Nowadays, organizations from all industries and sectors are subject to more regulations at a local, national, and international level.
A Thomson Reuters survey found that 69% of firms expected more regulatory information in the next year, with 26% expecting significantly more.
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They weren’t wrong: more than 52,000 international regulatory changes have been introduced since 2016.
Non-compliance can result in costly fines and legal fees, especially in the financial and healthcare sectors:
- Since the financial crisis of 2008, banks have paid over $204 billion in compliance-related fines and infractions.
- In 2016, banks paid an excess of $42 billion in fees for non-compliance infractions.
- In the healthcare sector, the New York-Presbyterian Hospital was slapped with a $2.2 million fine for non-compliance.
In order to comply with all these regulations and avoid any financial penalties, companies are investing in compliance software to monitor their daily operations.
In this guide, you’ll learn what compliance software is and which solution is the best fit for your business.
What is Compliance Software?
Compliance software is used to continually track, monitor, and audit business processes to ensure they are aligned with applicable legal, industry, and security requirements, organizational policies, plus consumer standards.
Compliance software covers a wide range of business processes and regulatory requirements, including industry-specific regulations and standards, such as OSHA, ISO, and Sarbanes-Oxley, corporate ethics policies, acceptable use policies, and even business partner policies.
- Compliance software that focuses on financial and accounting compliance standards, such as the Sarbanes-Oxley Act of 2002, helps organizations streamline financial documentation, audit trails, and reporting.
- Compliance software that focuses on environmental compliance standards helps organizations monitor and report emissions, hazmat procedures, and regulatory policies.
Key Features to Look for in Compliance Software
Here are seven key features to look for when selecting compliance software for your organization:
Risk management identifies and classifies various business functions with a specific risk level. These classifications enable users to manage high-risk tasks without disrupting business operations.
Policy management provides a centralized location to store and access policy documents, portfolios, and procedures. It ensures that all staff is up-to-date and familiar with the latest company policies and procedures.
An audit trail helps simplify and organize the workflow and collaboration process. Rather than sending emails back and forth when collaborating on creative projects, you can create a review and approval audit trail so that everyone can see the comments, replies, annotations, and attachments alongside the creative asset.
A compliance calendar allows you to track progress and assign tasks to other users from one simple “bird’s eye” view. You can also set up alert notifications when you add new regulations.
Compliance workflows let you assign specific tasks to individuals and track real-time progress. Each assignee is responsible for completing their task at the right time, and everyone can see precisely where the workflow slows down or fails.
Compliance alerts let you program your system to send real-time notifications whenever a task is completed, delayed, or failed. You can also add escalation alerts so that supervisors are made aware of problems and can take the necessary remedial actions.
Compliance reporting allows you to report on the rules, standards, or laws your business has to comply with. Failure to comply could lead to fines or imprisonment, so by monitoring your industry-specific KPIs, you can ensure you remain 100% compliant.
5 Best Compliance Software (By Use Case)
Not all compliance software is created equal. Some are better for marketing teams, others for data security in financial services, some for training, others for legal. Keep this in mind when choosing the best compliance software for your business requirements.
Best Software for Creative and Marketing Compliance: Ziflow
Ziflow streamlines the review and approval of creative content to help you deliver marketing projects faster by improving collaboration, centralizing feedback, and eliminating manual steps through automated workflows.
Ziflow is used by creative and digital agencies, marketing agencies, product developers, and video producers across various industries, including Healthcare, Technology, Consumer Goods, Manufacturing, Retail, and Financial Services.
Customers include Showtime, Splash Worldwide, AWS, Hilton, Weber Grills, WeatherTech, Olly, and Everyday Health.
- Automate repetitive review and approval steps to significantly reduce project management effort.
- Track progress of proofs and drill down to see the status of each stage and reviewer.
- Supports hundreds of media types, including AI, PSD, DOC, DOCX, XLS, XLSX, PPT, PPTX, JPG, JPEG, BMP, PNG, TIF, TIFF, GIF, and PDF.
- Enables real-time collaboration between team members with threaded comments, attachments on comments, simple thumbs up notations, and mentions.
- Uses version management and comparison to keep track of changes and compare proofs side-by-side using auto-inspection tools.
- Keeps your online proofing projects organized by flexible folders, tailored views and filters, or custom proof properties.
- Integrates with your existing marketing apps, like Slack and Basecamp, to help you complete creative projects faster.
- Employs a robust SOC-2 security program for the safe sharing of proofs internally or externally.
Best Software for Compliance Training: Skillcast
Skillcast is a digital learning platform for managing ethics and regulatory corporate compliance training. Their off-the-shelf course libraries provide compliance training across key topics from bribery, equality, fraud, health and safety to financial crime. Plus, financial services, GDPR, insurance, and risk.
Skillcast is used by over 500 leading companies in the UK and beyond to create compliance awareness in their organization.
Many clients use the off-the-shelf packages, while others engage Skillcast to create fully bespoke content. Some clients use the Skillcast Author platform to develop and deliver the training themselves via the Skillcast Portal.
Skillcast has three main offerings:
1. Compliance Course Libraries
Skillcast has hundreds of courses on key topics, including AML, Bribery, Equality, GDPR, Health and Safety, Information Security, and Risk.
Courses can be quickly customized or translated (by Skillcast or clients) and are accessible to users with a range of disabilities.
2. Bespoke Training Content
Skillcast develops bespoke compliance training content tailored to meet individual client requirements.
Skillcast consultants use Intelligent Learning – gamification, personalization, adaptive content, and analytics – to improve learner engagement and maximize the behavioral impact.
3. Learning Technology and Compliance RegTech
The Skillcast platform includes an award-winning Compliance Learning Management System (LMS) and innovative RegTech tools.
The LMS enables you to build and deliver all of your digital training content with one-click access to e-learning courses, robust reporting, easy tailoring, and branding, plus options for HR data integration, single sign-on, and more.
The RegTech provides add-on tools for compliance training, policy attestations, assessments, compliance registers, questionnaires, and surveys, and more.
Best Software for Health and Safety Compliance: Donesafe
Donesafe is an all-in-one Environmental, Health, and Safety (EHS) online platform that allows organizations to enter, access, and report EHS data in real-time. The software suite covers all EHS compliance, plus other functionalities such as supplier and visitor management.
Donesafe works with companies of all sizes across all industries and sectors. There are options to use out-of-the-box/pre-configured templates or build custom templates to align with specific organizational requirements.
- Remove time-heavy administrative burdens with automations.
- Configure workflows and forms quickly with the drag-and-drop builder.
- Add logic to make forms smarter with show/hide fields and pre-filled fields.
- Build custom reports that interrogate any data field within the platform.
- Create any number of uniquely tailored dashboards for each job role, site, or individual in your organization.
- Create accountability for strategic goals by measuring and monitoring key performance indicators (KPIs).
- Work offline to capture data and sync when reconnected.
- Use custom branding to make Donesafe look like your own product.
- ISO27001 compliance for added security and reliability.
Best Software for Legal Compliance: Libryo
Libryo is a legal compliance management platform that helps organizations know the law that applies to their business in every jurisdiction. It uses site-specific legal registers to help employees navigate complex regulations with clarity and certainty.
Libryo is used by multi-nationals and large corporations in over 75 countries within industries such as banking, energy, supply chain, and more to make sense of regulatory complexity.
- Includes a database of custom legal registers configured to each industry or operation type to deliver tailored content to users.
- Applies regulatory updates and informs users with real-time notifications or emails.
- Keeps all team members aligned and up-to-date with notes to see and action.
- Users can search the Libryo database by topic or keyword to find the information that matters to them.
- Delivers regulations and legal updates in simple, jargon-free language for users who have no legal knowledge.
- Built-in translations ensure that all members of global teams can understand legal requirements.
- Integrates seamlessly with Governance, Risk and Compliance (GRC) systems, management systems, risk assessments, and audit reports.
Best Software for Data Compliance and Security: Netwrix
Netwrix Auditor is a security solution that helps organizations identify and classify sensitive, regulated, or mission-critical data (including structured and unstructured data), located on-premise or on the cloud.
It also demonstrates compliance with GDPR, PCI DSS, HIPAA, SOX, GLBA, FISMA, NIST, FERPA, CJIS, NERC CIP, ISO/IEC 27001, and other security standards.
Netwrix is used by IT operations and IT security teams at financial institutions, healthcare organizations, government agencies, educational institutions, oil and gas companies, plus other verticals.
- Reduce the risk to your critical assets by identifying your top data and infrastructure security gaps.
- Automate the data discovery and classification process to protect your most critical assets first.
- Quickly get the information required by management, auditors, and other stakeholders with change, access, and configuration reports.
- Respond to suspicious activity before you suffer data breaches and system failures or get slapped with fines for non-compliance.
- Spot malicious insiders and compromised accounts with a comprehensive view of all abnormal activity alerts triggered by an individual, including their cumulative risk score.
- Locate the specific pieces of information you require to respond to ad-hoc questions from auditors.
Make Compliance a Top Priority in 2021
These are some of the top compliance software systems for different industries and use cases.
As firms face more and more regulatory laws, make sure your organization has the right software in place to help make you compliant and avoid hefty fines.
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