The consequences of non-compliance in your business are huge! Noncompliance can result in financial penalties and lawsuits, among other legal liabilities. Don’t let the federal bureau make hard audits on your business’s account. Keep your business in touch with the applicable laws, regulations, and standards — a compliance management software can help you with this.
16+ Compliance Management Software
4. ManageEngine ADAudit Plus CMS
5. Deltek Costpoint
6. vRealize Configuration Manager
7. Thomson Reuters Compliance
9. Compliance 360
10. Hipaa one
What Is Compliance Management Software
Compliance management software (or corporate compliance and oversight tools) is used to consistently track and audit how business processes remain in line with applicable laws, organizational policies, and the standards of consumers and business partners. This software is generally leveraged by mostly large organizations and businesses, especially those in pharmaceutical, manufacturing, financial services, etc., to take an automated approach to address compliance requirements and issues.
Further, there are three kinds of compliance management systems in the market: all-purpose compliance management platforms, industry-specific compliance management tools, and governance, risk, and compliance (GRC) software. All-purpose compliance management platforms provide generic capabilities for corporate compliance and oversight across industry verticals. Another type is known as industry-specific tools, which help businesses meet specific legislative and commercial requirements. Lastly, GRC platforms — offer generic compliance management features in conjunction with a broader set of functionalities for risk management and corporate governance.
No matter the size or nature of your business, compliance management is an important part of your operations. Without it, you risk getting your business shut down. You can’t just take a bare bone approach to compliance management if you are to ensure your business thrives. This is why it’s important to invest in a compliance management system. Not sure about it? Here are some ways compliance management software can help your business:
– reduced legal risks
– simplified tracking of regulations
– simplified compliance tracking
– automated compliance activities (compliance monitoring, approvals, notifications, etc.)
– improved business reputation
– reduced operational costs
Beyond industry regulations and standards, compliance management software covers a huge range of business processes and policies (e.g., corporate ethics, acceptable use, business partner, etc.). Thus, it’s no surprise that compliance platforms are diverse in their functionality, which includes the following components:
– Policy management and compliance registry
– Controls monitoring
– Compliance reporting
– Audit management
– Regulatory intelligence and change management
– E-learning for compliance training
– Survey tools
– Conflicts management
– Fraud management
– Multilingual interfaces
Top 10 Compliance Management Software
ProCalV5 by Prime Technologies is a computerized maintenance management system designed for mid-size and large businesses with features including asset management, inventory tracking, predictive and preventive maintenance, among others.
Prime Technologies, the company, has 30 employees and makes $5M in revenue.
2. Digital Business Transformation Suite
Enterprise Process Center, by Interfacing Technologies, is a business process management (BPM) suite that offers businesses several digitalization and management programs within a single platform. Interfacing Technologies, the company, has 269 employees and makes $50M in revenue.
3. ManageEngine EventLog Analyzer
ManageEngine’s EventLog Analyzer is an on-premise log management solution designed for businesses of all sizes across all industries, with features including log management, server log management, and more.
ManageEngine has 4,000 employees and makes $141M in revenue.
4. Optial SmartStart
Optial SmartStart is a cloud-based GRC solution serving businesses of all sizes in industries like banking, insurance, manufacturing, and retail. Optial has 27 employees and makes $5M in revenue.
NameScan is an anti-money laundering (AML) solution that helps enterprises prevent financial frauds and counter-terrorism financing (CTF) activities. NameScan has 67 employees and makes $13M in revenue.
FileHold offers a document management software with features including audit trails, forms processing, electronic signature, and more, to help organizations transition to a paperless work environment. FileHold Systems has 34 employees and makes $6M in revenue.
7. Nlyte DCIM
Nlyte DCIM by Nlyte Software helps businesses with planning, managing, and automating the entire infrastructure lifecycle. Nlyte Software has 150 employees and makes $36M in revenue.
8. SAP Litmos
SAP Litmos is a cloud-based continuous learning platform that consolidates learning management, the extended enterprise, prepackaged content, and a content management system to help organizations meet their training needs. SAP Litmos has 250 employees and makes $18B in revenue.
DriveStrike is a data breach protection solution for businesses to help them locate, track, lock, and wipe all electronic devices across multiple locations to avoid lost devices and other threats. DriveStrike has a company size of 22 employees and makes $4M in revenue.
Sofvie is a web-based collaborative intelligence system that enhances communication and risk management in the workplace. Sofvie has a company size of 28 employees and makes $5M in revenue.
How Long Does Compliance Management Software Take to Set Up?
Compliance management software may take a matter of minutes to set up.
Can I Cancel My Use Anytime?
Yes, you can. Most vendors may require you to provide a 30-day notice prior to your account’s cancelation before the automatic renewal, which occurs on an annual basis.
Does the Software Work Offline?
Most compliance management softwares are cloud-based, which means it will require an internet connection for accessibility.
With optimized compliance, your business can avoid disastrous reputational damage, loss of client, and issues with business relationships and trade. It’s hard to keep your business in touch with the regulatory standards, that’s why it’s imperative to have proactive and preventive compliance measures in place. Using compliance management software, you can do all these with ease.
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