Top 10 Compliance Management Software in 2024

Compliance regulations are continuously evolving and becoming more stringent. As a result, businesses are struggling to keep up with the changing standards. So, this is where compliance management software comes into play. It ensures organizations adapt and thrive amidst evolving and stringent compliance requirements. In this article, we'll explore the top 10 compliance software that effectively addresses diverse compliance needs.

In the summer of 2023, Meta, the parent company of popular platforms like Instagram and WhatsApp, faced a hefty $1.3 billion fine for breaching the European Union's General Data Protection Regulation (GDPR). While their financial standing allowed them to weather this storm, but such non-compliance repercussions can be particularly a huge blow for smaller companies.

So, to avoid such financial pitfalls, staying well-informed and adhering to compliance regulations is crucial. This is where compliance management tools come to the rescue. This article has compiled a curated list of leading compliance software options for organizations. However, choosing the right fit requires a thorough evaluation. Before we guide you on what to look for in these tools, let's start by understanding what exactly compliance management software is.

What Is Compliance Management Software?

Compliance management software is basically an application that uses technology to assist organizations, regardless of their size, in effectively adhering to regulatory obligations and ensuring strict adherence to the rules and regulations governing their respective industries. This software aims to automate compliance-related tasks, keep organizations informed about regulatory changes, and ensure they stay current with industry best practices.

Furthermore, the regulatory checks conducted by compliance software encompass optimizing processes such as monitoring employee certifications and training records to ensure compliance with environmental regulations and safety standards. Additionally, the software aids organizations in handling audits, inspections, and reporting obligations while also offering tools for assessing and mitigating risks.

Now, let's explore the benefits of implementing compliance tools.

Benefits Of Compliance Management Software

Compliance management holds significant importance for organizations across diverse sizes and industries, playing a pivotal role in establishing and upholding legal policies and regulations. Implementing an effective compliance management system enables organizations to mitigate legal and financial risks, cultivate trust among stakeholders, boost operational efficiency, enhance employee morale, and safeguard the environment and public health.

Listed below are some of the notable benefits of having compliance management software in your organization:

• Mitigates Legal & Financial Risks

With the help of effective compliance software, organizations can ensure that stringent compliance regulatory requirements are followed. This further helps in avoiding costly fines and legal liabilities associated with non-compliance.

• Helps In Error-Free Compliance Tracking

Manual tracking and reporting of compliance regulations are prone to unintentional errors. Compliance software solutions offer tracking tools that automate these processes, saving time and money while reducing the risk of oversight. This automation allows organizations to allocate resources to strategic initiatives that foster growth and profitability.

• Creates Trust And Credibility

Compliance management serves as a foundation for establishing trust and credibility with customers, investors, and other stakeholders. Demonstrating a commitment to ethical and compliant business practices helps organizations build a robust reputation and gain the trust of their stakeholders.

• Enhances Operational Efficiency

Automating compliance tasks and streamlining processes can free up your GRC team time and reduce their workload. This will further help them concentrate on strategic initiatives that drive growth and profitability.

• Boosts Employee Morale

Implementing a new CMS may pose challenges in engaging employees initially, but it ultimately fosters a culture of compliance and ethics. This creates a positive work environment where employees feel valued and supported.

• Addresses Manual CMS Inconsistencies

Manual development and documentation of regulatory policies are time-consuming and prone to inconsistencies. Compliance policies in physical form can be hard to carry and may not be readily available for reference. A compliance management system automatically updates documents to the latest version, addressing these challenges.

• Helps Stay Up-To-Date

Choosing the right CMS approach ensures organizations stay in the regulatory loop without inconvenience. Real-time monitoring and reporting on compliance issues enable swift identification and resolution of potential problems. Regular risk assessments and monitoring compliance metrics facilitate prompt adherence to government laws applicable to the specific industry.

Now that you are familiar with compliance management software and its benefits, let's proceed further and understand what features to look for in compliance software.

Key Features To Look For In Compliance Management Software

While assessing compliance software, you need to evaluate several key capabilities before investing in it. These functionalities include:

• Ease of Use and Customization

Look for software that offers customization to customize it according to your organization's unique compliance needs. Every business is different, so having a compliance management system that is easy to use and easily customizable enhances user experience, making it the preferred choice.

• Regulatory Policy and Tracking

Staying informed is pivotal to avoiding fines and legal consequences. Opt for software capable of monitoring regulatory changes and issuing alerts for new regulations or updates to existing ones. The intricate tracking and reporting in the compliance tracking software tool ensures you stay compliant without missing any important changes.

• Dynamic Workflows

Effective task assignment and workflow tracking are crucial for compliance. Look for software equipped to manage compliance tasks and processes systematically and efficiently. This feature will help your IT teams prioritize tasks, assign responsibilities, set deadlines, and monitor progress.

• Document Management

Invest in software capable of overseeing compliance-related documents within a centralized hub, including policies, procedures, training materials, and audit reports. This ensures easy accessibility when needed, and cloud storage provides the added benefit of swift updates as required.

• Reports and Notifications

Real-time tracking is fundamental in compliance regulation. The software should generate reports and analytics on compliance metrics, such as training completion rates and adherence to regulatory requirements. Additionally, it should send user-defined notifications for timely awareness.

• Price and Integration

Compliance management software should seamlessly integrate with other systems like HR and finance. Smooth integration is essential for monitoring incorporated compliance-related tasks and processes within broader business workflows. The software's pricing should align with the business budget, and prioritizing one with excellent customer support ensures it remains the preferred choice for users.

After going through the key factors, you might be able to choose a suitable CMS for your organization that meets your compliance needs. So, now, let's move further and explore different compliance management software.

Here’s A List Of 10 Best Compliance Management Software

Meeting compliance is one of the prime concerns of many organizations, and it should be, as the related financial and reputational repercussions are quite impactful.

Given below, compliance software is designed in such a way that it helps your organization adhere to stringent compliance regulations and stay up to date in this evolving landscape.

However, some organizations look for a blend of security and compliance features. If your organization is one of those, then Zluri can be the most suitable choice.

Zluri offers access review solution that enables your IT team to evaluate the access rights. Through this assessment they can ensure that only the right users hold right access to apps and data, and nothing more than that. This approach allows IT teams to safeguard organization’s critical app and data from malicious attackers and create a secure environment for both apps and users.

Further to add an additional layer of security, Zluri’s access review enables your IT team to implement certain security access policies to ensure data integrity. Moreover, implementing these security policies is also a mandatory requirement of most compliances. Further, it conducts periodic access review audits to ensure compliance with HIPAA, CRBF, Solvency, CMMC, SOC 1 and 2, SOX, ISAE 3402, ISO 27002, and ISO 27001. Plus, it documents the entire audit process to demonstrate its adherence to compliance requirements.

But if you are particularly looking for compliance software, then these are some of the top recommendations:

1. SiteDocs

SiteDocs Safety Management software is designed to simplify company operations through digital forms, ensures compliance with real-time monitoring, and employs advanced analytics to reduce injuries. The software aims to simplify safety compliance for all users, saving time and money. Furthermore, SiteDocs stands out for its user-friendly safety software, featuring top-notch analytics and In-App chat. These features simplify the process of managing the entire safety program through mobile apps and web platforms.

Apart from that, the software includes various tools like a custom form builder, PDF document library, worker certification management, and offline mode, making it easier to handle safety programs while maintaining high safety compliance standards.

Features

• Smart Employee Certifications: With this feature, your team gains visibility into all employee certifications, including an alert system highlighting certifications that are nearing expiration. This helps keep your company compliant with up-to-date certifications.
• Contractor Compliance Monitoring: With SiteDocs, your team can effortlessly track and monitor Contractor compliance across all your worksites. The system ensures that all data collected is automatically fed into your analytics account, facilitating easy reporting and providing valuable insights into compliance measures.

Customer Rating

• G2: 4.7/5
• Capterra: 4.8/5

2. AuditBoard

AuditBoard is a cloud-based audit and compliance software designed to help businesses manage their internal audit processes by automating different manual processes/tasks associated with audits.

Furthermore, it serves as a centralized hub for conducting risk assessments, creating work documentation for audits, and internal audit reports. Internal auditors can effortlessly record SOX control walkthroughs and testing, monitor the resolution of issues, and produce compliance reports for management.

Moreover, the software makes it easy to gather feedback from audit clients, certify control performance, oversee global SOX control owner testing, and conduct quarterly disclosure surveys. Additionally, with the help of AuditBoard, the IT department can monitor compliance like ISO and PCI, ensuring adherence to compliance regulatory standards.

Features

• All-In-One Audit Overview: AuditBoard provides your team access to a centralized audit dashboard where all auditable entities, along with related audits, risks, and issues, are conveniently displayed. With these insights, they can conduct real-time risk assessments and make risk-aware decisions that align with business objectives.
• Achieve Multi-Framework Compliance: Accelerate your compliance program's growth by effortlessly importing frameworks with AuditBoard. Streamline the process as new requirements are automatically mapped to existing controls through the Unified Compliance Framework. This feature minimizes manual efforts by establishing links between requirements, risks, and controls, ensuring a faster and more efficient path to multi-framework compliance.

Customer Rating

• G2: 4.7/5
• Capterra: 4.7/5

3. SafeGuard Cyber

SafeGuard Cyber security compliance software helps protect your organization against potential regulatory fines with cutting-edge automated archiving and policy detection solutions. This advanced solution significantly reduces oversight costs, mitigates risk exposure across your enterprise, and safeguards against social engineering attacks, insider threats, ransomware, and policy violations across prominent channels such as M365, Slack, Salesforce, LinkedIn, Zoom, WhatsApp, and more.

The main aim of SafeGuard Cyber is to secure human connections so that enterprises have the confidence to trust conversations are secure, free from fraud, theft, or loss, and fully compliant with all corporate and regulatory policies.

Features

• FirstSight Contextual AI Solution: Safeguard Cyber offers FirstSight, which is a contextual AI solution. This solution provides a deep understanding of the relationships between threats, vulnerabilities, and available countermeasures, empowering your IT team to respond swiftly and effectively to potential threats.
• Consistent Policy Enforcement: This platform allows your IT team to enforce policy across all your digital communications channels. This feature helps ensure that your organization's guidelines and standards are consistently followed, maintaining a secure and compliant communication environment.

Customer Ratings

• G2: 4.5/5
• Capterra: 5/5

4. PowerDMS

PowerStandards by PowerDMS is a cutting-edge accreditation software that simplifies the process of policy and compliance documentation management.

Furthermore, by utilizing PowerDMS, organizations can reduce their accreditation preparation time by 50% or more and also come preloaded with standards manuals from over 40 accrediting bodies. Users can map their policies, procedures, and proofs of compliance to their specific accrediting body's standards manual, resulting in significant time savings compared to traditional paper-based methods.

Features

• Assessment Feature: PowerDMS allows users to assess their accreditation readiness by setting a status for each standard and tracking progress throughout the accreditation cycle. Also, dashboards and reports provide a clear overview of the progress, ensuring confidence in preparation for on-site assessments. Mock assessors can remotely review compliance documents before on-site visits, offering valuable suggestions.
• Automated Alerts For Policy Changes: The software promotes a culture of compliance by providing automatic alerts for changes to policies or standards manuals mid-accreditation cycle. Users can easily compare changes side-by-side to understand their impact on accreditation.

Customer Ratings

• G2: 4.7/5
• Capterra: 4.7/5

5. Libryo

Libryo’s regulatory compliance software stands as a transformative solution dedicated to filtering and tracking the law at specific locations. This ensures that global teams, comprising compliance, risk, or legal professionals, EHS managers, general counsel, and sustainability managers, remain consistently informed about their applicable legal requirements.

Furthermore, Libryo serves as an invaluable tool, providing a comprehensive understanding of relevant laws and guiding users on the necessary actions (what to do next). This way, organizations can make decisions swiftly, allowing them to redirect their focus toward other crucial business priorities.

Features

• Insights Into Regulatory Changes: Libryo provides a \"highlights\" section where users can quickly assess the significance of regulatory changes and accordingly decide whether to further explore the changes.
• Categorizes Legislative Changes: It seamlessly categorizes legislative changes into distinct sections such as Environmental, OHS, and more is well-received. This segmentation makes it convenient for users to focus on specific areas of interest within the regulatory landscape.

Customer Ratings

• Capterra: 4.5/5

6. QT9 QMS

OT9 QMS is a user-friendly quality management software that is designed to simplify and manage complex compliance standards like FDA & ISO compliance. With this platform, you can log in online anytime, anywhere on your phone, PC, tablet, or Mac to obtain a review-time view of all your quality (standards) and compliance. Furthermore, this cloud-based eQMS platform includes everything you require to collaborate with customers, suppliers, and employees.

Also, it allows your team to access all the documents related to quality and compliance in one place. This way, they can effectively manage the documents. Additionally, OT9 QMS automates your CAPA processes and monitors corrective actions in real time.

Apart from that, it enhances inspection processes by capturing details online and linking related documents for easy reference. The feature facilitates improved inspections with a digitized approach, making information readily accessible.

Features

• Manage Audits: Effortlessly oversee audits with the ability to track and manage scheduling, details, and results seamlessly. The feature ensures a comprehensive approach to audit management, providing a centralized view of audit-related activities.
• Monitor Deviations: Effectively track temporary deviations through email alerts and to-do lists. This feature streamlines the monitoring process, allowing users to stay informed about any deviations and take necessary actions promptly.

Customer Ratings

• G2: 4.8/5
• Capterra: 4.7/5

7. Skillcast

Skillcast is a well-recognized compliance management platform that provides compliance awareness and inspires employees to act with integrity. Companies can actively engage with their employees with Skillcast's powerful combination of e-learning modules, cutting-edge RegTech tools, and a robust compliance management system. Furthermore, this platform promotes a culture of compliance and pushes organizations toward a workplace culture that prioritizes integrity and ethical conduct.

Features

• Compliance Declarations Feature: This feature helps your team to collect, track, and analyze employee disclosure and declarations seamlessly. This way, they can manage compliance-related information more effectively.
• Multi-Device Entry: With Skillcast, register compliance entries seamlessly through any device, whether mobile or desktop, ensuring flexibility and accessibility for your team.
• Automated Approval Workflow: Streamline the approval process by auto-approving entries based on predefined parameters or escalating them for further approval, optimizing efficiency.
• Comprehensive Audit Trails: Create detailed audit trails for all employee register entries across your organization, providing a transparent record of compliance activities.

Customer Ratings

• Capterra: 4.5/5

8. Netwrix

Netwrix is a compliance audit solution that minimizes the time required for audit preparation and enables your team to answer auditors' ad-hoc questions on the spot during compliance audits. Furthermore, it provides various advanced features that enable your security team to maintain strong governance, quickly spot and shut down threats, meet incident reporting deadlines, and manage DSARs efficiently to prevent non-compliance penalties. Apart from that, with the Netwrix compliance audit solution, your team can also prepare the evidence auditors require.

Features

• Threat Pattern Alerts: With Netwrix, your IT team gets notified of potential threats and suspicious activities within your environment. This helps them to proactively respond to prevent data breaches, system failures, or penalties due to non-compliance.
• Intuitive Search Functionality: This platform quickly identifies the exact information you need, whether it's investigating incidents, resolving user concerns, or addressing ad-hoc queries during audits, by using its intuitive and efficient search functionality.

Customer Ratings

• G2: 4.4/5
• Capterra: 4.5/5

9. SAI360

SAI360 is a compliance software that offers integrated GRC solutions. This solution provides a unified view of enterprise risk management, which helps prevent incidents before they even take place. Furthermore, SAI Regulatory Change Management combines augmented regulatory content with an easy-to-use workflow, enabling your compliance team to manage change effectively and confidently. Also, it offers SAI360 Policy Management, which helps achieve efficiency with customizable workflows, version management, and automated alerts.

Features

• Risk Insights: SAI360’s integrated GRC solution offers an intuitive interface to easily manage, extract, and store risk data across the enterprise.
• Reporting Functionality: SIA360 offers robust reporting tools that act as a single source of truth for risk data insights. It seamlessly aggregates risk data from multiple dimensions for informed decision-making. Further, your team can provide these reports to stakeholders via email.

Customer Ratings

• G2: 4/5
• Capterra: 4.4/5

10. HIPAA One

HIPAA One is a cloud-based compliance software that provides healthcare companies with the tools to maintain compliance across operational processes. This software allows your GRC team to effectively conduct HIPAA Security Risk Assessments promptly and seamlessly.

Furthermore, HIPAA compliance software adheres to NIST methodologies to make sure clients fulfill mandated HIPAA security, privacy, and breach requirements. Also, the software provides guidance through each phase of the compliance journey, from initial assessment to the development of a remediation plan and ongoing tracking of implementation progress.

Features

• Risk Assessment and Prioritization: This feature of HIPAA One allows your GRC team to assess and assign risks systematically, utilizing a calculated approach. It involves prioritizing risks based on their potential impact and likelihood, providing a clear understanding of where attention and resources are most needed.
• Automated Task Reminders: This feature automates the reminder process for compliance-related tasks. It helps organizations stay on top of deadlines and promptly ensures necessary actions are taken. Additionally, the system provides alerts for updates to regulations, ensuring that they are informed about any changes affecting their compliance requirements.

Customer Ratings

• Capterra: 4.8/5

Comparison Table Of The Best Compliance Software

Here’s a comparison table of the compliance tools

After going through the list of compliance software, you might be confused about choosing the right compliance management software for your organization. To help you make the right choice, here's a quick explanation.

How To Choose The Right Compliance Software For Your Organization?

Selecting the right compliance software solution for your company is a critical decision that requires careful consideration. The process involves assessing your company's unique requirements, aligning them with strategic goals, and ensuring compatibility with Governance, Risk Management, and Compliance strategies. Beyond functionalities, factors such as compliance software vendors' industry experience, ease of use, technology updates, customer support, security measures, scalability, and affordability play pivotal roles in making an informed choice.

This decision impacts your current operations and sets the foundation for future growth and regulatory adherence. By navigating through these factors thoughtfully, organizations can secure a compliance management solution that meets their immediate needs and evolves with the dynamic landscape of regulatory requirements and business expansion.

While having the right compliance software is crucial, it alone may not fully mitigate compliance risks. To enhance your compliance workflow, it's essential to incorporate specific strategies. So, let's quickly explore some expert-recommended tips and tricks to optimize your compliance processes.

Tips To Improve Compliance Workflow

Creating an effective compliance workflow is crucial for organizations aiming to mitigate the risks associated with non-compliance, penalties, and legal liabilities. It's crucial to understand that compliance is an ongoing process, requiring continuous evaluation and enhancement of the program to align with changing needs and regulatory demands. The following tips contribute to a effective management of compliance workflow:

• Establish a Compliance Standard: Set a uniform compliance standard across the organization, outlining expectations for ethical conduct. Regular training, education on compliance policies, and encouraging employees to report potential issues are integral components.
• Conduct Regular Risk Assessments: Regular risk assessments identify potential compliance risks, inform the development of policies, and prioritize compliance efforts.
• Develop Clear Policies & Procedures: Policies and procedures should be concise and align with regulatory requirements. Regular reviews and updates ensure alignment with changing regulatory demands and organizational needs.
• Assign Responsibility For Compliance: Clearly assign responsibility for compliance tasks to individuals or departments, ensuring efficient task completion.
• Establish Oversight Mechanisms: Implement oversight mechanisms, including regular reporting, monitoring, audits, and inspections, to ensure effective compliance program implementation.
• Test & Integrate: Regularly measure the security performance and reliability of the workflow through progressive patch testing. Ensure flexible integration capabilities for transparent and streamlined compliance management.
• Train & Stay Connected: Provide regular training and education to employees on compliance policies, emphasizing the overall importance of compliance. Implement awareness programs to foster a culture of compliance throughout the organization, promoting alignment and understanding among employees.

Compliance Software: Your Ultimate Solution To Meet Regulatory Needs

In conclusion, effective IT compliance software tools serve as an ultimate solution for organizations dealing with the complex landscape of regulatory requirements. By providing streamlined processes, real-time monitoring, and robust documentation, these solutions empower businesses to meet compliance standards and proactively mitigate risks associated with non-compliance.

By making the right choice, organizations can seamlessly foster a culture of integrity, accountability, and adaptability in the ever-evolving realm of compliance.

FAQs

What Are The Categories Of Compliance Management?

Compliance management is categorized into two types, which are corporate and regulatory. Corporate compliance involves rules and practices set by an organization to comply with both internal policies and external regulations. On the other hand, regulatory compliance focuses solely on adhering to external regulations.

What Are Compliance Risks?

Compliance risks refer to an organization's potential risks, including legal penalties, financial loss, and material consequences due to its failure to adhere to industry laws, regulations, internal policies, or recommended best practices. These risks are also referred to as integrity risks.

What Are The Basic Components Of Compliance Management?

A compliance management system should include a centralized overview of ongoing compliance activities, real-time monitoring features, an auditing system, and reporting or analytics functionalities.