Today, organizations from all industries and sectors are subject to increased regulations at the local, national, and international levels.
According to a survey, 69% expected more regulatory information over the next year. 26% of respondents anticipated significantly more.
They were right: More than 52,000 international regulatory modifications have been made since 2016.
Non-compliance could result in expensive fines or legal fees, particularly in the healthcare and financial sectors.
- Banks have paid more than $204 billion in compliance-related fines since the 2008 financial crisis.
- Banks paid $42 billion in non-compliance fees in 2016
- The New York-Presbyterian Hospital was fined $2.2 million for non-compliance in the healthcare sector.
Firms are now investing in compliance software to ensure they comply with all regulations and avoid financial penalties.
What is Compliance Software?
Software for compliance covers many business processes and regulatory requirements. This includes industry-specific regulations and standards such as OSHA, ISO, and Sarbanes-Oxley. It also has corporate ethics policies, acceptable usage policies, and business partner policies.
Take, for example:
- Software that helps companies streamline their financial documentation, audit trails, and reporting by focusing on accounting and financial compliance standards such as the Sarbanes-Oxley Act of2002.
- Software that helps organizations comply with environmental standards can be used to monitor and report on emissions, hazmat procedures, and regulatory policies.
Key Features to Look for in Compliance Software
These are seven essential features to consider when choosing compliance software for your company:
Risk Management
Risk management is the process of identifying and classifying business functions that are at high risk. This classification allows users to manage high-risk functions without disrupting business operations.
Policy Management
Policy management allows you to store, access centrally, and retrieve policy documents, portfolios, as well as procedures. It makes sure that everyone is current and well-versed in the most recent company policies and procedures.
Audit Trail
An audit trail can help to organize and simplify the collaboration and workflow. Instead of sending emails back-and-forth when collaborating on a creative project, you can create an audit trail for review and approval so everyone can view the comments, replies, and annotations along with the creative asset.
Compliance Calendar
You can track your progress and assign tasks to others using a compliance calendar. It is easy to use from a “birds-eye” view. Notifications can be set up to notify you when new regulations are added.
Compliance Workflows
Compliance workflows allow you to assign tasks to specific individuals and track their progress in real-time. Every assignee must complete their task on time. Everyone can see exactly where the workflow is slowing down or failing.
Compliance Alerts
Compliance Alerts allow you to program your system to send real-time notifications when a task is complete, delayed, or fails. To alert supervisors of potential problems, you can add escalation alarms. This will allow them to take the appropriate remedial steps.
Compliance reporting
You can report on compliance requirements by reporting on rules, standards, and laws that your business must comply with. You could face imprisonment or fines if you fail to comply. By monitoring the KPIs specific to your industry, you can make sure you are 100% compliant.
Top 10 Compliance Software In 2021
1. ProcessGene GRC
ProcessGene GRC develops forward-thinking GRC/BPM software solutions for multi-subsidiary organizations. It facilitates automated workflows, reduces time and costs associated with manual labor, and maintains spreadsheets for the organization. It provides a complete and comprehensive set of features and tools to increase visibility and accountability. It facilitates mergers and acquisitions and implements enterprise software solutions.
ProcessGene GRC Compliance features Archiving and Retention, Audit Trail, Controls Testing. Environmental Compliance, FDA Compliance. HIPAA Compliance. ISO Compliance. OSHA Compliance. Risk Alerts. Sarbanes-Oxley Compliance. Version Control.
2. Wdesk
Wdesk, a cloud-based compliance tool, enables teams to do their best work with transparency and efficiency. It also improves productivity. It can be used by small and large departments to provide control over the workflow and allow for a configurable, step-by-step approach to assigning, responding, and reporting on data, documents, and dashboards. It will enable team management, data management, and project management.
Wdesk Compliance Features Archiving and Retention, Audit Trails, Controls Testing. Environmental Compliance. Sarbanes-Oxley Compliance. Version Control.
3. Deltek Costpoint
Deltek Costpoint is one of the most popular compliance software. It has simple processes such as billing, revenue recognition, and others to increase efficiency and increase cash flow. It integrates all HR processes and automates them. This compliance solution is useful for contractors and manufacturing industries. This solution helps contractors, manufacturing industries, etc., increase their visibility and profitability and improve efficiency. It also has an integrated development environment and robust Web services architecture.
Deltek Costpoint Compliance Features: Risk Alerts and Sarbanes-Oxley Compliance
4. MyEasyISO
MyEasyISO, a cloud-based and on-premise compliance solution, has a complete set of tools that can be used to implement and maintain ISO 9001, 14001, and OHSAS 18001 standards. It is a top-rated compliance software and can be tailored to meet the requirements of any company or business. It is a simple, effective, and collaborative solution that employees love.
MyEasyISO Compliance features Archiving and Retention, Audit Trails, Controls Testing. Environmental Compliance. OSHA Compliance. Risk Alerts. Version Control.
5. ManageEngine ADAudit Plus
ManageEngine ADAudit Plus enables enterprise-wide active directory auditing, reports, and alerts. IT administrators have the ability to add business extensions to help them execute a change management step. It has the top features of active auditing directories, file servers, and Windows server data. Users can also log in and out. It provides real-time reports about compliance with IT regulations.
ADAudit Plus Compliance features Archiving & Storage, Audit Trail, and Controls Testing. HIPAA Compliance. ISO Compliance. Risk Alerts. Sarbanes-Oxley Compliance. Version Control.
6. Interfacing
Interfacing is an integrated management software that provides a complete range of analysis, improvement, and compliance. Enterprise Process Center(r) (EPC) allows you to assess, document, and audit your business processes in order to comply with regulations. Interfacing’s tool gives you a way to monitor your compliance and execute your underlying business processes management.
Interfacing Compliance Features, Archiving and Retention, Audit Trail & Controls Testing. Environmental Compliance: FDA Compliance. HIPAA Compliance. ISO Compliance. OSHA Compliance. Risk Alerts. Sarbanes-Oxley Compliance. Version Control.
7. Measureup
MeazureUp, a web-based compliance management software that streamlines quality assessment and ensures consistency across multi-unit organizations using real-time data. It helps to scale the growth of chain businesses and ensures operational consistency by using analytics and data. It helps organizations collect data more quickly and with greater detail, which increases efficiency. It is highly reliable and has excellent dashboard integration, compliance management, and issue management features.
MeazureUp Compliance features: Archiving, Audit Trail FDA Compliance, Risk Alerts
8. Cetec ERP
Cetec ERP is a cloud-based, all-in-one compliance software that’s affordable for small and medium-sized businesses. The software’s top features include document management, inventory control, scheduling, customer relationship management (CRM), quality assurance, mobile warehousing, and more. This software is built with the most advanced database tools and can be used to manage small and medium-sized enterprises.
Cetec ERP Compliance Features: Audit Trail, FDA Compliance, HIPAA Compliance, ISO Compliance
9. ProCalV5
The professional compliance management system, ProCalV5, is an extensive resource with extensive knowledge about instrument calibration compliance requirements. It also continuously refines products. It automates workflow and oversees the performance of an entire department or enterprise. This solution has many top features, including due date history, gauge, and compliance management, statistical data reporting as well as label printing, measurement readings, and label printing. With robust analytics and reporting functions, organizations can gain a detailed and accurate insight into their operations.
ProCalV5 Compliance Features Archiving and Retention, Audit Trails, Controls Testing. Environmental Compliance, FDA Compliance ISO Compliance, Risk Alerts. Version Control
10. HIPAA One
HIPAA One is the world’s leading provider of compliance software. It offers risk analysis, compliance, and management automation solutions. HIPAA One is available to both small and large businesses. It provides information on compliance with regulatory bodies’ policies and keeps you informed about any changes in business legislation. This solution has many top features, including vendor contract management, secure electronicPHI, guided privacy compliance, and cyberattack safeguards. Threat identification is also included. It sends monthly reports about the security of the network.
HIPAAOne Compliance Features Audit Trail. Controls Testing. HIPAA Compliance. Risk Alerts.
The Benefits of a Compliance Software Tool
Reduce and manage risk
To reduce risk, you can use compliance software to help smoothen out workflows and processes. Compliance software can help you manage and reduce risk. It can also be used for creating organizational charts and entity diagrams. This can be used to visualize the entire structure and highlight any issues. You can also file reports directly to regulatory agencies. Notifications and dashboards can be used to flag potential problems before they become serious. Additionally, a single source reduces the possibility of incorrect or duplicate entity data being used in decision-making.
Increase efficiency
It also helps improve efficiency. This means it is less likely for two people to create different versions of the exact same file. It also means that one data source is being used to drive business. Collaboration across teams is improved, breaking down silos and increasing efficiency. Cloud-based compliance software can increase efficiency by allowing third parties and stakeholders to access the system. However, it must be managed carefully with user permissions. eSignatures speed up signatory duties and sometimes save days. While automation can allow the corporate secretary to be more strategic about their role, it is also possible to automate.
Reduce costs
These efficiencies result in lower costs and a more efficient workforce that makes better use of available resources. Cloud-based compliance software helps reduce office space and storage costs. Everything is stored digitally, so you don’t need to have filing cabinets or upgrade your on-premises server to maintain security.
Securer operations
Modern compliance software was designed with security in mind. Cloud-based legal tech market leaders use the best security protocols. Additionally, enhanced user permissions can be used to help protect the corporate record against prying eyes.
Increase flexibility
This central repository, the single source of truth, allows for the quick action and rapid thinking. Compliance managers and the company as a whole can be confident that they have all the information they need. They can also use entity diagramming for scenario planning to visualize what might happen if there were to be a change.
Improve performance
Legal operations teams can work with a compliance tool to improve collaboration, efficiency, and flexibility. This allows them to bring together areas that were previously isolated, such as accounting, finance, and compliance. It also ensures better communication and better data. This can lead to better performance and greater growth, or rationalization, depending on the final goal.
Be more strategic by paying attention to the details.
It is easy to overlook the details when the corporate secretary or legal operations team is among the busiest in an organization. This is especially true if the company has a global presence. They may forget to sign an important board paper or renew a deadline to meet compliance. Organizations can use a compliance software tool for increased flexibility and efficiency through automation to free up staff to focus on the important details of the day.
Be more compliant
All of this translates into better compliance overall. These software tools can help organizations be more efficient, more productive, use resources more effectively, and improve essential aspects such as flexibility, efficiency, and performance. They can also make it easier for the organization to comply with all laws. Integrations with regulatory agencies reduce the need for regular filings. Additionally, reports based on current and complete entity data are based on the best information available. This allows for a more efficient approach to governance and compliance.
Conclusion
These are the top 10 best compliance software solutions for Amazon sellers. Your Amazon business will be subject to more regulations. Make sure you have the right software in order to comply and avoid costly fines.
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