Compliance Management Software Buyers Guide
Compliance Management Software with Buyers Guide
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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.