We live in an age where data privacy and security are paramount. Organizations must take measures to protect themselves from both external and internal threats. As any business owner knows, compliance is essential to running a company.
From safety standards to environmental regulations, many rules and procedures must be followed to stay within the law. Failure to do so can result in heavy fines or even the shutdown of your business. That’s why it’s so important to have a compliance management system in place.
What Is Compliance Software, And What Are Its Uses?
Compliance software, also known as a compliance management system, is a set of processes and tools that help organizations to meet regulatory requirements. It covers everything from risk assessment and mitigation to training and auditing.
A compliance management system can help businesses avoid potential fines and penalties and protect their reputation. It can also make it easier to meet customer expectations and government regulations.
A good compliance management system will help you to identify potential risks, put procedures in place to mitigate those risks and monitor your compliance on an ongoing basis. It will also make it easier to respond quickly and effectively if a problem does occur.
Many different compliance software tools are available on the market, each with unique features and benefits. So it’s essential to choose one that’s right for your business.
Here are seven of the best compliance management systems to help you streamline your compliance process:
- Connecteam- Best for monitoring employee compliance
- SiteDocs- Best for safety compliance
- Libryo- Best for regulatory compliance
- Skillcast- Best for training compliance
- NamaSCan – Best for HR compliance
- Ziflow – Best for marketing compliance
- iComplyKYC- Best for environmental compliance
Review of The Best Compliance Software
Connecteam
Best for monitoring employee compliance
Connecteam is a compliance software that helps businesses manage employee safety and compliance. The software includes various features, such as an onboarding module that helps new employees understand company policies and procedures, a training module that tracks employee training records, and an incident reporting module that helps businesses investigate and prevent accidents.
The Connecteam app is available for iOS and Android devices, allowing employees to access company information and resources on the go. Connecteam provides many other benefits, such as reducing paperwork, improving communication, and increasing efficiency. As a result, Connecteam is an essential tool for any business that is serious about keeping its employees safe and compliant.
Key Features
- Organize documents. all employee files & forms are in one employee documents app and are backed up digitally for team management.
- Knowledge management. Streamline employee training and quizzes to ensure employees stay updated on the latest compliance policies and regulations so that everyone is on the same page.
- Communication. The dedicated work chat lets the team stay connected and communicate any compliance updates or questions in real-time.
Pricing
Connecteam offers a free 14-day trial. After the trial period, pricing starts at $29 per month for up to 30 users.
Pros
- Keep employees’ documents up to date
- Intuitive and easy-to-use app
- It’s also budget-friendly
- All in one solution.
Cons
The free trial does not include all features. Some features, such as the onboarding module, are only available in the premium plans.
Read Also: 6 Best Risk Management Software for Your Business in 2024
SiteDocs
Best for safety compliance
SiteDocs is a compliance software that allows businesses to manage safety and compliance risks across their entire operation from a central platform. It provides a digital approach to paper-based safety management, making it easier for businesses to manage and monitor risks in real time.
SiteDocs also offers a range of features that help businesses to streamline their safety management processes, including creating checklists and audits, online training, incident reporting, and asset management. In addition, SiteDocs integrates with other business systems, such as HR and CRM software, to provide a complete picture of compliance across the organization.
Key Features
- It tracks worker certification and training.
- Custom forms like Toolbox Talks, Inspections, Incidents, JSA, Hazard Assessments, OSHA 300, etc. are build
- Create digital signatures using a Date/Time/GPS Stamp
- Forms are automatically emailed
- Upload photos, comments, and annotations.
Pricing
- Currently, pricing is not available to the public.
Pros
- The mobile App can be used on site
- It can be managed and monitored from the office
- Can function without an internet connection.
Cons
- Push notifications cannot be sent.
Libryo
Best for regulatory compliance
Libryo is a legal, regulatory compliance management solution that helps businesses manage legal protection measures in several industries, including banking, energy, and supply chain. The cloud-based platform delivers updates and documentation to legal, compliance, and risk professionals to help them keep track of regulatory changes.
Libryo serves as an online library of constantly updated legal and regulatory content and a workflow management tool to help businesses track and manage compliance initiatives. It helps international organizations understand and be aware of health, safety, and environmental regulations worldwide.
Key Features
- Multi-jurisdictional. The platform consolidates regulatory information from around the world into a single database, making it easy for businesses with international operations to stay compliant.
- Documentation storage and access. All compliance-related documents are stored in a central repository and can be accessed from anywhere at any time.
- Workflow management. The platform helps businesses track and manage compliance initiatives by assigning tasks to specific employees and setting deadlines.
Pricing
- Libryo offers a free trial.
- The starting plan is from $2000.00 per year.
Pros
- Real-time update on all legislation
- Accessible and helpful customer support.
Cons
- The program is challenging to use for firms not tangled up in regulatory matters
- Search options are limited.
Skillcast
Best for training compliance
Skillcast is a compliance software that helps businesses manage employee compliance training. The software provides an online library of over 1,000 compliance-related courses and the ability to create custom courses.
Skillcast allows you to pick and choose which functions that best fit your needs. These include a learning management system (LMS), a hub for managing policies, compliance surveys, compliance registers, and your employees’ compliance declarations and workflows.
In addition, it aids businesses in complying with rules by providing digital compliance learning and RegTech instruments to automate regulatory processes.
Key Features
- The online library of courses is constantly updated, so businesses always have the most up-to-date information.
- It has Compliance Declarations Online Tool, which is used for digitizing, simplifying, and streamlining the whole process.
- Easily manage all registers in one place with the online Compliance Register tool.
- The Skillcast Portal survey tool helps digitize staff surveys and easily and regularly monitor critical topics, including diversity, inclusivity, cybersecurity, and even well-being.
Pricing
- Skillcast offers a free trial. After the trial period, pricing starts at $95 per month for 20 users.
Pros
- Excellent customer service
- It’s user friendly.
Cons
- Pricing is on the high end
- Limited reporting and analytics features.
NameScan
Best for HR compliance
NamaSCan compliance software is a web-based solution that helps businesses manage compliance with government regulations. The Software helps businesses ensure they are compliant by assisting them with their KYC processes through the software PEP and Sanction screening service.
By utilizing multiple well-known data sources, users can choose which database they would like to screen an individual or entity’s name against to ensure they are not a risk to their business.
Key Features
- Know Your Business Check. Identifies the relationships between individuals and business entities with the Know Your Business (KYB) solution.
- ID Verification. The ID and FaceMatch checking system can verify an individual’s identification beyond a reasonable doubt.
- Sanctions Check. Screen against thousands of government regulatory and law enforcement watchlists and over 100 International and National Sanctions lists that are updated daily.
Price
- Has free trial
- Starting from $375.00 one time.
Pros
- Serves all types of businesses globally
- Save time scanning and improve efficiency
- Reliable data sources.
Cons
- It has no drawbacks in everyday use while using batch scans.
Ziflow
Best for marketing compliance
Ziflow is the leading creative collaboration and review platform trusted by the world’s largest brands. It is designed to streamline creative workflows and make it easy for distributed teams to collaborate on design, video, and marketing projects.
With Ziflow, teams can manage reviews and approvals in one centralized place, automate repetitive tasks with built-in workflow templates, and get real-time insights into the progress of creative projects.
Ziflow also offers a range of features that helps businesses to streamline their creative workflows, including automatic reviewer reminders, document versioning, and approval tracking.
Key Features
- Integrates with other creative tools and apps like Adobe Creative Suite, Google Drive, and Dropbox
- Optimize workflows with built-in templates to standardize best practices to ensure that the right people provide feedback at the appropriate time
- Approval tracking by giving the creative team instant visibility on each project, asset, and individual reviewer
- Keep all feedback organized in one modern review and approval environment with powerful markup tools and easy version management.
Pricing
- Free for personal use
- Starter $20 per user/month
- Business{company} $40 per user/month.
Pros
- The team reaches faster decisions on comments and feedback with the aid of discussion tools.
- Easily tracks who has opened, reviewed, and approved creative projects. Creative teams can manage an unlimited number of reviews and projects.
Cons
- Some features are only available in the paid versions.
Read Also: 7 Best Cloud Accounting Software For Medium-Sized Business in 2024
iComplyKYC
Best for environmental compliance
iComplyKYC is all-in-one compliance software that helps businesses automate their KYC, AML, and CDD processes. The software uses data aggregation and machine learning to help businesses quickly and accurately identify customers.
iComplyKYC compliance software made it easy for us to onboard new clients and meet our compliance obligations. The software also offers a range of features that helps businesses to streamline their compliance workflows, including automatic customer screening, document verification, and risk assessment.
Key Features
- It has KYC branded sites for any business.
- Set up access levels, permissions, and workflows for the entire lifecycle, from onboarding to review and reporting.
- Monitor over 150 million data sources for sanctions, watchlists, political exposure, and adverse media.
- Beyond Liveness, it verifies your clients with Live Face Matching technology, which is more accurate than a phone verification.
- Customer Identification Program (CIP) helps businesses to quickly and accurately identify customers using data aggregation and machine learning.
Pricing
- Not provided by the vendor.
Pros
- It reduces processing time
- KYC and AML tools provide compliance coverage.
- It has fully customizable compliance workflows for nearly 250 jurisdictions.
- No programming or expensive development is required.
Cons
- The user interface is difficult to navigate.
Compliance Software FAQ
Compliance means conforming to a rule, such as a specification, policy, standard, or law. Regulatory compliance describes the goal organizations aspire to achieve to ensure that they are aware of and take steps to comply with relevant laws and regulations.
No, compliance is not an audit. An audit is a systematic and independent examination of an organization’s books, accounts, statutory records, documents, and vouchers to ascertain how far the financial statements and non-financial disclosures present an accurate and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law.
Clearly, understanding the compliance requirements for your industry and business is essential. You can develop policies and procedures to ensure your employees understand and comply with these requirements. You may also need to invest in compliance training and monitoring. You should also have a process in place for investigating potential breaches.
Final Conclusion
Compliance software tools make it easy to keep track of employee communications and ensure that everyone is on the same page. The best compliance software tools offer a variety of features, are user-friendly, and are affordable. We’ve reviewed some of the top picks in this category and highlighted their standout features.
If you’re looking for an easy way to keep your team compliant, check out Connecteam, siteDocs, or Libryo. Each of these tools offers unique benefits that will help your business stay organized and efficient, and they offer a free trial, so you can try them out before committing.
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