Want to wrap your head around compliance management system software? You are on the right page. Running a business is more than just managing employees. Managing compliances, audits, and other related things is as equally important. Doing so ensures that your business runs smoothly for a long time.
In the above context, compliance can have different meanings for different organizations. For some, it could be about brand compliance. However, for others, it could be about employment processes or local regulations. That’s where compliance management system software solutions come into play.
So in today’s blog, we will take you through the A to Z of software for managing compliance. Plus, you will get useful insights about compliance and its challenges. With that being said, we have a lot to cover, so let’s get right into it.
Why is Compliance Important?
Compliance and compliance management system software is important because it ensures that your company, your employees, and your customers are safe from legal, financial, and ethical risks. Compliance helps you avoid fines for not following regulations. It also protects your employees from being held personally responsible for any violations that occur on the job.
Finally, compliance and systems for managing compliances help you maintain a good reputation with customers and vendors alike by demonstrating that you care about their well-being as well as their money.
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Challenges in Effective Compliance Management
Did you know that 40% of compliance teams spend at least 4 hours/week creating and modifying reports? There are many challenges in compliance handling, which businesses face. If these problems become big, they can land you in serious trouble.
1. Isolated Functions
One of the reasons for failing to manage compliance processes is this. These processes are often created because of specific events. For example, a new regulation. It results in isolated functions, which are hard to distribute across teams. However, with the right compliance management system software, you can keep all these documents together for global access.
2. Disconnected Systems
Similar to isolated functions, regulatory systems for managing compliance may also be disconnected. What it does is that it makes it difficult to manage compliance throughout multiple lines, functions, or locations.
3. Manual Processes
Handling compliances via spreadsheets, documents, and shared files is a thing of the past. These were good, but couldn’t keep up with the rapidly changing regulations. So, now these methods are time-consuming. Instead, using compliance management system software will save you time for other essential tasks.
4. Incomplete Metrics
Again, compiling data from multiple sources into useful reports is time-consuming. Especially, if you are doing it by hand, which no one does these days. It’s again a big issue, which only takes implementing the right regulatory software for managing compliance to solve
5. Zero Visibility
If there is no integrated view of your compliance-related tasks, it will be impossible to identify gaps and inaccuracies. If neglected, these issues can damage your business’s reputation and finances. Thus, it’s essential to play the safe game by using compliance management system software.
What is a Compliance Management System?
Compliance tracking software contains an integrated system of processes, documents, internal controls, tools, and functions making it quite easy for companies to comply with legal and regulatory needs. The organizational compliance software also reduces the chances of harm that the consumers face as it drives compliance system management in legal ways.
Compliance management system software helps businesses address the risk management system in a better way by giving assurance that the procedures and policies that they follow meet regulatory requirements and applicable laws. This also helps manage commutation.
It allows companies to understand, learn, and then implement the responsibilities. This system ensures that employees know these responsibilities and that employee compliance management needs are integrated into the business processes.
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What is a Compliance Management System Software?
It is not much difference between the system and the software. The regulatory system for managing compliance helps you master a complicated web of regulations and regulatory changes by simplifying and strengthening the organization-wide compliance programs that govern your firm.
The cloud-based compliance management system software gives you an accurate picture of control efficacy and guarantees that issues are addressed quickly. To remove inefficiencies and redundancies, align policies, standards, rules, and controls.
Benefits of Compliance Management System Software
So far, we have seen the challenges in compliance and how using the right compliance software can solve these issues. However, it’s not limited to those advantages only. Following are some of the benefits of the software solution for managing compliance.
1. It Makes Tracking Compliance Simple and Easy
The main benefit of the quality management compliance requirements software is that it tracks the compliance activities of the company. These also include inspections, audits, assessments, plans, and a lot more. The compliance management system software allows one to store all the centralized repositories. The users are responsible for the management & they can easily access and update the system when the activity is completed.
2. Makes the Compliance Activities Automatic
The system for managing compliance helps you to make things automatic and saves you from time-consuming and tedious processes. It also includes compliance monitoring, scheduling, approvals, notifications, and a lot more. Along with this, one can reduce human error from the portion of the management.
3. Helps Streamline Operations
With Compliance Management System Software in India, you can create a logical and structured internal control hierarchy that includes processes, assets, risks, controls, and control activities, as well as the proper relationships between them. Maintain rules and processes for numerous regulations, as well as reporting requirements, filing templates, and schedules.
4. Builds Your Reputation
The more your company can keep up with consistency, the better your standing will be. This incorporates both your standing with your client base and with your representatives. As we said under the watchful eye, claims can hurt your standing. By utilizing consistency in the board programming to keep up with consistency and staying away from claims with the right systems for managing compliances you can guarantee your record tells the truth when clients research your business.
5. Reduces the Operational Costs
While the investment into the management system can be expensive, it will last compensation for itself right away. We momentarily addressed an advantage of the organizational compliance software; however, another is that it can assist you with setting aside cash. Rather than recruiting additional staff to oversee consistency for your organization, you can use the best employee time tracking software and not need to pay for additional compensation.
Parts of a Compliance Management System
There are different elements of the compliance management system software. Businesses need to adopt these elements to get a practice regulatory system and smooth functioning of the organization. The best regulatory software for managing compliance for you is the one that helps you keep up with your regulatory obligations. Here’s how it works.
1. Compliance-Risk Analysis
Every compliance program must begin with this step. Risks are logged and analyzed here to create a compliance program that is specifically suited to the firm based on the findings. This task is automated with the right compliance management system software.
2. Compliance Program
Effective and efficient compliance is an ongoing process and the guidelines should be used to make sure that the needs are met. The compliance program works like a central hub for the compliance tracking system where the countermeasures and controls are designed and then used further. The compliance team must be assigned to complete tasks that are right for the staff members as needed. Communication and workflow must be tracked to make sure that the assignments and the actions are implemented well. Reporting has to be continuous. The right compliance management system software ensures accurate reporting.
3. Compliance Culture and Communication
Ascertain that honesty is ingrained in the organization’s culture. Corporate ethics and legal standards are thus more than checkbox entries on a checklist; they are examples of a compliance culture in action. The right regulatory system for managing compliance will ensure that this stays updated.
4. Compliance Guidelines
Define internal guidelines that provide your staff guidance on how to behave in the office if you haven’t previously. This will also make the company’s voluntary commitments to itself more clear to employees. With the right compliance management system software, this becomes simple.
5. Compliance Objectives
The right solution for managing compliance defines the true purpose of the compliance program and the scope of its coverage. It will not only allow for open and honest internal communication but also help to foster a compliance culture. It can also assist authorities in determining whether a business’s compliance policy is adequate in the case of a breach, which can have a mitigating influence on any punishment.
6. Overview of the Board of Directors
To communicate the importance of compliance to your entire organization, you must have compliance management system software that runs from the top down through the rest of the company. Your firm’s compliance efforts will be articulated and refined by senior management, making it easier for your company to prioritize compliance operations and meet its compliance needs in the long run. The workforce, as well as any third-party vendors or contractors, should have a clear understanding of what is expected in terms of compliance.
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The Role of Compliance Management System Software
Investing in an automated system for managing compliance can bring a free flow in the organization’s regulations. Employees in the compliance department can prepare reports and lists with little effort using a digital platform to review compliance work regularly, conduct risk evaluations, and alter the program as needed.
A legal compliance management system software guarantees that all information, instructions, and papers are fully documented and audit-proof. As a result, the company’s compliance effort becomes transparent and traceable. This is critical if a violation occurs and the authorities examine compliance procedures.
How to Choose the Best Compliance Management System Software?
So far so good. We have praised software for managing compliance enough to implement one in your organization. However, if you are implementing compliance software, you are implementing the right one that fits all your requirements. With that being said, here are a few tips to choose the best compliance handling software application.
- Access your requirements and shortlist the software solutions that fit.
- Ensure that the software can automate compliance-related tasks. Plus, other features including a user-friendly interface also matter.
- Ensure that there is no steep learning curve. This is a must, especially for your non-tech employees.
- Like any other asset in your business, your compliance management system software is also an asset. So, it’s essential to set a budget for it.
- A cost vs ROI analysis will always help you make the right choice.
- Take advantage of the free trials to ensure that the software solution you are selecting is the best fit for your organization.
Top 10 Compliance Management System Software
So, now you know how to choose the best system for managing compliance. Well, go ahead, and select one for yourself. That is if you have the time for it. Fortunately, we made this shortlist of 10 of the best compliance software for you.
- DeskTrack
- Filestage
- SiteDocs
- Connecteam
- PowerDMS
- Skillcast
- HSI Donesafe
- Libryo
- Netwrix
- AuditBoard
1. DeskTrack
DeskTrack is also an employee monitoring software, which is the best for managing compliance. With its excellent time tracking, URL tracking, and other compliance features, it becomes simple for businesses to document data and stay on par with labor and fair compensation laws.
Pros:
- Centralized document hub
- Automated compliance tracking
- Risk assessment and mitigation
- Workflow automation
- Task management
Cons:
- None
| Best For | Initial Pricing | User Rating |
| Best overall | $5.99/user/month | 5/5 |
2. Filestage
Filestage is a review and approval platform. Plus, it’s also a compliance management system software. One of the best for managing marketing materials compliance, we recommend it to businesses in regulated sectors.
Pros:
- Makes marketing compliance an integrated step
- Get clear visibility into file approvals and change requirements
- Single-platform version management
Cons:
- No desktop app
- No e-sign feature
| Best For | Initial Pricing | User Rating |
| Managing marketing materials compliance | Free | 4.7/5 |
3. SiteDocs
First of all. What we like about SiteDocs is that it’s a cloud-based software for managing compliance. With applications in high-risk sectors including manufacturing, construction, and transportation, it’s one of the best solutions for managing safety compliance.
Pros:
- Easily build custom forms
- Instant access to safety documents
- Assign workers to locations
Cons:
- No video upload support
| Best For | Initial Pricing | User Rating |
| Managing manufacturing safety compliance | Quote on contact | 4.8/5 |
4. Connecteam
Other than being an all-in-one employee management system software, it is also a good compliance management system software. Connecteam also has good features for compliance handling other than excellent time tracking, scheduling, and employee training.
Pros:
- Create custom policy knowledgebases
- Set up digital checklists and forms
- Track employee training progress
Cons:
- No integrations
- Steep learning curves
| Best For | Initial Pricing | User Rating |
| Employee compliance and training | Free | 4.8/5 |
5. PowerDMS
What we like about this web-based regulatory software for managing compliance is that it’s designed for businesses of all sizes. What it does is give you a centralized platform for policy documents, training materials, and compliance requirements management.
Pros:
- Complete employee lifecycle policy and procedure management
- Track workforce accreditations
- Citizen information and satisfaction measurement
Cons:
- Feature-intensive
- Limited reporting
| Best For | Initial Pricing | User Rating |
| Public sector workforces | Quote on contact | 4.7/5 |
6. Skillcast
Another cloud-based compliance management system software on our list is Skillcast. The specialization is employee training and the software stands out at that. However, it only works in the UK.
Pros:
- Multi-topic courses access
- In-depth financial, GDPR, insurance, and risk training
- Training material branding
Cons:
- Difficult to edit
- Only serves the UK
| Best For | Initial Pricing | User Rating |
| The UK companies wanting to outsource training materials | Varies with the number of users and plan selected | 4.6/5 |
7. HSI Donesafe
Designed for modern organizations, this system for managing compliance helps teams manage and comply with all the regulations. These include risks, governance, compliances, and obligations.
Pros:
- User-friendly interface
- Customizable workflows
- Automated notifications
Cons:
- Too expensive
- Steep learning curve
| Best For | Initial Pricing | User Rating |
| Large businesses in high-risk sectors | Quote on contact | 4.7/5 |
8. Libryo
Libryo is one of the best compliance management system software you need for managing compliance in real-time. However, it is too expensive and offers limited integrations, which can be an issue for small businesses.
Pros:
- User-friendly interface
- Real-time legal and regulatory requirements change update
- Customizable dashboards
Cons:
- Too expensive
- Limited integrations
| Best For | Initial Pricing | User Rating |
| Compliance maintenance across multiple jurisdictions | Quote on contact | 4.5/5 |
9. Netwrix
Netwrix is a regulatory system for managing compliance and security, which primarily focuses on information security. With features including threat detection and access control, you can ensure that there are no data breaches.
Pros:
- A complete view of the audit trail changes
- Detect unauthorized access/changes
- Customizable compliance reports
Cons:
- Too expensive
- Complex to use without IT teams
| Best For | Initial Pricing | User Rating |
| Regulated industry organizations with dedicated IT teams | Quote on contact | 4.3/5 |
10. AuditBoard
This cloud-based compliance management system software primarily focuses on internal audit process management. With its range of audit processing tools, the process becomes simple. However, it’s too expensive.
Pros:
- Comprehensive audit and compliance processes management features
- Automates manual tasks
- Customizable
Cons:
- Complex to set up without audit and compliance teams
- Too expensive
| Best For | Initial Pricing | User Rating |
| Public sector businesses | Quote on contact | 4.7/5 |
Why is DeskTrack the Best for Managing Compliance?
DeskTrack is the best software solution for managing compliance, which is an all-rounder software in the industry. Designed for businesses of all sizes and work environments, it provides the best compliance management features. Whether you have more remote teams, on-site teams, or in-office employees, DeskTrack is the ideal choice for your legal requirements.
Conclusion
We hope you now have wrapped your heads around compliance management system software and why it is essential. As a final word, we would conclude that other than your human resources, managing regulations and audits is as important for you to successfully run your business. Back in the old days, it was done on spreadsheets, which was good. However, it was not able to stay aligned with the ever-changing work regulatory laws. That’s why you need specialized software for the same to make the processes more simple and streamlined. However, choosing only the best compliance software is essential for you to get the most advantages. Moreover, you don’t have the time for this task. Thus it’s essential to use expert shortlists. But what if you need more than just software for managing regulations? We recommend DeskTrack as the best all-rounder software, which is the best for all things workplace management.
Frequently Asked Questions (FAQ)
Q. What is Compliance Handling in HR?
Ans. Handling compliance is one of the essential core HR tasks other than payroll management. It involves ensuring that the human resource policies adhere to the best practices, laws, and regulations.
Q. What is Software for Managing Compliance?
Ans. Software solutions for compliance handling are tool integrations that simplify compliance including audit processes. Using such software’s features to your advantage helps you effectively manage legal documents and processes. Overall, it saves you more time and money to look into major business affairs.
Q. Which are the Best Software Solutions for Compliance?
Ans. To help you choose the best compliance software for your business, we listed the top 10 solutions.
- DeskTrack
- Filestage
- SiteDocs
- Connecteam
- PowerDMS
- Skillcast
- HSI Donesafe
- Libryo
- Netwrix
- AuditBoard
