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Top Compliance Management Software in India

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Compliance Management Software

Table of Contents

What is a Compliance Management 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

Classification of Compliances

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.

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 to look for while buying a Compliance Management Software

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.

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 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.

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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.

Compliance Management software in following cities

Compliance Management software in following industries

Himanshi SharmaBy Himanshi Sharma | Last Updated: October 26, 2020

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