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Onspring

FrontRunners 2024

Onspring is a cloud-based, no-code software for reporting, analysis, process management, and coordination. Our connected solutions for Governance, Risk & Compliance, ITSM, and Business Operations create efficiencies for your teams...Read more about Onspring

Hyperproof

FrontRunners 2024

Hyperproof is an on-premise and cloud-based compliance management solution that helps businesses conduct audits, assess risks and handle compliance programs. It comes with an administrative dashboard, which enables professionals t...Read more about Hyperproof

LogicGate Risk Cloud

LogicGate Risk Cloud® is a no-code governance, risk, and compliance (GRC) platform that scales and adapts to your changing business needs and regulatory requirements. It combines a suite of purpose-built Applications with intuitiv...Read more about LogicGate Risk Cloud

Camms.Risk

Camms.Risk is a best-practice, cloud-based risk management solution. The solution provides a comprehensive integrated approach to governance, risk and compliance and encompasses risk management, compliance management, incident rep...Read more about Camms.Risk

4.6 (8 reviews)

Healthcare Compliance Software

Efficiently manage your business' HIPAA, OSHA, and SOC 2 compliance. Our tailored platform is designed for your needs - offering a robust toolkit, customization options, and risk analytics for seamless execution of compliance obje...Read more about Healthcare Compliance Software

KPA Flex

FrontRunners 2024

KPA Flex is an all-in-one cloud-based safety management software platform designed the help organizations quickly establish and implement a comprehensive safety program, make data-driven decisions, and take real-time action to kee...Read more about KPA Flex

Healthicity Compliance Manager

Compliance Manager by Healthicity is an all-in-one compliance and risk management platform made for healthcare organizations of all types. Its Basic, Professional, and Enterprise editions adapt Compliance Manager to any organizati...Read more about Healthicity Compliance Manager

ManageEngine ADAudit Plus

ManageEngine ADAudit Plus is a Windows auditing, security, and compliance solution. Key features include comprehensive logon auditing, detailed change monitoring, real-time risk alerting, and streamlined compliance reporting for A...Read more about ManageEngine ADAudit Plus

Benchmark Gensuite EHS

Benchmark Gensuite's platform of digital solutions helps your company strengthen the foundation of its EHS, Sustainability & ESG program minimizing risk, enhancing safety programs, improving compliance and performance, and deliver...Read more about Benchmark Gensuite EHS

Netwrix Auditor

Netwrix Auditor is a security solution that helps organizations overcome compliance and operational challenges. Netwrix solutions empower you with total control over what's going on in your hybrid IT environment by delivering acti...Read more about Netwrix Auditor

ManageEngine Network Configuration Manager

Network Configuration Manager is a robust solution designed to empower network organizations with efficient network configuration and change management capabilities. It supports a wide range of network devices, including routers, ...Read more about ManageEngine Network Configuration Manager

FastBound

FastBound allows for automation, which may suit some businesses, and its data encryption goes beyond the minimum standards set out by ATF regulations. This software is not suitable for people who buy or transfer firearms infrequen...Read more about FastBound

Certent Disclosure Management

Direct connection with existing data sources such as Excel, general ledger or consolidation software ensures accuracy and consistency Full audit trail capabilities to easily track who made what changes and when they occurred Wor...Read more about Certent Disclosure Management

Satori

Satori is a Data Security Platform (DSP) that enables self-service data and analytics. Unlike the traditional manual data access process, with Satori, users have a personal data portal where they can see all available datasets and...Read more about Satori

5.0 (1 reviews)

Osano

Osano is a cloud-based data privacy platform that helps businesses ensure compliance with various data governance regulations such as General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) across webs...Read more about Osano

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BambooHR

Instead of using fragmented spreadsheets, limited or clunky software, and physical paper, BambooHR helps you centralize your data and automate the way you complete key HR tasks. As you hire, onboard, and pay your employees, every ...Read more about BambooHR

FinScan

The multilingual screening software provides firms with comprehensive screening tools that counterchecks against millions of records at a single time. FinScan enables business admins to load their records and homogenize incomplete...Read more about FinScan

Certemy Employee Compliance Management

Certemy is a leading provider of Employee Compliance Management software for companies that employ licensed and certified professionals. Our software helps companies track and manage employee licenses and certifications across th...Read more about Certemy Employee Compliance Management

4.3 (3 reviews)

ComplySci

At ComplySci, we believe advanced compliance technology empowers compliance professionals to transform their business. More than 7,000 customers, including some of the world’s largest financial institutions, rely on ComplySci’s sc...Read more about ComplySci

HSI Donesafe

Unlock the potential of your EHS program with HSI Donesafe - the ultimate single source of truth. Say goodbye to data deficiency and time constraints to embrace streamlined operations and actionable EHS insights. HSI Donesafe hel...Read more about HSI Donesafe

Buyers Guide

Last Updated: March 16, 2023

What is Compliance Management software?

Compliance management software is a program used to continually track, monitor, and audit whether business processes are aligned with applicable laws, organizational policies, and the standards of consumers and business partners.

Of course, a corporate compliance program goes far beyond software, and businesses in certain industries may not even need software to manage compliance requirements. However, large businesses and organizations in sensitive industries (pharmaceutical manufacturing, financial services etc.) generally benefit from an approach to compliance issues that’s partially automated by software.

Compliance management functionality can be found in various types of software. We’ll help you understand your options, so you can make the right choice for your specific business model and industry.

Here’s what we’ll cover:

Which Types of Software Help With Compliance Management?

What Is the Core Functionality of Compliance Software?

Key Considerations for Buyers

Which Types of Software Help With Compliance Management?

There are essentially three kinds of compliance management software (also known as corporate compliance and oversight tools) on the market:

  • All-purpose compliance management platforms

  • Industry-specific compliance management tools

  • Governance, risk and compliance (GRC) software

All-purpose compliance management platforms offer generic capabilities for compliance management across industries. Sample vendors include CMO Compliance and Navex.

Industry-specific tools help businesses in heavily regulated industries (health care, industrial manufacturing, financial services etc.) meet specific legislative and commercial requirements.

GRC platforms include generic compliance management features alongside a broader set of capabilities for risk management and corporate governance (for instance, IT risk management, business continuity planning, and legal management). Sample vendors include Enablon.

Compliance-reporting-in-Enablon

Compliance reporting in Enablon

In this buyer’s guide, we’ll focus on all-purpose compliance management platforms as well as GRC platforms. Industry-specific tools are so niche in functionality that your specific business model will significantly whittle down your shortlist of vendors.

What Is the Core Functionality of Compliance Software?

Compliance software covers a huge range of business processes, regulations and industry needs. It’s no surprise that platforms are highly diverse in their functionality.

Compliance doesn’t stop at industry regulations and standards (OSHA, ISO etc.). Corporate ethics policies, acceptable use policies, and even business partner policies can all pose compliance issues. For instance, Wal-Mart suppliers have to meet a number of stringent standards that suppliers of many other major retailers don’t have to bother with.

Let’s therefore zoom in on the most important components of a compliance management system:

Policy management and compliance registry

Policy authoring and approval workflows, version control, etc. Policies are documented in a global registry that maps applicable regulations to policies.

Controls monitoring

Workflow engine enables business units to attest compliance with policies and regulations. Controls are documented in a centralized catalog, and standardized workflows allow for a controlled incident escalation process.

Compliance reporting

Enables visibility into violations and noncompliant facilities at various levels of aggregation via dashboards and scheduled reports. Some solutions also support continuous monitoring of KPIs related to sensitive business processes for compliance issues.

Audit management

Systematic workflows, case management and reporting features for investigating and resolving compliance issues. Some solutions also support real-time field reporting for audits.

Regulatory intelligence and change management

Tracks RSS and XML feeds of regulatory information and alerts published by standards bodies and government organizations. Feeds can then be mapped to existing policies. Some providers also have legal teams that compile knowledge bases of international regulations.

E-learning for compliance training

Generic and customizable online courses for training employees on how to comply with policies.

Survey tools

Survey modules allow organizations to distribute self-assessments to employees.

Conflicts management

Tools for monitoring potential conflicts of interest (employee gifts, employee trading etc.)

Fraud management

Risk management features allow for detection of patterns indicating fraudulent activity in financial statements, vendor payments etc. Controls can also be tested for efficacy in preventing fraud, and “whistleblower” hotlines and web forms allow employees to act as a front line of defense.

Multilingual interfaces

Interfaces are available for employees who don’t speak English.

Aside from these specific features, the advisory firm Gartner notes in their “Market Guide for Corporate Compliance and Oversight Solutions” that one of the most important functions of compliance software is aggregation: “The huge number of global legal, regulatory and administrative requirements and the variety of standards, guidelines and frameworks require compliance managers to merge and normalize mapping of requirements to controls and other compliance activities.” (The full report is available to Gartner clients.)

This is obviously a daunting policy management challenge that compliance software partially addresses through automation.

Which Compliance Areas Do All-Purpose Solutions Cover?

In addition to basic requirements, such as employee codes of conduct, GRC platforms and all-purpose compliance management, software solutions typically cover the following compliance areas:

Financial/accounting regulations

  • Dodd-Frank

  • Sarbanes-Oxley

  • Model Audit Rule

  • Foreign Corrupt Practices Act

  • Bank Secrecy Act

  • Gramm–Leach–Bliley Act

Industry-specific standards bodies and regulatory agencies

  • ISO

  • Committee of Sponsoring Organizations of the Treadway Commission (COSO)

  • FERC

  • OSHA

  • FDA

  • HIPAA

Regulatory feeds

  • SEC

  • FINRA

  • FDA

Many providers offer out-of-the-box support for dozens of other standards, but if your organization operates in a heavily regulated industry, the first step in your search should be evaluating industry-specific solutions.

Mobile-interface-in-CMO-Compliance

Mobile interface in CMO Compliance

Key Considerations for Buyers

We’ve seen that the landscape of compliance management vendors remains highly fragmented due to the diverse nature of compliance requirements. Keeping the following considerations in mind will help you evaluate vendors to build an effective shortlist:

  • How much risk management functionality do you need? Risk management and compliance management frequently go hand-in-hand, and many providers offer integrated solutions that can identify compliance risks.

  • Does your business operate in an industry where continuity planning is necessary? Typically, vendors that handle compliance management also offer business continuity management. Manufacturers, large retailers and other organizations with complex supply chains, as well as organizations that operate in politically and economically unstable regions, can benefit from consolidating these requirements in a single platform.

  • To what extent does the IT department factor into compliance requirements? IT compliance is, to some extent, its own beast. Not all vendors offer equal coverage when it comes to IT compliance—look for vendors offering out-of-the-box support for frameworks like Control Objectives for Information and Related Technologies (COBIT).