Compliance Management Software Buyers Guide

Compliance Management Software with Buyers Guide

SAP Litmos

#1 Training platform Online compliance training courses Save time Track compliance completion rates & progress Intuitive built-in reports Bullet-proof security

Deltek Costpoint

Unparalleled project management, Accounting Labor Reporting, Exact capability, Increase Efficiency Improve Profitability, Trusted by Federal Agencies & Auditors

ProcessGene GRC Software Suite

Forward-thinking Software solutions Multi-subsidiary Market leader Innovator Analyst firms, Manages & Control risks, Assure Compliance to Policies & Regulations

Xero

Beautiful cloud-hosted online accounting software for small business. Accessible anytime, anywhere

BambooHR

BambooHR features integrated applicant tracking Award-winning cloud-based HR info software package

Google Cloud Platform

Set of modular cloud-based services Creates anything from simple websites to complex apps

Compliance Management Software Reviews

Google Cloud Platform

GCP is a sturdy, robust platform that contributes simple cloud hosting for websites. Google Cloud Platform empowers website to scale rapidly as required while implementing a cheap and completely customizable hosting platform. While complicated, GCP enables power users to run compelling websites for reasonably affordable and unlimited future development potential. Overall, GCP has provided a positive ROI to any organization, dropping remarkable impressions from a product and product service perspective. Therefore, it would be a highly recommended platform for running your workloads in the cloud. Also, free trials are available with many credits that can help newbies test and try out stuff before bringing the production environment on this platform.

Pros: GCP is a highly complex platform with limitless potential for those who understand how to handle it, but once you discover how to utilize a specific tool – it fits a potent and straightforward tool to use. Currently, only the Compute Manager (Virtual Machine), VPC Network (External IP) and Network Services (Cloud DNS) are in use and run a cloud-based WordPress site. Overall, once you see the system, Google Cloud extends a compelling solution for web management. It gives them the unlimited potential for upgrades & sizes, allowing for localized solutions & access to the complete Google Cloud network, and giving a (cheap) solution for powerful web hosting. We spend only $7 a month (CAD) with GCP, and the site runs significantly more active than it beforehand did on other hosting services.

On top of that, GCP presents extensive control over the backend Linux server, which is a knowledge curve in itself. It offers quick & effortless ways to manage every aspect of the website – the PHP version, specific file permissions, custom program solutions (such as admittance to install different Google API’s). The user interface available for cloud services in the industry is one of the best. Evolving and constantly improving feature-set which can not be neglected. Anything that can be service-based and can be implemented as a managed service will gain in Google Cloud Platform.

The best and reliable services you will be getting along with on this platform:

Google Kubernetes Engine is the best managed K8s engines. The availability of the tool is marvellous, and configuring setting up clusters is done in minutes. Also, this service’s performance is fantastic, be it in any region, across the globe.

Google Cloud Storage is employed for any files. Any format of any size is accepted. It is by far one of the best places to store your cloud workloads data and files.

Google Pub/Sub is a publication/subscription service, which is also fully managed. Provides blazing fast speed in delivering and receiving messages across this service.

Cons: Google Cloud Platform is an irrationally powerful platform with unimaginable features, but it also displays a very abrupt learning curve and is not for the faint of heart. While different web hosting services give a simple interface most people can learn quickly, GCP hurls you into the deep-end, asking for more profound knowledge of Linux code (for backend management) and a comprehension of web hosting to operate correctly. Fortunately, it can be easy to learn with different guides and support forums/groups out there.

The free trial is a little low on duration. Currently, the free trial provides three months of admittance. However, it gives a feeling that there is a little less opportunity for an organization to examine their workloads and select on GO/NO GO decisions.

Cache’s shall be adequately managed. At the instant, a very constant and high-speed internet is needed to operate the platform. If caches can be ordered and better utilized, platform laggy-ness due to fluctuating internet bandwidth can be reduced, which would broadly impact the user experience.

BambooHR

BambooHR system is a recruiters thought and makes the talent acquisition method easier for those firms that are only accepting the job boards to perceive applicants. Just don’t expect much more after that: simple to apply and an absolute need. BambooHR has been in the job of holding all from HR compliance and has performed processing payroll much more time-wasting and frustrating. All with a shortage of professional and effective customer assistance. 

Pros: The look and feel of BambooHR (BHR) is fantastic! It is almost like Facebook for recruiting. It is very intuitive for what it takes and contributes to the administrator and end-user. The applicant tracking system is straightforward to use and works the extra mile with mechanisation and thoughtfulness regarding onboarding and then ” flowing” into the central HRIS. The BHR system was adopted by a previous HR professional that had a recruiting bias. Although essential, more vetting should have been done to make a sound choice for long-term success regarding a small to mid-size business’s needs. The customer support is flawless, and they practice what they preach. The product works exactly as delivered. Easy to use and excellent product support. The software does have some admirable characteristics like Performance Management.

Cons: Beyond what the user described above, there is insufficient functionality without also buying and integrating other systems within a “bolt-on” approach. By “Bolt-on”, which means that BHR will not automate between the core HR system of BHR and a timekeeping system, a payroll system, sound administration system, leave administration system. The capacity to have a robust arrangement is possible but is not practical or cost-effective with BambooHR. By BHR, a business would have to spend upwards of 30-40 dollars per operator per month to get a perfect platform covering an employee’s entire life cycle. Simply put, other opportunities are available and far more robust with better long term results for less money. There have been no disadvantages to the software. If the user had one thing to say, it would like an alternative platform to generate the cyclic cost or a more natural discount program based on headcount. The most critical payroll software in history! Got a bill of goods that everything was blended. However, they employ a remote link which is clunky and highly frustrating to implement unless everything is “just best”. Do the research – it is sufficient out there, along with exceptional customer support. It was required to manually add operator PTO each pay time as their system was not integrated with their Payroll software.

Xero

Best in Multi-currency accounting for small business houses, Xero was the best choice when no one delivered multi-currency, and it is in 2021 when some do. They have now added many companies to Xero and cannot imagine shifting to another platform….ever.

Pros: With most clients abroad, the users find it’s best to bill them in their local currency. Luckily for all, Xero is there to help sort our books out and keep them in order. It integrates with many banks feeds & popular wallets/fintech like PayPal, Payoneer & TransferWise, so accounts are up to date – constantly. Another feature we use is their tracking fields. Xero allows users to set up two tracking fields added to invoices, expenses, bills and assigned to each line. It helps them keep track of project-based work and has been their way since before Xero ventured into Project-based accounting (that users need to pay an additional fee for). It blends with online payment gateways like Stripe, PayPal, GoCardless, and a few others; thus, payments are a flurry for clients. As a non-accountant, Xero is comfortable to use even when you go into all the features it implements.

Cons: They have made some modifications to their UI esp where inventories and expenses are concerned. Luckily for more traditional users, payments are still accessible; however, it isn’t for new users, and each person recording expenses on it requires paying a small fee. The users think it should be free for a small number of users (at least 2) and then charged.

Compliance Management Software

Compliance Management Software provides organizations a helping hand in tracking, monitoring, and auditing business processes to ensure that they are aligned with applicable laws, organizational policies, and consumer and business partner standards.

Compliance Management Software is divided into many  categories based on industry-specific regulations like:

Accounting compliance software for standards like the Sarbanes-Oxley Act of 2002 to help organizations streamline financial documentation, audit trails, and reporting. Environmental compliance software for standards like the FSC Chain of Custody to assist organizations in creating and monitoring reports on emissions, hazmat procedures, and regulatory policies.

Overview of Compliance Management Software

INCREASE VISIBILITY : Helps in overseeing of compliance costs by mapping changes to impacted business units or processes, products or services, policies, controls, and more

AUTOMATE TASKS : Assist in configuring workflows that eliminate manual processes and minimize the burden of compliance management

ACTIVITIES & DOCUMENTATION : Offers organizing the compliance management processes with a searchable file library, automated task management capabilities, and built-in compliance monitoring and analytics.

IMPROVE ACCOUNTABILITY : Gets leverage built-in reporting tools to demonstrate proof of compliance

STAY INFORMED : Tracking the organization’s compliance status in real time, and subscribing optional notification service for regulatory change alerts.

KEEP UP WITH REGULATORY CHANGE : Tracking laws and regulations coming from multiple sources and address compliance issues in a timely manner

Compliance Management Software assists in keeping pace with regulatory change and helps in centralizing compliance management with Quantivative Compliance Management Software. Today’s compliance managers need robust and effective compliance management software solutions to stay on top of changing laws, regulations, standards, and internal policies.

Quantivate Compliance Management Software offers a powerful software solution for compliance managers to handle a wide variety of regulatory and compliance processes. It ensures accountability throughout organizations of all sizes. The software delivers key features to monitor pertinent regulations and other requirements, organize compliance documentation, run risk assessments, and demonstrate proof of compliance through robust reporting.

Compliance Management Software can help you in:

  • Performing a risk assessment on compliance-related changes in identifying gaps in compliance and determine the priority of implementation.
  • Automating tasks and notifications through intuitive workflows.
  • Mapping and applying all regulatory needs to applicable laws or regulations, policies, controls, processes, and products/services.
  • Demonstrating proof of compliance with comprehensive reporting capabilities.
  • Assessing how compliance changes impact the organization.
  • Creating and managing any training and/or testing that a compliance change may need.

Advantages of Compliance Management Software

Lower legal risk: Companies need  to abide by legal, financial, environmental, institutional, corporate, social, and government rules to avoid lawsuits, fines, and penalties. Compliance management software ensures these regulations have fully process integrated. It will decrease the risk of legal violations.

Informed decision-making: Compliance management software helps in centralizing regulation-related information and streamlining the decision-making process, thus safeguarding a company’s legal and financial integrity. The software escalates compliance violations, and the system then assigns these to the appropriate personnel for quick resolution.

Enhanced customer trust: Customers trust companies that regularly follow security regulations having proper certifications in place. A strong compliance offers track recording, a long way in winning customers’ trust and ensuring an organization’s reputation remains positive.

Features of Compliance Management Software

Audit management: Planning, scheduling, and executing audits related to accounts and assets ensuring they comply with policies and laws.

Incident management: Identifying and resolving unplanned service failures/disruptions or legal injuries.

Compliance tracking: Tracking business operations to ensure they are performed correctly and in line with industry regulations.

Process/workflow automation: Designing workflows and enabling the automatic creation of future workflow processes.

Risk management: Identifying, evaluating, mitigating, and reporting business risk.

Version control: Tracking revisions and updating documents and navigating between different versions of the same document.

Price of Compliance Management Software

Most products in the market are priced on a “per user, per month” basis and can be divided into three pricing tiers based on their starting price. A premium product is priced higher and has some additional features, like task management and client management.

Considerations while Buying Compliance Management Software

Licensing and maintenance costs: The software will be requiring periodic updates and/or bug fixation for delivering optimum results. For most compliance management tools, the expense involving doesn’t end with the initial license purchase. Thus, it’s necessary to consider such maintenance costs while assigning a budget for software purchase.

Compliance requirements: Regulations and standards vary significantly based on industry, market, and location. Therefore, it’s important to have a tool that can be customized to specific compliance needs. The benefits of compliance management software will also alter depending on the target industry, market, and geography.

Vendor experience: Before buying a compliance management tool, one must check the software provider’s certificates, credentials, and industry track record. It’s also helpful to review what other customers have to say about the vendor experience.

Compliance Management Software Trends

Artificial intelligence (AI) helping banks become more compliant: Banks using compliance management software get hundreds of false positives daily. In most cases, these false triggers have to be reviewed by bank personnel. AI and machine learning (ML) can resolve this issue by capturing, analyzing, and filtering different databases, offering banks to improve the accuracy of their compliance alert systems.

Robotic process automation (RPA) helps audits become simpler and improving compliance: Robots can save the human counterparts’ activities into an audit log, thereby generating a clean audit trail. This not only enhances process accuracy but also increases higher regulatory compliance.