What is Regulatory Compliance? Regulatory compliance refers to the process of adhering to laws,...
What is a regulatory compliance software?
Regulatory compliance software tools are used to automate the process of complying with various regulations. Compliance tasks that are typically performed manually can be automated with this software, saving businesses time and money.
With regulatory compliance software, businesses can:
- Automate the process of filing required paperwork
- Maintain accurate records of compliance-related activities
- Stay up-to-date on changes to regulations
- Monitor compliance risks
There are a variety of regulatory compliance software tools available, each with its own set of features. When choosing a tool, businesses should consider their specific needs and requirements.
Some popular regulatory compliance software tools include:
- GRC (Governance, Risk, and Compliance) Platforms
- Policy Management Software
- Audit Management Software
- Contract Management Software
Businesses can use regulatory compliance software to automate a variety of tasks, including:
- Filing required paperwork
- Maintaining records of compliance activities
- Staying up-to-date on regulatory changes
- Monitoring compliance risks
The benefits of using regulatory compliance software include:
- Reduced paper waste
- Decreased wear and tear on office equipment
- Increased efficiency and accuracy
- improved compliance posture.
WHAT ARE THE BEST COMPLIANCE SOFTWARE IN 2022 and 2023?
1. ProcessGene GRC:
ProcessGene is one of the best compliance software platforms on the market. It's a complete GRC solution that helps businesses automate their compliance processes. With ProcessGene, businesses can manage all aspects of their compliance program, from risk management to audit preparation. The GRC software solutions are implemented within days, immediately creating visibility and centralized control.
2. Wdesk:
Wdesk is a cloud-based compliance software platform that helps businesses manage their compliance programs. With Wdesk, businesses can collaborate on compliance tasks, automate compliance processes, and stay up-to-date on regulatory changes.
3. Deltek Costpoint:
Deltek Costpoint is a comprehensive ERP system that includes a robust compliance module. With Deltek Costpoint, businesses can manage their compliance programs from a single platform.
4. Effivity:
Effivity is a cloud-based compliance management platform that helps businesses automate their compliance processes. With Effivity, businesses can manage all aspects of their compliance program, from risk assessment to audit preparation.
ManageEngine ADAudit Plus is a compliance software platform that helps businesses audit their Active Directory environment. With ADAudit Plus, businesses can track who has access to what, identify potential security risks, and stay compliant with regulatory requirements.
6. Interfacing:
Interfacing is a cloud-based compliance software platform that helps businesses manage their compliance programs. With Interfacing, businesses can automate compliance tasks, stay up-to-date on regulatory changes, and collaborate on compliance projects.
7. MeazureUp:
MeazureUp is a cloud-based quality management software platform that includes a compliance module. With MeazureUp, businesses can manage all aspects of their compliance program, from creating policies to conducting audits.
8. Cetec ERP:
Cetec ERP is a comprehensive ERP system that includes a robust compliance module. With Cetec ERP, businesses can manage their compliance programs from a single platform.
9. ProCalV5:
ProCalV5 is a cloud-based compliance software platform that helps businesses manage their compliance programs. With ProCalV5, businesses can automate compliance tasks, stay up-to-date on regulatory changes, and collaborate on compliance projects.
10. HIPAA One:
HIPAA One is a compliance software platform that helps businesses manage their HIPAA compliance programs. With HIPAA One, businesses can automate compliance tasks, stay up-to-date on regulatory changes, and collaborate on compliance projects.
11. Apiax:
Apiax is a compliance management platform that helps businesses automate their compliance processes. With Apiax, businesses can manage all aspects of their compliance program, from risk assessment to audit preparation. Apiax makes it easy for financial institutions to remain compliant in their core processes and activities.
12. ComplianceBridge:
ComplianceBridge™ is a cost-effective compliance software spanning policy and procedure management, and efficient risk, audit and assessment management.. With ComplianceBridge, businesses can automate compliance tasks, stay up-to-date on regulatory changes, and collaborate on compliance projects.
13. SAI360:
SAI360 is the leading provider of GRC, Learning, EHS, and Sustainability software. Our unified approach to risk management is what sets us apart, helping organizations across the globe manage risk, create trust, and achieve business resilience for over 25 years.
14. AuditBoard:
AuditBoard is a cloud-based compliance software platform that helps businesses automate their compliance processes. With AuditBoard, businesses can manage all aspects of their compliance program, from risk assessment to audit preparation.
15. Qualsys EQMS:
Qualsys EQMS is a cloud-based compliance management platform that helps businesses automate their compliance processes. With Qualsys EQMS, businesses can manage all aspects of their compliance program, from risk assessment to audit preparation.
16. ProcessMAP:
Integrated EHS Platform. Your One-Stop Solution For End-to-End Health & Safety Needs
Eliminate data silos and drive business value with an integrated EHS software platform.
17. Greenlight Guru:
Helping you improve the quality of life by managing all your quality, regulatory, clinical, and product development activities across the entire device lifecycle in a single, purpose-built platform.
18. ComplianceMetrix:
With the CMX1 Platform, you can manage your locations, products, and supply chain partners — more effectively, more easily, and more confidently.
19. Intelex:
Intelex is a cloud-based EHS software platform that includes a compliance module. With Intelex, businesses can manage all aspects of their compliance program, from creating policies to conducting audits.
Compliance Management Software
Compliance management software is a tool that helps organizations keep track of their compliance obligations and ensure that they are being met. It can help to automate compliance-related tasks, such as creating and updating policies, monitoring compliance status, and generating reports. Compliance management software can also provide visibility into an organization's compliance risks and help to identify potential areas of non-compliance.
Compliance management software can be used by organizations of all sizes to help them meet their compliance obligations. It can be particularly useful for large organizations with complex compliance requirements, such as those in the financial services industry. Compliance management software can also be used by small businesses and startups that may not have the resources or expertise to develop their own compliance management systems.
There are a number of different compliance management software solutions available on the market, and the right solution for an organization will depend on its specific needs and requirements. Some of the factors that should be considered when choosing a compliance management software solution include the size of the organization, the nature of its business, and the complexity of its compliance requirements.
Once an organization has decided to implement a compliance management software solution, it is important to select a tool that is easy to use and that meets the specific needs of the organization. The selected software solution should be able to integrate with the organization's existing systems and processes, and it should be scalable so that it can grow with the organization. Additionally, the chosen solution should be able to provide the organization with the ability to track and report on its compliance status.
When selecting a compliance management software solution, it is also important to consider the cost of the solution. Some compliance management software solutions can be expensive, so it is important to compare the costs of different solutions before making a purchase. Additionally, some compliance management software solutions may require a subscription fee, so it is important to determine whether the solution will be used on a one-time basis or on an ongoing basis.
What is a governance, risk and compliance (GRC) software?
Governance, risk and compliance (GRC) software is a tool used by organizations to manage their governance, risk and compliance processes: from identifying and assessing risks, to developing and implementing policies and controls, to monitoring compliance with regulations.
GRC software helps organizations to automate and streamline their processes, and to better manage and monitor their compliance with laws and regulations:
GRC software can be used for a variety of purposes, including risk management, incident response, audit and compliance management.
GRC software can be deployed in a variety of ways, including on-premises, cloud-based or hybrid deployments.
There are a number of vendors that offer GRC software, including IBM, Oracle, SAP, and Microsoft.
GRC software can be customized to meet the specific needs of an organization.
When selecting GRC software, it is important to consider the features and functionality that are most important to your organization.
GRC software should be integrated with other enterprise applications, such as enterprise resource planning (ERP) and customer relationship management (CRM) software.
GRC software should be able to scale to meet the needs of your organization as it grows.
Choosing a governance, risk and compliance (GRC) software:
When considering purchasing governance risk and compliance (GRC) software, it is important to first consider what your specific needs are. GRC software can be very comprehensive, covering everything from enterprise risk management to IT security, or it can be more focused on a particular area like environmental health and safety. Once you have an idea of the breadth of coverage you need, you can begin to narrow down your options by looking at features, functionality, and price.
Some key features to look for in GRC software include:
Enterprise risk management: The ability to track and manage risks across the enterprise, including identifying, assessing, and responding to risks.
Policy management: A central repository for all company policies, procedures, and standards. The ability to track and report on compliance with policies is also important.
Audit management: Tools for planning, executing, and reporting on audits. The ability to track audit findings and corrective actions is also important.
Compliance management: The ability to track compliance with laws, regulations, and internal policies. The ability to create and manage a compliance program is also important.
IT security: The ability to track and manage IT security risks. The ability to monitor compliance with IT security policies is also important.
Environmental health and safety: The ability to track and manage environmental health and safety risks. The ability to monitor compliance with environmental health and safety policies is also important.
Price is always a consideration when purchasing software, but it is important to remember that you get what you pay for. GRC software is a complex and important tool, so it is worth investing in a quality product. Be sure to compare features and prices before making a final decision.
Compliance Software Examples
HIPAA Compliance Software:
The Health Insurance Portability and Accountability Act (HIPAA) is a federal law that requires healthcare organizations to protect the privacy of patient health information. HIPAA compliance software is a tool used by healthcare organizations to manage their compliance with HIPAA regulations.
HIPAA compliance software helps healthcare organizations to automate and streamline their processes, such as creating and managing policies, training employees, and conducting audits.
HIPAA compliance software can be deployed in a variety of ways, including on-premises, cloud-based or hybrid deployments.
There are a number of vendors that offer HIPAA compliance software, including IBM, Oracle, SAP, and Microsoft.
When selecting HIPAA compliance software, it is important to choose a product that offers comprehensive coverage of all four areas of the HIPAA regulations:
-Administrative Safeguards
-Physical Safeguards
-Technical Safeguards
-Organizational Safeguards
The software should also offer features like the ability to track and manage risks across the enterprise, identify potential risks, and assess the impact of risks.
GDPR Compliance Software:
The General Data Protection Regulation (GDPR) is a new EU data privacy law that will come into effect on May 25, 2018. The GDPR will replace the existing EU data protection framework, the General Data Protection Regulation (GDPR).
GDPR compliance software is a tool used by organizations to help them comply with GDPR regulations. GDPR compliance software helps organizations to automate and streamline their processes, such as creating and managing policies, training employees, and conducting audits.
GDPR compliance software can be deployed in a variety of ways, including on-premises, cloud-based or hybrid deployments.
There are a number of vendors that offer GDPR compliance software, including IBM, Oracle, SAP, and Microsoft.
SOX Compliance Software:
The Sarbanes-Oxley Act (SOX) is a federal law that requires public companies to establish internal controls and procedures for financial reporting. SOX compliance software is a tool used by public companies to help them comply with SOX regulations.
SOX compliance software helps organizations to automate and streamline their processes, such as creating and managing policies, training employees, and conducting audits.
SOX compliance software can be deployed in a variety of ways, including on-premises, cloud-based or hybrid deployments.
There are a number of vendors that offer SOX compliance software, including IBM, Oracle, SAP, and Microsoft.
ISO 27001 Compliance Software:
ISO 27001 is an international standard for information security management. ISO 27001 compliance software is a tool used by organizations to help them comply with ISO 27001 regulations.
ISO 27001 compliance software helps organizations to automate and streamline their processes, such as creating and managing policies, training employees, and conducting audits.
ISO 27001 compliance software can be deployed in a variety of ways, including on-premises, cloud-based or hybrid deployments.
There are a number of vendors that offer ISO 27001 compliance software, including IBM, Oracle, SAP, and Microsoft.
CCPA Compliance Software:
The California Consumer Privacy Act (CCPA) is a new California data privacy law that will come into effect on January 1, 2020. The CCPA will replace the existing Californian data protection framework, the Online Privacy Protection Act (OPPA).
CCPA compliance software is a tool used by organizations to help them comply with CCPA regulations. CCPA compliance software helps organizations to automate and streamline their processes, such as creating and managing policies, training employees, and conducting audits.
CCPA compliance software can be deployed in a variety of ways, including on-premises, cloud-based or hybrid deployments.
ADA Compliance Software:
The Americans with Disabilities Act (ADA) is a federal law that prohibits discrimination against people with disabilities. ADA compliance software is a tool used by organizations to help them comply with ADA regulations.
ADA compliance software helps organizations to automate and streamline their processes, such as creating and managing policies, training employees, and conducting audits.
ADA compliance software can be deployed in a variety of ways, including on-premises, cloud-based or hybrid deployments.
There are a number of vendors that offer ADA compliance software, including IBM, Oracle, SAP, and Microsoft.
PCI Compliance Software:
The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to protect businesses and consumers from data breaches. PCI compliance software provides a way to automate and streamline the process of PCI compliance. The software should offer features like the ability to track compliance with PCI DSS requirements, create and manage policies, and conduct audits.
There are a number of vendors that offer PCI compliance software, including IBM, Oracle, SAP, and Microsoft. When selecting PCI compliance software, it is important to choose a product that offers comprehensive coverage of all six areas of the PCI DSS:
-Build and Maintain a Secure Network
-Protect Cardholder Data
-Maintain a Vulnerability Management Program
-Implement Strong Access Control Measures
-Regularly Monitor and Test Networks
-Maintain an Information Security Policy
The software should also offer features like the ability to track and manage risks across the enterprise, identify potential risks, and assess the impact of risks.
Risk Management
As your business grows, so do the risks it faces. An effective risk management strategy is essential to protecting your business from potential losses. Risk management is the process of identifying, assessing, and responding to risks.There are three types of risks that all businesses face: financial, operational, and reputational. Financial risks include things like market risk, credit risk, and interest rate risk. Operational risks include things like supply chain risk and technology risk. Reputational risks include things like regulatory risk and reputation loss.
When selecting GRC software, look for a product that offers comprehensive coverage of all three types of risks. The software should also offer features like the ability to track and manage risks across the enterprise, identify potential risks, and assess the impact of risks.
Policy Management
A key component of any compliance program is having a central repository for all company policies, procedures, and standards. Policy management software provides a way to store, track, and report on compliance with policies. It is important to choose a policy management software that is easy to use and provides the ability to track compliance with multiple policies.
Audit Management
Another important component of a compliance program is audit management. Audit management software provides a way to plan, execute, and report on audits. The software should offer features like the ability to track audit findings and corrective actions.
Audit Business Processes
As your business grows, you will need to periodically review and audit your business processes. Audit management software provides a way to automate and streamline the process of auditing business processes. The software should offer features like the ability to track audit findings and corrective actions.
Training Management
Employee training is an important part of any compliance program. Training management software provides a way to automate and streamline the process of employee training. The software should offer features like the ability to track compliance with training requirements, create and manage training courses, and deliver training content.
Reporting
GRC reporting is an important part of any compliance program. Reporting software provides a way to generate reports on compliance with policies, procedures, and standards. The software should offer features like the ability to track compliance with multiple policies, generate reports on demand, and schedule reports.
GRC software is a vital tool for any organization that wants to ensure compliance with laws and regulations. The software can help organizations to automate and streamline their compliance processes, such as creating and managing policies, training employees, and conducting audits.
There are a number of vendors that offer GRC software, including IBM, Oracle, SAP, and Microsoft. When selecting GRC software, it is important to choose a product that offers comprehensive coverage of all three types of risks: financial, operational, and reputational. The software should also offer features like the ability to track and manage risks across the enterprise, identify potential risks, and assess the impact of risks.
Glossary:
Regulatory compliance: meeting the requirements of laws and regulations.
Risk management: the process of identifying, assessing, and responding to risks.
Financial risk: the potential for loss due to factors such as market risk, credit risk, and interest rate risk.
Operational risk: the potential for loss due to factors such as supply chain risk and technology risk.
Reputational risk: the potential for loss due to factors such as regulatory risk and reputation loss.
GRC software: a software application that helps organizations to automate and streamline their compliance processes, such as creating and managing policies, training employees, and conducting audits.
Policy management: the process of storing, tracking, and reporting on compliance with policies.
Audit management: the process of planning, executing, and reporting on audits.
Training management: the process of automating and streamlining the process of employee training.
Reporting: generating reports on compliance with policies, procedures, and standards.
Regulatory requirements: the requirements of laws and regulations.
Applicable laws: the laws and regulations that apply to an organization.
Compliance management system: a system that helps organizations to manage compliance with applicable laws and regulations.
Corporate Compliance program: a set of policies, procedures, and controls designed to ensure compliance with applicable laws and regulations.
Associated safety data sheets: the safety data sheets that must be provided with a product when it is sold or used.
Risk assessment: the process of identifying, assessing, and responding to risks.
Industry specific regulations: the regulations that apply to a particular industry.
Compliance alerts: notifications of changes in laws and regulations that may impact an organization.
FDA: the US Food and Drug Administration.
Sarbanes-Oxley Act (SOX): a US law that requires public companies to maintain accurate financial records and disclose any material changes in their financial condition.
HIPAA: the US Health Insurance Portability and Accountability Act.
PII: personally identifiable information.
PCI DSS: the Payment Card Industry Data Security Standard.
FERPA: the US Family Educational Rights and Privacy Act.
