Showing 1-20 of 91 products
Diligent Entities software is developed to help enterprises integrate their commercial data and simplify operations to achieve compliance goals. It improves business efficiency and supervises internal work groups for better information... Read more
LogicGate is a cloud-based governance, risk management and compliance (GRC) solution. It is suitable for businesses of all sizes in financial services, pharmaceuticals, life sciences, health care, energy, retail and education industries.... Read more
NAVEX Global is a cloud-based solution that helps small to large businesses identify, assess and mitigate various types of risks including harassment, bribery, conflicts of interest and data security. It enables users to automate processes... Read more
PolicyTech is a policy and procedure management solution from NAVEX Global that is suitable for all industries including healthcare, financial services, manufacturing, retail, government, energy and law enforcement. PolicyTech offers... Read more
RegulatoryOne is cloud-based regulatory information management solution that helps firms ensure that their products maintain compliance norms in the local market. It is primarily designed to assist multinational organizations follow... Read more
DSRAZOR for Windows
DSRAZOR for Windows
DSRAZOR for Windows provides security access management solutions to organizations of all sizes to help them minimize costs and challenge regarding internal security. DSRAZOR for Windows offers file permission recording, active directory... Read more
Convercent is a cloud-based compliance management solution that helps small businesses to large enterprises manage corporate ethics via analytics, reports and data-based predictions. It includes various modules to help manage cases,... Read more
ManageEngine ADAudit Plus
ManageEngine ADAudit Plus
ADAudit Plus by ManageEngine is an on-premise auditing solution. Key features include tools that allow users to audit active directories, login and logoff records, file servers and Windows server data. Users can monitor and generate... Read more
Integrum is a cloud-based risk and compliance management solution for organizations of all sizes. It helps in managing quality, health, safety, environment, risk and compliance. Key features include incident management, investigation... Read more
Netwrix Auditor is a security solution that allows administrators to manage server log files, security events and syslogs across the company network. The solution alerts administrators in real time on critical events. It allows administrators... Read more
Libryo is a legal regulatory compliance management solution that helps businesses within industries such as banking, energy, supply chain, and more manage legal protection measures. The cloud-based platform delivers updates and documentation... Read more
Infopulse Standards Compliance Manager (SCM) is a compliance management solution catering to various industries such as telecommunication, engineering, manufacturing and banking. The solution can be deployed either on-premise or in... Read more
LiveFile 360 is a cloud-based document management platform that helps financial firms manage compliance and confidentiality across client files. With an encrypted, locked-down file system, it enables businesses to secure databases... Read more
Standard Fusion is a cloud-based compliance management solution that is designed for industries such as healthcare, technology, manufacturing, government and retail. Key features include control management, control monitoring and policy... Read more
Athennian is a cloud-based legal entity management platform that allows SMB law firms or mid-sized to enterprise-level legal departments to execute legal operations and manage risk and governance. Athennian provides full control over... Read more
IntegrityNext is a cloud-based system, which helps small, medium, and multi-national entities measure the sustainability of suppliers. This platform promises security as it is engineered with security tools to restrict unauthorized... Read more
Intellect Compliance is a cloud-based regulatory compliance and management solution that is suitable for organizations of all sizes. The solution helps compliance managers reduce workload and achieve legal compliance by automating... Read more
Jolt is a human resource (HR) platform provided by Intuiplan. The system is scalable and appropriate for businesses of varying sizes. Companies in the food and beverage industry, hospitality and travel, retail, and others can use and... Read more
i-Sight is a cloud-based compliance management solution that helps businesses of all sizes implement workflows, analyze results, spot trends, assess training gaps and monitor risks. It includes notifications and alerts to help manage... Read more
Promapp is a cloud-based process management and compliance solution that enables large and midsize businesses to create and share process knowledge using a centralized repository. The solution is suitable for various industries including... Read more
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?
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
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.
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:
- Model Audit Rule
- Foreign Corrupt Practices Act
- Bank Secrecy Act
- Gramm–Leach–Bliley Act
Industry-specific standards bodies and regulatory agencies
- Committee of Sponsoring Organizations of the Treadway Commission (COSO)
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.
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).