
- Activity Dashboard.
- Activity Tracking.
- Alerts/Notifications.
- Audit Management.
- Compliance Tracking.
- Dashboard.
- Data Visualization.
- Machine Learning.
- Natural Language Processing.
- Process/Workflow Automation.
- Risk Alerts.
- Risk Analysis.
- Risk Assessment.
- Risk Reporting.
- Task Management.
- Workflow Management.
Pricing: Contact IBM.
4. HIPAA One
Healthcare organizations may make sure they comply with the Health Insurance Portability and Accountability Act (HIPAA) by using HIPAA One, one of the Best Compliance Software. HIPAA Security, Privacy, and Breach Notification regulations are all intended to be complied with by healthcare organizations, and HIPAA One is easy to use for this purpose.
Features including risk assessments, data mapping, encryption, templates for policies and procedures, staff training modules, and mechanisms for reporting breaches are often included in the program. To find out the pricing, visit HIPAA One.
Features:
- Assessment Management.
- Audit Management.
- Audit Trail.
- Compliance Management.
- Compliance Tracking.
- Configurable Workflow.
- Controls Audit.
- Customizable Reports.
- Customizable Templates.
- Data Import/Export.
- Data Security.
- Data Visualization.
- Document Management.
- Document Storage and many more.
Pricing:
- Free trial available.
- Business: Starting from $99.99 per month.
5. Risk Hawk
With the use of risk management software like Risk Hawk, businesses may better detect, evaluate, and control risks in order to comply with legal and regulatory requirements.
Risk Hawk helps organizations manage risks in ERM (Enterprise Risk Management), IFC (Internal Financial Control), ORM (Operational Risk Management), and ICFR (Internal Control over Financial Reporting) and keep current on regulatory changes. It is accessible via cloud and on-premises systems.
It has automated workflow and dashboards, a software system for monitoring regulatory compliance that may be customized, and the ability to manage compliance metrics using a single sign-on option.
Features:
- Collaboration Tools.
- Commenting/Notes.
- Communication Management.
- Communications Management.
- Compliance Management.
- Compliance Tracking.
- Conditional Logic.
- Configurable Workflow.
- Configuration Management.
- Contact Management.
- Content Library.
- Content Management.
- Contract Drafting.
- Contract/License Management and many more.
Pricing:
- Free trial available.
- Basic: Contact Risk Hawk.
6. GoAudits
Go for GoAudits when your business process necessitates uniformity across several teams and procedures. This compliance management software functions as a comprehensive audit solution and includes a mobile application.
GoAudits also allows you to do mobile audits. The informative reports that follow inspections and assessments are immediately sent as an email to the designated authorities so that remediation may begin right away.
Features:
- Compliance Management.
- Compliance Tracking.
- Controls Audit.
- Corrective and Preventive Actions (CAPA).
- Customizable Reports.
- Customizable Templates.
- Data Visualization.
- Document Management.
- Environmental Compliance.
- FDA Compliance.
- HIPAA Compliant.
- ISO Compliance.
- Incident Management.
- Monitoring.
- OSHA Compliance and many more.
Pricing:
- Free trial available.
- Business licenses start at $10 per month.
7. CMW Tracker
CMW Tracker uses GPS and other location-based technology to monitor workers’ whereabouts and activities in real time. This enables companies to keep an eye on the whereabouts of their staff members and make sure they are operating properly and efficiently.
Additionally, the program offers insightful data on worker performance that can be used to enhance customer happiness and operational efficiency. Businesses may enhance customer happiness, boost productivity, and boost profitability by using the software’s real-time monitoring, comprehensive reporting, and simplified communication features.
Features:
- Case Management.
- Case Notes.
- Certification & Licensing.
- Child Welfare Management.
- Compliance Management.
- Contact Management.
- Contract/License Management.
- Customizable Forms.
- Customizable Reports.
- Docket Management.
- Document Management.
- Forms Management.
- Goal Setting/Tracking.
- Reminders.
- Reporting & Statistics and many more.
Pricing: Contact Sales for detailed pricing.
8. Satori Automated Governance, Risk & Compliance
It makes it easier to automate and maintain control monitoring across different organizational processes. Satori participates actively in the first stages of implementation, helping to optimize operations via process setup and visualization.
Data governance, procurement, accounts payable and corporate cost tracking, credit card and payroll monitoring, and HR payroll monitoring are just a few of the use cases that Satori can handle.
High-level system performance reports are provided by Satori, which aids in identifying areas in need of process, policy, or control modifications. It also provides daily admin services and health checks, with Satori specialists managing your server and data loads on a daily basis as System Admin Managers.
Features:
- Access Controls/Permissions.
- Activity Tracking.
- Audit Management.
- Audit Trail.
- Compliance Tracking.
- Configurable Workflow.
- Controls Audit.
- Customizable Reports.
- Monitoring.
- Process/Workflow Automation.
- Real Time Data.
- Real Time Reporting.
- Reporting & Statistics.
- Role-Based Permissions.
- Security Auditing.
- Workflow Management.
Pricing: Contact Satori for details.
Benefits of Compliance Management Software
Here are some benefits of Compliance Software:
Enhanced compliance: Organizations comply with industry standards and legal regulations thanks to the software. It lowers the possibility of penalties, fines, or legal repercussions, mitigates risks, and assists in identifying and addressing compliance gaps.
Improved visibility and reporting: You get real-time access to metrics, performance, and compliance-related operations. With the help of its customizable reports, dashboards, and analytics, businesses can monitor their progress, spot patterns, and make informed choices.
Lowers the chance of noncompliance: With Compliance Software, businesses may monitor their progress in mitigating compliance risks, identify and evaluate those risks, and track their success. Through proactive risk management, organizations may reduce the probability of noncompliance.
Inspections and audits made simpler: Businesses can now perform compliance audits, manage audit results, automate follow-up activities, and create detailed reports much more easily thanks to the software.
Enhanced traceability and accountability: Document updates, policy acknowledgments, training materials, incident reports, and remedial measures may all be more easily monitored by businesses. This enhances responsibility and assists in resolving any possible disagreements about compliance.
Increased effectiveness and financial savings: Compliance Software cuts down on the time and resources needed for compliance-related duties by automating manual procedures. This leads to financial savings and frees up staff members to concentrate on their regular work.
Improved awareness and training for staff: Managers may design, administer, and monitor training programs with the help of compliance management systems. It guarantees that staff members get the required instruction on rules, processes, and compliance requirements.
FAQ
Q: What is compliance management?
A: Ensuring that all employee actions and business operations comply with relevant laws, rules, and requirements is the responsibility of compliance management. Compliance management seeks to reduce risks, uphold moral behavior, and show a dedication to legal and regulatory requirements.
Q: Can I use Compliance Software for free?
A: Fully free plans for these tools are hard to find, you can have a free trial.
Q: What is the Price of Software for Compliance Management?
A: Compliance software varies in price depending on the source. The majority of compliance management systems have quote-based pricing structures, with the number of users and feature packages often determining the cost. Prices typically fall between $300 and $100,000 annually, while some businesses also provide free accounts. If you’re dealing with a big team, per-user compliance software vendors might become pricey.