Top Compliance Management Software in India
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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.
End-to-end Corporate Compliance & Entity Managemen
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
Compliance - for a cause
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.
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.
A Way to manage compliances
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.
Compliance Management Solution
A web-based, enterprise-wide solution to better understand, manage, track and control the compliance activities across the organization. Proind Compliance Controller is an enterprise-class compliance management solution that provides central repository of all your compliances with 24x7 accesses to all your data, files and document.
Governance, Risk & Compliance Software
A unique Cloud based Compliance Monitoring and Tracking Software which cover all Central, State and Industry Specific Compliances with Real Time Dashboards, Alerts, Escalations & Reports. Quarterly Version upgrades with new functionalitie and Modules, Dedicated team.
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.
Cloud Based Compliance Management & Tracking
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.
Non-coding workflow management software
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.
Paperless Valdiation Software for Life Sciences
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.
GRC -Regulatory Contractual & Internal Compliances
Ricago Compliance Management System (CMS) is an enterprise-class compliance management system capable of effectively tracking & managing compliance items, notices, and critical action items related to regulatory & internal compliance requirements of an organization.
Compliance Management, Compliance software
Comprehensive modular regulatory risk and compliance management suite for oil and gas, banking, finance, power & utilities sectors. Predict360 is an answer to the governance, risk and compliance challenges faced by organizations today.
Audit Management Tool
A unique validation solution to help organizations monitor, review, improve and embed their precise processes. Organisations with significant auditing needs are using ECAT to cut costs, improve compliance, strengthen operations.
Software by BSI Group
BSI Compliance management software is a critical component of the internal control process for any business and a prerequisite for assessing compliance with corporate performance standards.
HRMS and Payroll with AI and ML Capability
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.
Software by DataCore Technologies Pvt. Ltd.
Alp Consulting Ltd is the leading payroll outsourcing software in India. Design advanced and intelligent features very accurately to manage entire oversee's process
A risk management, audit workflow, and document ma
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.
Compliances Under Control
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.
Online Compliance Management Solution
Komplify is an Online Compliance Management Software Tailor-made For MSMEs. It is Simple, Fast and Inexpensive, helping MSMEs manage all their critical compliances without the help of CA's and Lawyers.
'Your Compliance Selfie'
Compfie ® is a cloud-based, one-stop compliance tracking solution with technology that tracks your organization's compliance. We map all applicable laws for your organization/industry across domains like - Employment, Corporate, Industrial, and Finance.
Web based document management system
eVAULT is a web base solution through which the administrator can provide access to all documents online to all their clients
Software by Software AG Government Solutions
Software AG’s is a culmination of business process analysis and audit-proof workflows that provide an easy compliance management for an organization. It governs risks and provides strategic logs for business processes.
Software by LogicManager, Inc
LogicManager has automated solutions for compliance management; with on and off changes and advancements having automated compliance management software is a must to reduce effort and increase productivity.
Software by AssurX, Inc.
To set up a proper business unit, an organization must have compliance management that is automated to keep a track of documents, planning and scheduling reports etc. AssurX offers vast yet controlled solutions for compliance management.
Software by Sage
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.
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.