For many businesses, it’s hard to deal with regulations. They’re there to protect the public, and in some cases, help businesses. In many cases, businesses have the burden of complying with these regulations.
While public opinion seems split on the subject, these regulations aren’t going to change anytime soon. Financial services, construction, health care, and many more industries have to comply with some form of regulation.
In the meantime, you can invest in compliance software to help your business manage the risks and regulatory landmines.
Want to know more about using software for compliance? Read on to find out what compliance software is, the top 10 compliance software platforms, and how to choose the right one for you.
What is Compliance Software?
As a business, you’re obligated to follow a set of rules or regulations. These are usually set forth by industry or government organizations.
Compliance management ensures that your organization complies with these rules and regulations. These can include activities like audits, security and privacy controls, creating internal policies for staff, and creating reports to demonstrate compliance.
It can be difficult to keep track of these activities for an organization. Compliance software is designed to help your organization manage the tasks that come with regulatory compliance.
This is very useful because it helps your business be more efficient. It’s also easier to show that your business is in compliance, which can bring investors and top employees to your business.
The most important thing is that these platforms help you stay within reporting deadlines. Noncompliance can cost your organization a bundle of money. Healthcare organizations that didn’t comply with HIPPA could be hit with fines ranging between $100 and $50,000 per violation.
Types of Compliance Management Software
The thing that you need to know about compliance management is that there are different types of compliance depending on your industry and needs.
There are industry-based solutions, which are geared toward the needs of a specific industry. In healthcare, companies have to work within HIPPA regulations to maintain patient privacy. One of the main areas where HIPAA-compliant software can help is email and both proprietary tools as well as free alternatives exist. Hushmail has a very useful guide on how to make Gmail HIPAA compliant (and why it may not be the right choice for a healthcare practitioner).
Financial services is another heavily-regulated industry that can benefit from compliance software. There are general solutions that have basic features and compliance management tools that can be applied across industries.
Finally, there are solutions that are broader in scope. They provide other compliance tools for IT, corporate governance, and risk management.
Top Compliance Software Platforms
There are different types of compliance software solutions that are designed to meet every business need and industry. These are the top platforms that are worth checking out.
LogicGate falls into the last category of compliance software platforms. It offers a way to manage workflows for legal compliance, corporate governance and risk management.
Varonis is targeted towards healthcare organizations that have to comply with HIPPA regulations for data security. The company also has solutions for financial organizations and GDPR compliance.
i-Sight helps companies protect themselves against fraud. If your business has an anti-fraud program, this is a great tool to use as part of the program. Your company can quickly identify fraud, investigate the issue, and report it to the authorities.
For companies that have to operate under Sarbanes-Oxley (SOX) regulations, this is a tool for you. Even if you just want something to help you conduct audits and manage accounting, this is a platform that you can use regardless of your industry.
Another platform that helps companies with governance, risk, and operations. This is used by many large organizations like the New York Times to be more efficient at managing risks.
Ethics plays a huge role in corporations today. You can integrate Convercent with your existing operations tools to tie ethics rules and policies with the day-to-day operations of your organization.
7. Neighborhood Watch for Corporations
You can protect your organization from fraud, corruption, security, and safety. Your employees have this tool to use to report issues so they can be handled immediately.
This is geared towards consumer packaged goods and cosmetics. This allows your organization to be in compliance with health regulations regarding food and health products.
9. ADAudit Plus
How would you like to have an audit trail that complies with HIPPA, SOX, and other regulations? This platform allows you to audit users to ensure your entire organization is compliant.
10. Standard Fusion
This information security tool is a cloud-based solution that keeps your data safe while complying with a number of different regulations.
How to Choose the Right Compliance Management Software
Now you know what compliance management is. You also know what the top compliance software platforms are. How do you go about choosing the right software solution for your business? These tips will help.
Your Business Needs
Your first step is to assess your business needs. You want to know what regulations you need to abide by. For some businesses, it’s just GDPR. For other businesses, they have to comply with HIPPA or the Sarbanes-Oxley Act.
You can bet that there will be changes that you have to take into account. You want to invest in compliance software that will adapt to those changes.
For example, cybersecurity and data privacy are two big issues for every business. You want to ensure that your business is prepared for the future as much as the present.
You can read more here for an in-depth discussion on choosing compliance software.
Make Compliance Management Easier for Your Business
In life, there are two certainties, death and taxes. For most businesses, the two certainties are taxes and regulations. That doesn’t mean that regulations are bad, but there is a lot that a business has to do in order to comply with those regulations.
That’s where business compliance software can help. You can easily audit your teams, manage risks, and make sure that you’re operating under the guidelines.
There are different types of compliance software, which makes it easier to find the right one for you. You have to know your business needs, your budget, and find the software with the features you need. That’s sure to give you peace of mind.
Do you want more great business tips? Check the blog often for more business articles ranging from finance to technology.