Today, technologies like Quantum Computing, Cryptocurrency, and Blockchain are bringing about a revolution in the foundational ways organizations conduct their business. Thus companies, irrespective of the industry they belong to, must keep a watch on each of their business processes to achieve or maintain regulatory compliance.
Looking for Compliance Management Software? Check out SoftwareSuggest’s list of the best compliance management software solutions.
A little carelessness in internal supervision and the company divulges into a high risk of non-compliance. This can lead to heavy penalties or fines.
Nevertheless, a compliance management solution prepares a business to build a healthy work culture, wherein employees have a better sense of responsibility for their tasks and work towards meeting the company’s compliance goals.
If businesses don’t meet industry standards, they open up to huge problems. Thus, a proper compliance audit can help them verify
- Records of financial departments
- Quality management standards
- HR policies
- Security of sensitive data
- Health and safety
- Environmental impact
An adequate compliance audit proves that your team and company as a whole are performing their duties up to the standard that can be trusted by the customers.
To ensure a robust compliance program with improved accountability, it is crucial to deploy compliance audit software. Leveraging one gives your compliance program the edge it needs and helps you reduce the risk of costly and non-compliant processes.
For instance, different companies are required to ensure compliance with different accounting standards. Instead of utilizing accounting software, better compliance or auditing solution can give better results.
Here, we have compiled a list of top compliance audit software that will help your business maximize the advantages.
10 Best Compliance Audit Software
LexComply is one of India’s leading GRC technology solutions providers and . It dominates the industry with its 13 SaaS-based risk and compliance management solutions. As it comes integrated with a legal library, it enables you to identify, assess, monitor, manage, and report regulatory compliances effectively.
Right from connecting the entire risk ecosystem to capturing information on crucial parameters, LexComply strengthens your company’s internal controls. Moreover, it plays a crucial role in combining the analytics and visualization areas of your organization; thus, bringing all the departments and stakeholders of the company on a single platform.
ADAudit Plus is a top on-premise auditing solution developed by ManageEngine. It is built to detect and report the changes done in a company’s Windows Active Directory. This enables users to analyze the changes while ensuring that they remain compliant with current IT regulations.
Moreover, with ADAudit Plus, organizations can make sure that crucial resources like Domain Controllers are timely audited, monitored, and reported. Besides, they can also track the user logon activity on Domain Controller with the help of email alerts and pre-configured audit reports to determine the reasons behind login failures, and more.
If you are looking forward to governing your business in a better way, compliance audit software by VComply can help you build a robust internal control framework. It facilitates you to set mandatory requirements for assigning tasks, uploading evidence or proofs of work, and escalating requests upon delay or failure.
Built on EVAS (Entrust, Verify, Analyse, Sustain) framework, this GRC platform enables you to manage compliance, assess and mitigate risks, and strengthen the governance within your organization. You can thus induce accountability and increase transparency in the processes and workflows.
Be it handling your internal or external regulatory audits, MasterControl’s compliance audit software helps you achieve this. As it is designed to automate and streamline the audit processes, it ensures that your organization meets the regulated standards.
With MasterControl, you facilitate your quality managers with all audit-related tasks; hence, enabling them to make the audit process faster, easier, and effective. They can even access critical data to recognize and understand the root causes of non-compliance issues. Further, its drag-and-drop audit scheduling calendar reduces the time invested in planning and scheduling audit resources.
Symbiant comes power-packed with a set of varied tools for managing activities related to risk, audit, and compliance. It aids companies in predicting, measuring, and managing the associated risks. It caters to its service across verticals such as banks, charities, public sectors, PLCs, and more.
Symbiant’s compliance audit tool deemed ideal for all types of regulations and compliances. Owing to its dominance in the industry, it has been ranked among the top 20 risk management solutions across the globe. Besides being flexible, intuitive, and powerful, Symbiant is the most affordable yet advanced compliance audit software available on the market.
AuditBoard lets you manage global regulatory compliance, workflows, and certifications across multiple jurisdictions from a single platform. Right from assessing compliance with reporting executive leadership, it automates and streamlines all the compliance and audit-related activities.
From documentation to training to reporting, AuditBoard captures the end-to-end compliance process. It empowers your stakeholders to detect and analyze risks as well as track the status of issues or weaknesses from a single tool. You can also collaborate with all of your compliance stakeholders, gauge the control gaps, and maintain the standards with AuditBoard.
With Donesafe, you can tackle any compliance requirements from a single tool. It gives you the ability to conduct audits and inspections from any device, on-site, or off-site. Moreover, it digitizes all licenses to quicken management.
Donesafe lets you bring your entire company to manage hazard notifications so that they receive alerts automatically when a task is not completed on time. You can even set up templates for assessing risks. Its customizable checklists and processes make running the audits efficient and straightforward. Donesafe also helps you analyze compliance with every activity.
SafetyCulture is a compliance audit software that fosters positive accountability in your compliance measures. This cloud-based compliance software enables you to perform regular audits and easily manage the document compliance tasks right from your handheld devices.
Moreover, it allows process owners to work together and develop compliance checklists so that they can take the required actions to meet the regulatory compliance standards. SafetyCulture ensures that your compliance tasks are done timely and correctly. Further, it also tracks task completion across multiple locations and gives a red flag in case of any issues so that you can make better decisions.
Businesses can identify and control risk exposure with the compliance audit software from AssurX. Thus, it eliminates non-compliance issues and improves workflow. With appropriate organization and coordination of compliance-related activities, AssurX enables easier regulatory reporting.
With in-built analytics and dashboards, it provides your compliance managers a real-time overview of the compliance status, activities, and performance metrics. Moreover, it renders complete control over your compliance tasks; thus, offering you the flexibility to tailor the solution as per your requirements and stay compliant.
MetricStream comes with an integrated framework that lets businesses assess, document, audit, control, and address risks within organizational processes. Whether the risks are related to IT, vendors, or third parties, MetricStream has got a solution for each.
You can define processes and sub-processes for risk management with MetricStream so that you can align your business operations with the compliance standards. Furthermore, it comes with advanced functionalities and content-driven features to keep your team updated with the current market trends and the training materials provided by the expert community.
While there is no dearth to the best compliance audit software in the market, choosing the right one is always challenging. However, the above-listed products will surely meet your needs and help you reduce the risk of non-compliance processes.
Fretty Francis is a digital marketing and content strategist at SoftwareSuggest, a software recommendation platform. She’s passionate about analytics, conversion rate optimization and ice-cream.