List of top Compliance Management Software in 2020
Finding the best Compliance Management Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.
Compliance management software will make sure that the organization complies with regulatory and legal compliances. There are certain rules which every organization should adhere too. A compliance software will help you gather all these compliance knowledge on one platform and will help the organizations regulate and maintain it.
The activities that are included in compliance Management 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
Many of the organization suffer due to lack of knowledge about compliance. The majority of times 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 the compliance management system software realizing their efficiency and robustness. With a mouse click, it is possible to create compliance reports to provide it to regulators, auditors, or the legal team. If you have a 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, 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 every and any given point of 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.
- 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.
1. Regulatory Intelligence
The 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 notification 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 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.
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 Management 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 a 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 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 Cost and saves time
Compliance Software automatically tracks the changes that are made to the legislation, regulations, and identifying potential issues thus making the entire process faster, 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 maintain your customer relationship. A compliance record creates the impression that you are running a trustworthy operation.
PracticeLeague's RazorCube Compliance Management is a globally recognized and one of the most comprehensive Corporate Compliance & Legal Entity Management software solutions that is designed to help all businesses from Start-ups and SMEs to Large Enterprises. View Profile
Restorepoint is a fully featured Compliance Management Software designed to serve Startups, SMEs. Restorepoint provides end-to-end solutions designed for Web App. This online Compliance Management system offers at one place.
Cloud based software for complete serialization solution from generation, commissioning and de-commissioning,Connected with major vendors for hardware and software for seamless operations.
Comindware provides non-coding workflow software for business process modeling and management, workflow automation and productivity boost. Minimize dependency on IT and empower non-technical users to design, run and modify Workflows with drag-and-drop simplicity.
HRAPP is SaaS-based HR software and complete choice for any organization to manage all time consume and tedious task of HR and Payroll. You can get a range of services that includes attendance management, statutory compliances, back-office assistance, and many other notable features.
Sage offers a complete desktop accounting software that helps you spend less time managing your accounts and more time developing your business. With its easy to use interface, Sage 50cloud Accounting has aided small businesses and entrepreneurs to operate efficiently and effectively. Special Offer: 40% off Sage 50cloud annual subscriptions | Coupon Code: D-1929-0020.
Horizon HR is a Cloud-based HR Payroll Service which provides unmatchable services with the customer-centric approach. This software offers benefits such as efficient management of staff data, secure financial transactions, and detailed reports on employee payroll. It also offers accurate and on-time compliance, a well-designed user interface and easy to go search functionality.
EM-HRMS is flagship product of Eastern Infotech. Which manages a life cycle of an employee, Also Automate all the HR Process in the company. EM-HRMS can reduce the day to day work effort by 40%. We have added module in EM-HRMS is work force management.
Paysquare will take care of the entire payroll management, right from consolidating HR/Finance & employee inputs, to the processing of payroll, providing the respective outputs and managing statutory filing, Paysquare helps you manage it all.
Komrisk is a compliance benchmark maintaining software of one of the market leader in legal and compliance management - Lexplosion whose innovative products, and solutions have caught the attention of in-house legal and compliance teams across India.
OnBlick HR & Immigration Compliance is a fully featured Applicant Tracking Software designed to serve Startups, SMEs. OnBlick HR & Immigration Compliance provides end-to-end solutions designed for Web App. This online Applicant Tracking system offers Background Screening, Workflow Management, Job Board Posting, Candidate Tracking, Interview Scheduling at one place.
Saral GST solution is a comprehensive and user-friendly return filing software to suit your diverse GST needs. Other than return filing, we also have software for accounting, billing and invoicing. With Saral GST, e-filing of GSTR is now simplified.
AppsTec is a flexible content management, which makes managing your documents easier. Right from capturing data to indexing and retrieving documents, it offers end-to-end document management solutions. Moreover, it helps reduce physical storage space while helping you save on costs and leveraging benefits.
ComplianceMantra can be adapted to suit any kind of organization irrespective of size and industry. It is ready to use with no installation hardware or 3rd party software. It is very user friendly with little or no training required. Though a dedicated service team is readily available and keen to assist in seamless transition and any implementation support required.
Octa GST is a simple and user-friendly offline return filling and reconciliation software for all types of businesses and tax professionals. Using Octa GST, GSTR-1, GSTR-3B GSTR-4, and GSTR-9 returns can be prepared. Built-in high-performance JSON to Excel Converter.
ValGenesis is fully configurable giving you the most flexibility in terms of tailoring the application to meet your corporate needs specifically. The system administrator at your site is capable of carrying out required changes to mirror your current process flow without any special programming skills required.
Quikchex is payroll built for the modern Indian SME. Through our beautiful, simple cloud interface, Business Owners, HR Managers or Accountants can run payroll in minutes. Moreover, our ground support team ensures last mile compliance, by filing and paying all PF, ESIC, PT and TDS related liabilities.
Alp Consulting Ltd is the leading payroll outsourcing software in India. Design advanced and intelligent features very accurately to manage entire oversee's process
Enactia covers essential functionality which enables your organization to manage your Privacy and Cybersecurity Governance in an efficient and effective way and most importantly to monitor your compliance with GDPR, ISO27001, ISO27701, CCPA, PDPL, and others.
GRC Envelop is a web-based work flow and document storage tool specific for the risk, audit and control environments. Mainly used for internal and external audits focused on financial, IT, HR and sales processes within large corporations.
ComplyGlobal is the cloud-based software platform that helps you govern and track your domestic and global regulatory requirements in real time to manage compliance risk. Your real-time compliance library and customized calendar – automatically created by our algorithm – facilitate compliance activities for each legal entity by automatically updating as regulations change.
V-Comply is a Governance, Risk and Compliance Management platform on the cloud that allows you to manage and track your business compliances effortlessly on the go.
LexComply enables client's to know, delegate, report, monitor and manage their regulatory compliance and internal controls with most comprehensive and integrated GRC solutions. India's Leading Compliance Management Software offering 13 SaaS-based risk and compliance management solutions for Enterprises, Advisory Firms, and Consultants.
Proactly is a web based solution to control your compliances : both Govt and regulatory. Single Library. Reminder ( Email /SMS ) and Escalation. Realtime Dashboard. Incredibly easy to use with simple pricing plan.
NEWTON ERP is successfully used by clients who are in Manufacturing, Trading & Distribution, Retail & Education Domains, both in India and Abroad.Today we are working with clients who are leaders in their own line of businesses and are successfully working on our software solutions.
Frequently Asked Questions (FAQs)
The available compliance management software can be classified into three categories. These are:
- All-purpose platforms
- Industry-specific applications
- GRC (Governance, Risk Management & Compliance) platforms
The compliance management system is prone to a few risks.
- If the system is outdated or mismatches with your requirements, issues may arise
- If the system you deployed doesn’t embody your data integrity framework, you may end losing your data
Now that the regulatory bodies have started utilizing compliance management tools and technology to audit and find non-compliant incidents, it has become crucial for businesses to meet the set standards. This is where compliance software comes into play.
When it comes to deploying the software, the choice varies as per the company’s needs. The difference between the two is – companies with on-premise solutions make use of their IT team for upgrades and maintenance, whereas those with the cloud-based system put it all in the hands of the provider.
Compliance software helps companies save time and money while enabling them to operate more efficiently and effectively. Thus, companies can work faster while ensuring that it is safe from the costs and risks inherent in rules and regulations.