What is Compliance Monitoring Software?
Compliance monitoring software is a specialized digital solution that helps organizations meet regulatory requirements, industry standards, and internal policies. The software automates tracking, reporting, analysis, and overall management of compliance activities, reducing the risk of neglect and outright violations. It’s a crucial tool in high-risk industries with strict regulatory frameworks, like manufacturing, healthcare, and finance.
Importance and Benefits
Regulatory compliance is essential to safeguard both the business and its stakeholders. One of the ways to ensure this is through close and continuous monitoring, tracking activities and compliance status in real-time, taking corrective actions when necessary, and documentation for adjustments and improvements. In this day and age, automating this task should be a top priority. Here are some benefits companies can gain from leveraging compliance monitoring solutions:
Improved accuracy – Aside from human errors, compliance officers may have biases that may modify the outcome of inspection and audit results. This won’t be an issue with automation.
Lesser administrative burden – Relevant personnel won’t be held back by data collection, report generation, compliance documentation, and other repetitive tasks. They can focus on operational tasks and initiatives to improve compliance.
360-degree visibility – Real-time monitoring tools allow frontline workers and their managers to quickly identify and resolve issues.
Real-time insights – Advanced analytics can go through tons of data in minutes, helping managers make the right decisions about evolving rules, strategical adjustments, compliance training, and resource allocation.
More cost savings – Non-compliance is expensive, amounting to thousands of dollars in penalties and millions more in reputational damage. Ensuring the company meets standards and regulations prevents legal problems and associated expenses.
Key Features
Full-featured compliance management platforms can help address various aspects, but they can also be pricey. Stand-alone solutions like compliance monitoring software or modules have the same capabilities at a lower cost. Here are some of its capabilities:
Compliance checklists and templates
Compliance calendar with scheduling tools
Risk assessment tools
Incident management
Document control
Compliance reporting with audit trail
Employee and third-party compliance training
Regulatory change alerts
Integration
Mobile accessibility with offline functions
How to Choose the Right Compliance Monitoring Software
Choosing the right compliance monitoring software can be pivotal for the success of your compliance strategy. The solutions detailed above can help your organization follow relevant laws and regulations. Select the one suited to your industry, current system, and budget. Take another look at your options below:
Compliance Monitoring Software | Free Version | Paid Plan | Mobile App |
SafetyCulture | Yes | $24/seat/month* | Yes |
Deel | Yes | $29/employee/month | Yes |
Hyperproof | No | Contact vendor for pricing | No |
Mitratech | No | Contact vendor for pricing | Yes |
Transcend | No | Contact vendor for pricing | No |
StandardFusion | No | Contact vendor for pricing | No |
Sprinto | No | Contact vendor for pricing | No |
Complinity | No | ₹15,000 (~$180)/two users/month | Yes** |
AuditBoard | No | Contact vendor for pricing | No |
Resolver | No | Contact vendor for pricing | Yes |
* billed annually** Android only