Best Compliance Management Software

What is a Compliance Management Software?

Compliance management software tracks, audits, monitors, and checks whether the business processes are aligned with organization policies, applicable laws, and the standards of business partners and consumers.

Compliance management software will make sure that the organization complies with regulatory and legal compliance. There are certain rules to which every organization should adhere to. Compliance software will help you gather all this compliance knowledge on one platform and help organizations regulate and maintain it.

The activities that are included in compliance audit software solutions are:

• Internal audits management
• Third-party audits
• Security procedures and control
• Reports preparation with appropriate documentation
• Developing and implementing new policies and procedures to ensure compliance

Classification of Compliances

Many organizations suffer due to a lack of knowledge about compliance. Most of the time they are not aware of the compliance that is applicable to them. Based on the size of the organization the number of applicable compliances may vary from 100 to 10,000. Therefore, a large number of organizations go with regulatory compliance monitoring software realizing their efficiency and robustness. With a mouse click, it is possible to create compliance reports to provide to regulators, auditors, or the legal team. If you have compliance management software all relevant documents can be managed and stored in one place and everything is backed up on a server that is operated and maintained by the compliance software provider.

The compliance software can be divided into the following category:

1. Due date based compliances

There are various statutory compliances for an Income tax return, and TDS return that every business entity has to follow on a timely basis i.e. weekly, monthly, quarterly, half-yearly etc.

2. Ongoing compliance

Every Act has a certain set of compliances that should be followed no matter what at and any given point in time by an organization. For E.g. maintenance of accounts and books, complying with HR rules and regulations, hourly and monthly wages of employees, etc.

3. Event-Based Compliances

These compliances are rare that get triggered on the occurrence of an event such as moving to a new location, changing the name, etc.

Functions of Compliance Management Software

• A complete registry that stores and manages all the regulations, citations, permits, and policies.
   
• An entire list of regulatory requirements and interpretations.
   
• An Applicability matrix to apprehend which regulations and obligations each facility is subject to.
   
• Determining the person responsible for independent regulation, policy, and permit.
   
• Report Generation on owners who are responsible for the regulation, policy, and permit.
   
• Automatic triggering on non-compliance Requirements.
   
• Follow-ups on activities designed to address non-compliance.
   
• Identifying new and updated regulatory obligations to streamline compliance efforts.
   
• Update future tasks related to regulatory changes.

Features of Compliance Management Software

1. Regulatory Intelligence

The regulatory compliance management software should integrate, capture, store, and monitor regulations from reliable and authoritative regulatory content sources. The software should also automatically map regulatory updates to risk, controls, and policies and help the business stay informed on such updates through automated notifications and alerts.

2. Compliance Environment and Process Design

It should create a structured and logical control hierarchy that is internal to the organization. This should also include processes, assets, and risk control with proper linkages between data elements. In addition to these, the software should also maintain associated policies and procedures, filing templates, reporting requirements, and schedules for various regulations.

3. Compliance Assessments and Survey

The legal compliance management software should design control tests or self-assessment plans by forming surveys and questionnaires. The collected samples should be then assigned to control owners, testers, and assessors. Document the result of the control tests and self-assessments, capture non-compliance issues, etc.

4. Reporting and metrics

We should give complete visibility about the compliance management processes through graphical representation in the form of dashboards that are equipped with drill-down capabilities. It should support configurable that can monitor key control attributes, process ownership, and similar other factors.

Some other things that your legal compliance Software should do to protect your business:

• Keep employees updated about Compliance Responsibility always.
   
• Includes Compliance Requirements plus improves business processes.
   
• Keeps an eye on the processes to make sure they are compliant.
   
• Corrects and updates the documentation as and when required.

Advantages of using a Compliance Management Software

1. Stays up to date

Using compliance Management solutions can help you save time and money, especially while tracking and implementing new rules, legislation, and standards. In the absence of compliance software, it used to take one dedicated resource who would read all new regulations and determine if the organization was affected.

If it does then necessary changes need to be implemented. On the other hand, compliance monitoring software can automatically track both internal and external changes and identifies processes and operations that are not compliant with new standards. This means you can also track what is happening while simultaneously focusing on other big things happening in the organization.

2. Risk Management

Compliance Management System allows risk management and assessment to be optimized. Since it is software that is tracking the changes, potential issues can be identified in the early stages before they become big problems. With a better understanding of the risks, better decisions can be made by the organizations about how and when things need to be changed.

3. Improves Business Processes

Compliance software solutions are not just about concentrating on the negatives like what are the consequences if the organization is non-compliant with new regulations or what are the risks associated when a process is revised, the open source compliance management software will also help in refining and improving business processes.

The data mined after running a hypothetical change can help a business determine what are the best changes the organization can incorporate and how this will affect their productivity and profits. So, having Legal compliance software will not only help you comply with the new regulations but will also help you increase your business productivity.

4. Reduces Costs and saves time

Compliance tracking software automatically tracks the changes that are made to the legislation, and regulations, and identifies potential issues thus making the entire process faster, and easier than before. It also reduces human errors that could lead to fines, legal nightmares, or unnecessary or costly changes to business operations. Thus, OCM helps you target the most cost-effective solution for your business while taking into consideration both operations and compliance.

5. Build trust with your customer base

If you are unsuccessful in protecting your customer credit card information and if fraudulent purchases are made you will lose your potential customers and their trust. But complying with federal laws means that you are giving your best to keep the customers safe and maintain your customer relationship. A compliance record creates the impression that you are running a trustworthy operation.

Top 3 Compliance Management Software

1. Complinity

Complinity is a Compliance Management Software that helps you track and monitor your statutory, regulatory and internal compliances. It helps large organizations (typically with 100 Cr+ turnover) to digitize, automate and work collaboratively on a single platform. This helps avoid non-compliance and minimize financial and non-financial risks like license cancellation.

Complinity helps identify compliances based on location and industry, which are then mapped to the people responsible. Complinity’s compliance team also updates the users with daily legal updates. 

Complinity has a suite of modules integrated into a single platform which includes Compliance, Legal Updates, Secretarial, Assessments, Registrations, Insurance, Document Management, Tasks, Contract, Litigation, Audits, Internal Controls and Enterprise Risk Management.

Complinity’s Pros

• Comprehensive: 12+ Governance, Risk & Compliance (GRC) modules and daily legal updates on 2000+ Laws and 26,000+ Compliances.
• Integrated: All modules are fully integrated with common masters and inter-module linkages.
• Mature: Robust product developed over 6+ years with extensive customer usage and feedback.
• Quarterly Upgrades: Aggressive and agile product development roadmap for the future.
• Secure: Data hosted on Amazon servers with 256-bit encryption and robust info-sec controls.
• Knowledge & Expertise: In-house expert team of Chartered Accountants, Company Secretaries, Lawyers and Technology Professionals.
• Organizational Strength: Fast-growing Venture Funded Company, ISO 9001 and ISO 27001 certified.
• Great Traction: 10000+ happy users and growing.

Complinity’s Cons

• Intended only for medium and large companies (typically 100 Cr + turnover), Listed Companies, MNCs, PSUs and funded startups.
• It is only for customers who are serious about compliance management.

Complinity USP

• Large database of Compliances (over 25,000) covering 50+ industry verticals.
• Daily legal updates.
• Intuitive user interface.
• Trusted by 1000+ legal entities and 10,000+ users all over India.
• Highest standards of quality and data security (ISO9001, ISO27001, SOC2 and more).

2. Komrisk

Komrisk is a complex regulatory compliance management software that helps manage and track compliance risk across various operating units and industries in India and other countries. The platform is SAAS based with API integration.

Features

• Controls Testing
• Archiving & Retention
• Audit Trail
• HIPPA Compliance

Komrisk’s Pros

• Comprehensive: Detailed reporting, incident management, environmental compliance,28,000 compliances with periodic compliance updates and real-time updates.
• Mature: Potent product developed with detailed customer usage and feedback.
• Knowledge and Expertise: In-house team of lawyers, subject matter experts and technology professionals.
• Great Traction: 500+ Indian companies, 

Komrisk’s Cons 

• The compliance mapping process is tedious
• The team members will need more training.
• The incident management facilities need improvement.

Komrisk’s USP

• User-friendly
• Great customer service
• Among the first to introduce a mobile app on Android and iOS.

3. CMW Tracker 

CMW Tracker is a web-based workflow compliance management software that provides a visual interface for companies and offers pre-built applications for sales, marketing, finance, administration and other departments. It has both cloud-based and on-premise deployments. 

Features

• Customizable dashboard
• Task progress tracking 
• Business process control
• Forms management

CMW Tracker’s Pros

• Comprehensive: Compliance and policy management, time tracking, audit trail, and open API for inbound and outbound.
• Integrated: Pre-integrated with MS Outlook and Microsoft Project
• Mature: Well-developed product with extensive customer usage and feedback. 
• Knowledge and Expertise: In-house team of experts

CMW Tracker’s Cons

• Challenging for technical teams to implement complex algorithms
• The software is glitchy at times
• It has limited customizable features

CMW Tracker’s USP

• Easy-to-use interface
• Advanced analytics and reporting
• No coding and IT external support
• User-friendly

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