Best Compliance Softwares for Managing Risk & Compliance: A Walkthrough
Businesses around the globe need to function as per some industry and government regulations for maintaining specific standards and for ensuring high quality.
In case these regulations are not followed properly, the resultant service or product can turn out to be harmful to the customers and affect your firm’s reputation or even invite legal implications. This is where compliance management software comes in.
What is Compliance Management Software?
Compliant management software, also known as GRC software, helps large and small businesses make their processes compliant with all relevant legal, security, industry, and any other such regulations.
This software can track compliance regulations followed by various departments within your organisation. Such a solution is necessary for avoiding legal action in case of violation of regulations. They are also important that the quality of any service or product meets a certain threshold.
What is GRC Software: Features & Functionalities?
GRC software stands for Government risk management and compliance software. It is an efficient method for publicly owned companies to manage all IT-related compliances and risks. These compliances are not only centered around business processes but also the workforce.
Features of GRC Compliance Management Solutions
- GRC platforms provide an audit period of a shortened duration.
- Intuitive dashboards and reports so that any important business decision can be taken swiftly.
- Automation of detection controls for efficiently rooting out any adversaries.
- A robust system of receiving real time alerts in case any regulation goes through a modification.
Must-Have Features of Regulatory Compliance Management Software
While purchasing compliance management tools, it is necessary that you look for certain specific features for the best performance. We list some of them below-
- Offline Functionality
Business or individuals should be able to access and work on data even if they are not connected to a network.
- Data Analysis
With compliance tracking software, you can easily visualize how different business processes and departments are performing when it comes to meeting regulations.
- Efficient Management of Documents
With the help of compliance management software, maintaining manual records of documents and forms becomes more efficient.
- Capacity Development
The software should be able to provide onboard learning to compliance managers so that they have appropriate knowledge of the norms of the regulatory bodies.
- Data Security
Compliance management tools should provide a high level of data security for reports and documents to deter unauthorized access.
- Risk Management
Helps streamline the workflow and the structural hierarchy to minimize the risk of process failure.
- Workflow Management
Compliance management tools help manage the workflow across different departments to eliminate loopholes.
Other popular compliance management software features are fraud management to detect accounting anomalies, workflow management, risk management and integration competence.
10 Best Compliance Management Software in India
If you are looking for a suitable compliance management system software, then you have come to the right place. We mention the top 10 software SMBs can use for complying with all set rules.
- Compliance Locker
- IBM OpenPages
Compliance Locker by Arkus is one of the most proficient ways to ensure all necessary compliances are met. It can be used alongside Salesforce Chatter and capture all posts and comments with the help of Chatter compliance custom objects. Compliance officers can track and store activities recorded within Salesforce Chatter.
Features of Compliance Locker Governance Risk and Compliance Software
- Option of archiving Chatter posts, comments, and messages as a specific batch or in real time.
- Robust integration with third party email services specifically for compliance management.
- Notifying blacklisted keywords so that any post containing them can be blocked.
- Customizable retention settings related to each post, message and comment.
Price of Compliance Locker GRC Software- It’s a free compliance management software.
MyEasyISO compliance management solution offers a high degree of customization and flexibility to users. This compliance management tool is quite useful for the management of compliances such as health and safety, quality, environment and much more.
Features of MyEasyISO GRC Platform
- Simple and user-friendly interface.
- Possible to design intuitive workflows.
- Efficient customer support in case of any grievance.
- A powerful alert and notification system for alerting you about risks before you can encounter them in real time.
Pricing of MyEasyISO Compliance Management Solution- The price of MyEasyISOcompliance software starts from ₹2124.58 per month.
Wdesk from Workiva automates most of the repetitive tasks associated with compliance management, leaving you ample of time for improving efficiency. Wdeskcloud-based compliance management tool allows you to create engaging datasets that can be shared with different team members.
Features of Wdesk Regulatory Compliance Management Software
- Numerous AuditNet templates for customising as per your team’s needs.
- Automated workflows for requesting evidence and certifications.
- Role based access for different employees working on the same project.
- Add more risk control as and when the need arises.
Price of Wdesk Compliance Management Tool- The price of this software is available on request. You can visit the official website for more details.
Donesafe compliance management system software offers enhanced connectivity for bringing all your processes and people under one roof. Donesafe offers more than 30 apps that can be configured as per your requirements. You even have the option of creating your app for meeting your compliance needs.
Features of Donesafe Compliance Tracking Software
- Fully automated system which helps in ensuring high productivity.
- An intelligent system that tracks the nature of lapses in compliance and prevents the same from happening in the future.
- The software has a lower learning curve and can be used easily even by beginners.
- Donesafe can be utilised on any device and on any browser.
Price of Donesafe Governance Risk and Compliance Software- The price of Donesafe is available on request.
Tallyfy compliance management software is suitable for keeping a tab on repeatable procedures without having to maintain a mail chain. It has a robust set of APIs and comes with CRM integration for cross-referencing a client’s credentials.
Features of Tallyfy Compliance Software
- Efficient documentation of each record, form, and file.
- It provides better techniques for compliance management for several departments such as HR, R&D, IT, Sales, Finance, and much more.
- Tallyfy offers robust integration with several third-party applications such as slack, Gmail, outlook, and many more.
Price of Tallyfy GRC Software- The price of Tallyfy starts from ₹305.50 per user per month.
InspectAll compliance management solution is known for easy building of forms, monitoring valuable assets, and obtaining insights into the functioning of critical business processes. InspectAll software shows you the relevant history of customer compliances and manages them efficiently.
Features of InspectAll GRC Platform
- InspectAllensures secure collaboration because of which only members of your team can access a particular project.
- It also has a dedicated app for closing an audit cycle faster.
- InspectAllgenerates intuitive reports that provide useful insights.
- All regulations and procedures are available to you as and when you need them.
Price of InspectAll Regulatory Compliance Management Software- InspectAll software can be purchased at a cost of ₹3589.81 per month.
IBM OpenPages regulatory compliance management software makes use of advanced artificial intelligence tools for the identification of risks associated with governance. OpenPages can be effectively coupled with IBM’s AI assistant Watson and develop compliance strategies for financial controls, IT controls, and those for internal audits.
Features of IBM OpenPages Compliance Management Tools
- The AI-based method provides detailed insights based on cognitive and advanced analytics.
- IBM has a vast product documentation reserve from where you can find out the answer to any of your compliance0related queries.
- The software provides a number of compliance strategies without requiring you to understand all options.
- It comes loaded with key risk indicator tracking methods for monitoring key risk factors and an alert system when a threshold is breached.
Price of IBM OpenPages Compliance Management System Software-
The price of this software is available on request. You can contact us for obtaining further details.
StandardFusion compliance management system software is a useful addition to your kitty for maintaining compliances for several standards such as ISO, SOC2, NIST, HIPAA, etc. With StandardFusion, you can even delegate compliance management tasks on a company-wide scale or only with specific teams.
Features of StandardFusion Compliance Management Tool
- You can group controls provided by the software into tags and categories.
- Its robust tracking system ensures that your compliance mechanisms are always on track.
- Easy to develop, approve and distribute updated compliance policies.
- With StandardFusion, your compliance strategies can be easily scaled as and when your organisation grows.
Price of StandardFusion Compliance Management System Software- The price of this software starts from ₹54946.13 per month.
Predict360 compliance tracking software can be used for obtaining deep insights into the performance of compliance strategies across teams. It is also helpful for predicting how your compliance processes may turn out to be in the future and if they need to be tweaked.
Features of Predict360 Compliance Tracking Software
- All the compliance levels are calculated in such a manner so as to keep the cost minimum.
- The software is useful for document management, regulatory management, activity management, and more.
- Predict360 uses AI-based tools for better workflow management.
- Executive dashboards that show you real-time compliance management data.
Price of Predict360 Government Risk and Compliance Software- The price of this software is available on request. You can visit the official site for more details.
ServiceNow compliance management system software is popular for designing such workflows that not only increase the productivity of your employees but also increase the conversion ratio. The creation of digital workflows in ServiceNow is fully automated which makes it easier to implement certain regulations.
ServiceNow Compliance Management Software Features
- It supports easy collaboration among different teams within the same organisation.
- The software makes use of AI-based methods for smarter business decisions.
- With its IntegrationHub feature, you can integrate ServiceNow with any existing solution of your business.
- It helps extend all intuitive workflows to its designated mobile app.
Price of ServiceNow Compliance Software- ServiceNow software’s price is available on request. Visit techjockey.com for obtaining more details.
How to Find the Best Compliance Management Solutions
The best compliance management solutions are those that can help different segments within your organisation to collaborate better. They should also be able to provide intuitive reports and a dashboard to monitor the degree of compliance of different processes. At last, the top compliant management tools should consider all relevant regulations such as SOC1, SOC2, and more to not only meet quality standards but also avoid legal action or penalty.