Regulatory compliance is becoming increasingly complex for businesses operating in multiple jurisdictions. From changes to tax laws to new privacy regulations, staying on top of all obligations can be a full-time job. That’s where compliance management software comes in. Here’s how some of the top solutions stack up
1. AutoComply — Best for multisector and multinational compliance
AutoComply is a leading SaaS regulatory compliance platform that helps businesses discover, track, and fulfill obligations across all regions of operation. It stands out from the rest because of its unique combination of features that are customizable for compliance in every industry. AutoComply brings everything together in an intuitive dashboard that mimics the workflow of a compliance professional.
Features of AutoComply
How does AutoComply help your business?
- Automated compliance checklists for all your businesses in every country you operate
- Customised obligation checklists for regulated businesses (e.g., banks, MFBs, Fintechs, CMOs)
- Intuitive task assignment within your team
- AI-powered continuous Politically Exposed Persons (PEP) & AML screening
- Notification integrations into email, teams, slack etc
- Embedded form filling for all your returns and filing obligations
- Automated filing with your regulator.
- Collaboration features for global teams
- Personalised deadline reminders
- Risk tracking & management reporting
Pros: AutoComply offers automated checklists, continuous monitoring, embedded form filling, notifications, and reporting. It provides a single solution for multi-national compliance needs.
Cons: As a newer entrant, AutoComply has fewer pre-built templates than some competitors.
Pricing: Pricing is based on specific feature needs. Talk to Sales
User Experience: AutoComply offers an intuitive dashboard and collaborative workflow features. Its AI-powered tools simplify complex compliance tasks.
2. Compliance Manager GRC — Best for IT Compliance
The Compliance Manager GRC assists organizations in minimizing IT risks by actively maintaining compliance with government regulations. It automates the collection of data, streamlines the management of issues, and simplifies the documentation process for meeting audit requirements through a user-friendly web portal that can be easily accessed.
Features of Compliance Manager GRC:
- Helps organizations meet and stay compliant with HIPAA (Health Insurance Portability and Accountability Act)
- Measures organizational controls against security risk assessment to meet auditing requirements
- Manages, organizes, and centralizes PHI (protected health information) and document related processes to ensure compliance with HIPAA
- Structures data in a way that enables users to accurately extract useful insights.
Find out why leading teams choose AutoComply
3. DiliTrust — Best for legal compliance
DiliTrust is a software company that offers a suite of solutions aimed at improving corporate governance and legal activities. Their primary product, DiliTrust Governance, is an all-in-one platform designed to streamline and automate these processes.
Main Features:
- Board Portal: Secure management of boards and committees, facilitating organization and communication.
- Entity Management: Streamlined oversight of subsidiaries and holdings.
- Contract Management: AI-powered tools for automating and accelerating contract lifecycles and communication.
- Dispute and Litigation Management: Centralized platform for managing legal disputes and cases, including document sharing and communication with external parties.
- Meetings & Minutes: Secure platform for conducting board and committee meetings, with features for note-taking and document sharing.
- Compliance Management: Tools to help organizations stay compliant with relevant regulations.
Pros:
- Security: DiliTrust emphasizes secure document sharing and collaboration, crucial for legal and governance activities.
- Automation: Their software automates many tasks, saving time and reducing errors.
- Centralization: DiliTrust Governance provides a central platform for all legal and governance activities, improving efficiency and oversight.
Cons:
- Cost: Pricing information is not readily available on their website, so it may be a costlier solution for smaller businesses.
- Learning Curve: New users may require some training to become familiar with the platform’s functionalities.
- Integration: It’s unclear how easily DiliTrust integrates with existing software systems used by legal and governance teams.
Find out why leading teams choose AutoComply
4. Drata — Best for Cloud and Security Compliance
Drata eases the Governance, Risk, and Compliance (GRC) journey by offering a comprehensive solution. Through its platform, it simplifies compliance efforts by automating continuous control monitoring and evidence collection across the entire technology stack. With over 85 integrations with popular tools, Drata significantly reduces manual work involved in gathering compliance evidence, saving time and minimizing human errors. It adapts to evolving business needs and ensures compliance even as regulations change, providing a scalable solution.
Features of Drata
- Drata enables the creation and monitoring of custom frameworks without limitations.
- Users can incorporate requirements and controls using pre-made templates or imports, tailoring the platform to their unique needs.
- It serves as a centralized hub for audit documentation, offering pre-mapped controls, automated asset inventory functions, risk assessments, and security training.
- The platform also provides specialized technical support, with a team of security and compliance experts readily available to assist users.
Find out why leading teams choose AutoComply
5. Predict360 — Best for Operational Risk Compliance
Predict360 is the flagship software tool of 360factors. It combines a host of compliance tools under one SaaS platform that takes care of compliance risks and controls, policies and procedures, mandatory employee training, and regulation requirements.
Predict360 specializes in pre-emptive risk management, helping businesses easily predict and mitigate operational risk. In addition, its AI-augmented solution automates tasks and workflows necessary for organization-wide compliance through a single cloud-based platform.
Features of Predict360
- Create exhaustive frameworks and question banks for your risk surveys and inspections
- Set compliance thresholds and get alerted in real-time if any suspicious user behaviour breaches threshold criteria
- Leverage artificial intelligence (AI) and natural language processing (NLP) to automate updates to constantly changing compliance and regulatory requirements
- Enhance compliance training and self-certification with the platform’s integrated learning management system (LMS)
Find out why leading teams choose AutoComply
Conclusion
The landscape of compliance management software is brimming with a variety of solutions, each catering to specific industry needs—there’s a software program to streamline your compliance efforts.
Consider the key factors like your industry, the regulations you need to comply with, and your budget when selecting the right tool.
Remember, a robust compliance management software can save your business time, money, and resources by automating tasks, reducing errors, and ensuring you stay on top of ever-changing regulations.