Corporate regulatory compliance activities have evolved over time. Traditional risk and compliance management systems don't cater to more complex compliance requirements and legacy compliance management controls are unable to catch up to the risk management needs of modern companies. That's where corporate compliance software comes in.
These systems present the ideal risk management solution for today's enterprises and can be
If you're looking to implement a software-based compliance program at your , keep reading. In this article, I'll list the 5 best corporate compliance software for 2021.
What is Corporate Compliance Software?
Simply put, compliance management software is any virtual platform or tool that helps companies know what rules and regulations apply to them, how they can implement policies to comply with those rules, and what they need to do to avoid noncompliance.
Different companies have different and varied range of compliance requirements.
Furthermore, some regulations may apply to nine out of ten companies, while a completely different set of regulatory requirements may apply to the one.
Compliance software systems help companies keep track of which rules apply to them, while also reducing the risk of legal trouble from noncompliance, as well as business loss due to penalties.
Top 5 Corporate Compliance Software of 2021
The ideal compliance management software for your depends on the size of your workforce, the scope of operations, and location, among other factors.
That said, there are some compliance software systems that are beneficial for every enterprise, regardless of the industry it operates in, or the laws applicable to it.
Here are the 5 best corporate compliance software solutions for 2021 and beyond.
CyberOne is a governance, risk, and compliance management software that allows businesses to identify, analyze, and eliminate cybersecurity and noncompliance issues.
The system works across a variety of industries, including healthcare, retail, automotive, and financial services, among others.
CyberOne offers companies the ability to implement advanced audit management while also functioning as a progressive policy management tool. The corporate compliance program features an incident management system that highlights potential risks before they take effect.
The major benefits of the platform include:
- Enables regulatory compliance in accordance with HIPAA, PCI, ISO, and other standards
- Provides threat escalation alerts for proactive compliance
- Allows integration with several third-party applications such as SAP, Okta, and Splunk
- Managers can maintain a risk ledger containing prevalent and mitigated issues.
The platform offers a monthly subscription service with extended support.
Overall, CyberOne is the ideal compliance management solution for enterprises looking to meet data regulatory requirements while having the ability to streamline the cybersecurity risk assessment and mitigation workflow.
For more information, visit CyberOne.
MetricStream is a dedicated corporate compliance management system that offers a high level of internal compliance functionality.
The software helps companies implement real-time risk reporting and automate workflows while improving noncompliance remediation for business continuity.
MetricStream offers companies various compliance and case management capabilities, including compliance issue recognition via surveys, document management, conflict of interest disclosure, and more.
The prime benefits of the platform include:
- A centralized data hub for all compliance and quality management obligations
- The ability to generate compliance scores across processes, geographical locations, and business units
- Streamlined integration of compliance and ethical activities
- Real-time noncompliance risk reduction via increased compliance program visibility
Overall, the software is ideal for companies looking to implement a dedicated compliance management platform into their legal framework.
To learn more, visit MetricStream.
3. Enablon Compliance Management
The Enablon compliance management system is a software tool designed to highlight any and all applicable laws, rules, and regulations for companies.
An effective GRC solution, the software helps companies understand compliance policies on a , state, federal, global, and even website level. It also assists managers in implementing any required changes to regulatory policies, within the organizational framework.
The primary functionality of the software is geared towards eliminating existing compliance deviations and preventing any future instances of the same.
Some of the benefits of the platform are:
- The ability to bring all policies, permits, and regulation data in one location
- Helps improve how a manages major and minor changes to current regulations
- Provides the management complete visibility of compliance performance and requirements
- Allows companies to integrate regulatory compliance policies (code of conduct, data security, etc.) on the individual employee level
Overall, the software functions well as a one-stop compliance management system with built-in audit, inspection, and risk management capabilities, at competitive pricing.
For more information, visit Enablon.
4. Navex Global
Navex Global is a dedicated governance, risk, and compliance management platform that offers extended functionality in the area of risk mitigation and policy implementation.
The system is divided into two distinct areas, namely ethics and compliance, and risk management.
In terms of ethics and compliance, the software offers an integrated solution in accordance with various national and global regulation standards (FDA, GDPR, etc.). On the risk management side, companies get GRC management that lifecycle, IT, healthcare, and business continuity issues.
The major benefits of the platform include:
- Coverage for all major and minor areas of risk, including people, business processes, and expansion plans
- Ability to meet a wide range of regulatory requirements with added risk documentation
- Integrated ethics solutions for greater retention and fewer conflicts of interest
- Risk management tool for external risks such as supply chain disruption and vendor compliance failures
Overall, Navex Global is the ideal solution for companies seeking governance, risk, and compliance management tools and risk documentation platform in one software.
To learn more, visit Navex Global.
The Quantivate Compliance Management software is a simplified legal risk mitigation platform that provides a robust compliance management solution to companies of any size.
The platform is geared more towards knowing prevalent legal regulations, analyzing potential risks, and implementing necessary policies to avoid said risks.
It allows compliance officers and managers to monitor current regulations and requirements while organizing compliance documentation and reporting. Additionally, the software serves as a strong platform to generate and demonstrate proof of compliance to external authorities.
The benefits of the Quantivate compliance software include:
- Automated compliance management processes that help reduce human (legal) error
- Built-in compliance reporting tool for greater accountability across the board
- Real-time compliance status tracking with regulatory change alerts
- Compliance policy assessment forecast that allows managers to see how certain policies will impact the organization
Overall, Quantivate offers a simple yet effective solution for companies with fundamental risk aversion and compliance management needs.
For more information, visit Quantivate.
Things to Look For in the Ideal Corporate Compliance Software
As mentioned earlier, the is the ultimate deciding authority on what they require in a compliance management platform.
However, there are some compliance platform qualities that are beneficial to all organizations, regardless of regulatory needs.
These include, but are not limited to:
- Strong Legal Policy Tracking: Companies need to be aware of what legal requirements apply to them, at all times. The best compliance software systems track regulatory changes in real-time and immediately alert the of any change in policy.
- Broad Compliance Standard Range: The ideal compliance software contains policy integration with a wide array of both and global compliance standards.
- Effective Risk Assessment: The degree of compliance risk dictates the measures a takes to mitigate those risks. Top compliance software tools evaluate risks and propose the most effective solutions.
- Extended Support and Competitive Pricing: Since companies need their compliance solutions to expand the repertoire with operational expansion, the best platforms offer flexible and affordable pricing, as well as constant support.
Additionally, compliance management software should be highly-customizable to the needs of the host . Tools that offer customizable dashboards can help compliance managers arrange user data as per the needs of the department, and the at large.
Legal guidelines and compliance requirements are something that no organization can overlook, no matter what their circumstances are.
This brings up the need for compliance management programs that take into account the prevalent regulatory requirements of the , as well as the potentially applicable laws in the future.
When choosing such a software system for your , make sure you evaluate your immediate, median, and future compliance management needs, and adopting a software system that suits those and any future needs.