Having effective corporate compliance is now in demand for most businesses. The more regulations increase relevance across various industries; the more companies deal with compliance obligations. That also means the need for effective compliance management software has never been greater.
Companies are looking for the best compliance management software to help them meet these ever-expanding compliance obligations. Not having one means executives have to rely on the manual approach to fulfill their commitments. Not only is the manual option more prone to error, but it also drives up costs.
Smart businesses need a compliance management tool to do the job. Fortunately, we’ve got the solutions for you. This article will discuss compliance management, its importance, and the best software available in 2023.
What is Compliance Software?
Compliance software, often referred to as regulatory compliance software, is a set of tools designed to assist businesses in aligning their operations with the legal and regulatory standards applicable to their specific industry. These software solutions come packed with features that facilitate the tracking and management of compliance tasks, such as policy management, incident management, auditing, and reporting.
Compliance software is essential in maintaining an organization’s integrity, avoiding hefty fines, and protecting its reputation by ensuring it operates within the boundaries set by regulatory bodies. At the same time, they help companies save valuable resources by streamlining the compliance process.
Why is Compliance Software Important?
Compliance management software is critical for several reasons.
Mitigates Risks
Firstly, it mitigates risks associated with non-compliance, including legal consequences, financial penalties, and damage to brand reputation. With regulatory landscapes constantly changing, keeping up with compliance requirements can be challenging. Compliance software automatically updates to reflect these changes, ensuring companies always stay in line with the most current regulations.
Streamlines Processes
Secondly, compliance software streamlines business processes. Traditional manual methods of maintaining compliance can be laborious and prone to error. Compliance software automates the management of compliance tasks, resulting in increased efficiency and accuracy.
Promotes Transparency
Lastly, compliance software promotes transparency within a company. It gives businesses a clear view of their compliance posture at all times. This allows senior management to make informed decisions and proactively address compliance gaps before they become a problem.
Enhances Accountability
Fourthly, compliance management software enhances accountability within the organization. It assigns tasks and responsibilities to specific individuals, tracks their completion, and sends reminders for upcoming tasks. This feature guarantees that no compliance task falls through the cracks and holds everyone accountable for their part in the company’s compliance.
Provides Real-time Reporting
Finally, the best compliance management software aids in real-time reporting. Organizations can generate detailed reports on compliance status, incidents, audits, and more with a few clicks. This feature makes it easier for organizations to demonstrate compliance during audits and provides valuable insights that can drive strategic decision-making.
Key Features to Look for in Compliance Software
When it comes to finding the best compliance software, knowing what features to look at plays a crucial role in your decision; with that said, here are seven key features to look for when selecting the ideal compliance software for your business/organization:
Risk Management
This feature provides an easy way for organizations to identify and evaluate the risks within their company. Risk management tools can help you manage risk by applying appropriate controls and validating that these controls are working.
Policy Management
This feature will provide a centralized location to store and access your company’s policy documents, portfolios, and procedures. This will help you and your employees stay up-to-date on any changes to policies or processes within an organization.
Incident Management
An incident management tool helps businesses/organizations manage incidents, track corrective actions, store information about past incidents for future reference, etc. A good one should also have a reporting function so that you can track trends in incident reports over time.
Audit Management
The audit management feature will help facilitate the entire auditing process from start to finish. This includes scheduling and conducting audits, tracking issues found during an audit, and corrective actions taken after one has been completed—all in one place! It also allows for the creation of custom audit templates so that you can streamline the process even further.
Compliance Calendar
A compliance calendar lets you track progress and assign tasks in a centralized location. This feature will help you stay on top of deadlines, keep track of important dates or events coming up soon and ensure that all compliance activities are completed on time by their respective due dates.
Compliance Workflows
Having a compliance workflow feature allows you to assign specific tasks to individual members and track the progress of these tasks as they move through different stages. This helps ensure that no charge falls through the cracks and that everyone involved in a compliance activity knows their role and responsibilities.
Compliance Alerts
With compliance alerts, you can program your system to send real-time notifications every time a specific event or action occurs or when a member completes a task. This gives you the ability to quickly and efficiently react to any compliance-related incident that may occur.
Remember that not every software will have all these features, so tailor your search based on your unique needs.
Best Software For Creative And Marketing Compliance
Now that you know what features to look for, it’s time to know the top 5 best software for compliance management.
Ziflow
Ziflow is a standout compliance management software specifically designed for creative and marketing teams. Its wide variety of features includes automated content review and approval, making it an ideal tool for ensuring regulatory compliance in creative processes. Ziflow excels at streamlining workflows, reducing the time spent on managing feedback and revisions, and enabling teams to deliver projects faster.
Ziflow also offers a comprehensive audit trail of all comments, decisions, and approvals for every project, which aids in maintaining a clear record for compliance purposes. With its robust integration capabilities, Ziflow is a versatile solution that can effortlessly fit into any organization’s technology stack, further simplifying compliance management.
Cognizant Control Compliance Suite
Cognizant Control Compliance Suite (CCS) is another commendable compliance management tool that caters to a broad range of compliance needs. CCCS offers an impressively diverse set of features, including risk management, policy management, and audit management, essential to an organization’s compliance program. Its exceptional incident management capabilities expedite identifying, analyzing, and resolving compliance-related mishaps, ensuring swift response and mitigation.
With an in-built compliance calendar and real-time compliance alerts, CCCS aids in staying on top of all compliance tasks and staying ahead of compliance issues. Moreover, the suite’s comprehensive reporting feature provides detailed insights and analytics, demonstrating compliance with auditors and facilitating data-driven decision-making. CCCS’s intuitive and user-friendly interface makes navigating the software a breeze, making compliance management simpler and more efficient.
Skillcast
Skillcast is a top-tier compliance management software that offers a comprehensive solution for businesses seeking to streamline their compliance processes. Particularly notable is its innovative learning management system, which integrates seamlessly with its compliance features, facilitating the delivery of policy briefings, training, and tests to staff.
Its robust compliance workflows and real-time compliance alerts ensure tasks are conducted in a timely manner and compliance issues are swiftly addressed. Skillcast’s risk management, audit management, and policy management features are robust and intuitive, thus simplifying the complex compliance landscape. Furthermore, Skillcast offers detailed analytics and reporting, providing valuable insights into an organization’s compliance status and fostering a transparent, accountable compliance culture.
Wolters Kluwer Compliance Solutions
Wolters Kluwer Compliance Solutions is an exceptional compliance management software that stands out for its comprehensive, industry-specific functionality. It offers a vast range of features, including robust risk, audit, and policy management tools, making it a one-stop solution for all compliance needs.
Highlighted by its comprehensive incident management capabilities, Wolters Kluwer streamlines the process of identifying and resolving compliance-related issues. Moreover, a user-friendly interface and features such as a personalized compliance calendar and real-time alerts ensure that all compliance tasks are completed promptly and efficiently. Its powerful reporting and analytics tools provide essential insights, proving instrumental in maintaining transparency and accountability in an organization’s compliance culture.
DATAMYTE
DATAMYTE is a prominent low-code quality management platform that stands out for its compliance management capabilities. Its Digital Clipboard allows you to create and customize workflows to suit your organization’s unique compliance processes, enhancing efficiency and adaptability. DATAMYTE’s robust suite of features is designed to simplify and streamline the often complex compliance landscape. Its incident management capabilities are also notable for offering comprehensive tools to identify and resolve compliance-related issues swiftly and effectively.
DATAMYTE ensures compliance tasks are completed on time, promoting a proactive compliance culture and helping organizations avoid compliance issues. Moreover, its powerful reporting and analytics tools offer valuable insights into your organization’s compliance status, enhancing transparency and facilitating data-driven decision-making.
Conclusion
Compliance management software is crucial for organizations to effectively maintain their regulatory responsibilities and reduce the risk of non-compliance. The five systems highlighted offer distinct features that meet varying compliance needs. The ideal choice will depend on your organization’s specific requirements. With the right software, you can transform the often daunting task of compliance into a streamlined, efficient process, ultimately promoting a transparent and accountable compliance culture.
