Ensuring your business environment remains compliant with government regulations is always a challenge. No matter the size of the business, a considerable amount of money goes into this continuous process. Before this article discusses the different tools that will transform your compliance stack, let us first define what compliance and compliance software are.
What Is Compliance?
In the corporate world, compliance refers to the ability of your company to act according to the laws, regulations, and standards that apply to your business. When determining the compliance laws applicable to your business, ask yourself the following questions:
• Are you a public or private company?
• In which sector do you operate (healthcare, automotive, etc.)?
• What are the laws and regulations in your region?
• Do you use confidential information of clients?
What Is Compliance Software?
Compliance software is a program or tool used by businesses to track, monitor, and regulate their business processes. This is done continuously to ensure that a business operates according to the compliance standards relevant to the industry.
Compliance software helps protect your organization’s public image. Several fines and lawsuits could be avoided by employing the right compliance software. Although its main use is to ensure government standards are maintained, it also helps the internal aspect of your business by regulating employee behavior and productivity.
Whether it be simple tools like jsign, or a comprehensive regulatory platform like Libryo, the importance of compliance tools can’t be overstated.
Let us now move on to the tools that should not be left out when completing your compliance software stack.
Qualityze is a management tool designed to monitor the end-to-end quality control of the product to help businesses achieve quality optimization. It can be set to help you comply with the appropriate compliance regulations in quality control in your industry.
The tool achieves this by helping your business design modules on compliance management and design management. It also has the added benefit of training modules that help build employee competence.
Resolver is a risk management tool that can be used across various industries, such as manufacturing, retail, and tech. It works by assessing and determining the outcomes of different business actions.
This is achieved by conducting root cause analysis, which helps identify breaches in compliance.
Resolver offers a comprehensive IT compliance and ethics management program that is easy to use and integrate into your business.
A cloud-based platform that works autonomously, Libryo helps you identify the compliance laws applicable to your business. It does this by tracking and filtering site-specific registers, making navigating all the regulations that pop up clear and easy.
Libryo offers your business a legal register updated in real time on all laws and legislation dealing with compliance in your industry.
As with most compliance software, it also offers training on how to be consistent with your compliance.
This compliance tool uses machine learning and computer vision technologies. It mainly targets compliance standards for those living with disabilities.
The application improves visual impairments by adjusting the interface of company websites. By using AI technology, the tool increases web accessibility by making further adjustments to the screen-reader and keyboard navigation options. This benefits and helps those with visual disabilities and motor impairments.
5. Diligent Entities
This is a compliance software that helps in the centralization and management of corporate data. Diligent Entities can act as the storehouse of your corporate filing and records.
It integrates different business areas, such as tax, finance, and legal, into a single system, so compliance is easier to monitor. This information can then be accessed at any time by external auditors when reporting for compliance requirements.
6. LogicManager – Integrated Risk Management and Compliance
LogicManager offers an integrated risk management and compliance platform that enables organizations to streamline their risk assessment and compliance processes. It provides tools for identifying, assessing, and mitigating risks while ensuring adherence to regulatory standards. The platform’s dashboards and reporting capabilities help visualize compliance efforts effectively.
7. ComplyAssistant – Healthcare Compliance Management
ComplyAssistant specializes in healthcare compliance management. It offers solutions to help healthcare organizations navigate complex regulations such as HIPAA and HITECH. The software provides tools for conducting risk assessments, managing policies, and ensuring patient data privacy and security.
8. Procipient – Financial and Regulatory Compliance
Procipient is a comprehensive software designed for financial institutions to manage their regulatory compliance requirements. It offers features for risk assessment, internal audit management, and regulatory reporting. The platform helps financial organizations maintain compliance with regulations such as Sarbanes-Oxley (SOX) and Anti-Money Laundering (AML).
9. Zenefits – HR and Employee Compliance
Zenefits provides an HR and compliance platform that helps businesses manage employee-related compliance tasks. It offers tools for onboarding, benefits administration, and time tracking while ensuring compliance with labor laws and regulations. The software helps organizations maintain accurate employee records and adhere to employment regulations.
10. SAP GRC – Enterprise Governance, Risk, and Compliance
SAP GRC (Governance, Risk, and Compliance) is an enterprise-level solution that offers a comprehensive suite of tools for managing governance, risk, and compliance requirements. It covers areas such as risk management, access control, and regulatory compliance. The platform is suitable for large organizations that require a robust and integrated approach to compliance management.
These are some tools you may include in your compliance software stack. It must be noted, though, that because compliance tools need to be accessed by external auditors at times, there is a need for sufficient cybersecurity to protect your businesses from outside threats. These may include malware, compromised passwords, and data breaches.
Failure to meet compliance standards is not excusable, especially with the global landscape as it is. Access to information is much easier with the advent of technology. There is no need to risk damaging your business’s reputation when solutions are readily accessible.
Compliance software is designed to ease productivity loss and avoid the stress involved in legal liabilities. Although meeting compliance standards is a difficult task, compliance software makes the process bearable. When you have the right tools on hand, you may be assured of smooth business operations.