12 Best Compliance Software Shortlist
After a thorough evaluation, I've curated this shortlist of the very best compliance software:
- Digital Business Transformation Suite - Best for comprehensive business process management
- Work.software - Best for integrating multiple workflows into one platform
- Satori - Best for ensuring data access governance and security
- Audit Prodigy - Best for simplifying audit management and reporting
- Onspring - Best for flexible automation of business processes
- Transcend - Best for data privacy operations and compliance
- Accountable - Best for HIPAA compliance and training
- Third-Party Manager - Best for managing third-party risk
- Hyperproof - Best for compliance operations and risk mitigation
- MetricStream - Best for enterprise-wide governance, risk, and compliance
- Eptura - Best for automating the contract lifecycle
- Drata - Best for real-time security compliance tracking
Navigating the world of compliance management software can feel like wandering through a maze of complex regulatory requirements and ever-changing industry regulations. That's where compliance software comes in. As a tool, it centralizes your compliance activities, helping you manage a robust compliance program that responds dynamically to regulatory changes, streamlining the process from policy management to compliance audit.
These software solutions, which can range from user-friendly cloud-based apps to comprehensive compliance management platforms, offer invaluable support in industries such as financial services where compliance with GDPR, EHS, SOX, and other stringent regulations is critical. These tools are also available on iOS, Android, and the Web. This makes compliance software an essential tool in your toolkit.
What is Compliance Software?
Compliance software is a specialized digital tool designed to help organizations adhere to legal, industry, and operational standards. Features like automated checklists, compliance training modules, and real-time metrics make it easier for team members to stay aligned with your compliance management system.
A good compliance management solution can be a game-changer, easing compliance burdens by ensuring that certifications are maintained, information security protocols are adhered to, and change management processes are aligned with risk and compliance needs. The software is widely employed by enterprises of all sizes across multiple sectors, including finance, healthcare, manufacturing, and IT.
This tool helps companies with data privacy, audits, risk management, e-learning, reporting, and industry standards. It reduces legal risks, avoids penalties, and builds customer trust by committing to ethical behavior.
Overview of the 12 Best Compliance Software
1. Digital Business Transformation Suite - Best for comprehensive business process management
The Digital Business Transformation Suite streamlines all aspects of business process management, providing thorough oversight for organizations looking to enhance multiple processes.
Why I Picked Digital Business Transformation Suite:
After observing its in-depth handling of business process management, I chose the Digital Business Transformation Suite, a feature that sets it apart from other tools in this space. This comprehensive approach ensures businesses can manage every aspect of their operations within a single system. As such, this platform is best for companies seeking to streamline, control, and perfect their various business processes.
Standout Features & Integrations:
The Digital Business Transformation Suite is an efficient tool for analyzing and improving business processes. It enables users to visualize and comprehend all aspects of their operations. The platform features intelligent reporting and dashboards for clear performance insights, facilitating targeted improvement strategies. Additionally, integration with other systems like CRM, ERP, and other management software creates a centralized hub for comprehensive business process management and smooth data flow.
Pricing:
Pricing starts from $30/user/month (billed annually)
- Min 5 seats required for purchase
Pros:
- Comprehensive approach to business process management
- Rich feature set for process mapping and analysis
- Multiple integrations for a centralized management experience
Cons:
- Requires a minimum of 5 seats
- Annual billing may deter small businesses
- Learning curve may be steep for beginners
2. Work.software - Best for integrating multiple workflows into one platform
Work.software is a dynamic tool designed to bring multiple workflows together within a singular platform. Its core capability to consolidate various workflows into one manageable system makes it ideal for organizations seeking to unify their operations.
Why I Picked Work.software:
I chose Work.software for this list due to its ability to merge disparate workflows. Its standout difference from others is this integration feature, which makes it unique in the crowded space of compliance software. I selected it as the best tool for integrating multiple workflows based on its proven capacity to streamline processes and reduce operational complexity.
Standout Features & Integrations:
Having effective work software is essential for simplifying project management and automating tasks. With its visualization tools, you can easily track workflow progress and status. Additionally, this software integrates seamlessly with other popular tools like CRM and project management platforms, creating a comprehensive workspace that combines data, tasks, and valuable insights from all areas of the organization.
Pricing:
Pricing starts from $20/user/month (billed annually)
Pros:
- Excels at integrating multiple workflows
- Strong process standardization and automation features
- Broad range of integrations with popular tools
Cons:
- May not be suitable for very small teams due to pricing
- Steeper learning curve for those unfamiliar with workflow automation
- Requires annual commitment for lowest pricing
3. Satori - Best for ensuring data access governance and security
Satori is an advanced compliance software built to strengthen data access governance and enhance safety. Its orientation towards comprehensive data governance solutions makes it the go-to choice for organizations keen on bolstering their data security.
Why I Picked Satori:
Satori is a top pick for data access governance, with a dedicated focus on data security and control. Its robust framework handles complex challenges, making it ideal for organizations prioritizing these concerns.
Standout Features & Integrations:
Satori has a comprehensive data flow visualization tool for complete visibility into data movements. It provides granular-level governance with adaptive data access controls to protect sensitive data. Satori is compatible with various data storage systems, including SQL databases and cloud storage services, to provide extensive data governance across multiple platforms.
Pricing:
Pricing upon request.
Pros:
- Detailed data flow visualization
- Adaptive data access controls for granular governance
- Extensive integration capabilities with various data storage systems
Cons:
- Pricing is not transparent
- May be overwhelming for businesses with less complex data governance needs
- Some learning curve due to comprehensive feature set
4. Audit Prodigy - Best for simplifying audit management and reporting
Audit Prodigy is a compliance software that provides an efficient and streamlined audit management process. It specializes in simplifying audit reporting and overall management, making it an excellent choice for businesses looking for solutions in these areas.
Why I Picked Audit Prodigy:
I selected Audit Prodigy for the list because its focus on audit management and reporting sets it apart from the rest. The tool demonstrates a remarkable knack for audit-related processes, which inspired my decision to include it. I believe it's the best software for simplifying audit management and reporting, given the specialized functionalities it offers for this specific purpose.
Standout Features & Integrations:
Audit Prodigy streamlines the audit process with dynamic risk scoring, automatic report generation, and a task-tracking system. It integrates with popular software tools, including project management and data analysis software, providing businesses with a comprehensive audit management solution.
Pricing:
Pricing starts from $20/user/month (min 5 seats)
Pros:
- Specializes in audit management and reporting
- Dynamic risk scoring offers better insights
- Compatibility with various mainstream software tools
Cons:
- Pricing could be high for small businesses
- Could be complicated for non-audit professionals
- Limited functionalities outside audit management
5. Onspring - Best for flexible automation of business processes
Onspring serves as a platform for the automation of varied business processes. With a range of customizable features, it empowers organizations to develop and adapt workflows to their unique requirements, which aligns it perfectly with businesses needing flexibility in automating their processes.
Why I Picked Onspring:
I chose Onspring for this list because of its standout trait: flexible automation. The platform offers customizability in its features that sets it apart from many other compliance software platforms. I judged it as the best for flexible automation of business processes because it allows organizations to develop and adapt their workflows, catering to unique requirements that can evolve.
Standout Features & Integrations:
Onspring is a powerful tool with real-time reporting, automated workflows, and a customizable dashboard. Its robust API capabilities allow it to integrate with various systems and databases, making it a complete solution for process automation.
Pricing:
Starting price for Onspring is at $30/user/month (billed annually)
Pros:
- Offers a high level of customizability for businesses
- Real-time reporting aids in decision-making
- Robust API for integration with a variety of other systems
Cons:
- Pricing could be high for smaller organizations
- Annual billing might not be ideal for all businesses
- Could have a steep learning curve for non-technical users
6. Transcend - Best for data privacy operations and compliance
Transcend is a platform that automates privacy requests and provides insights on data usage for businesses to manage data privacy operations and compliance.
Why I Picked Transcend:
Transcend stood out to me due to its focused approach to managing data privacy operations. Unlike generic compliance tools, it provides specialized solutions for privacy compliance. This led me to select it as the best for data privacy operations and compliance because of its commitment to automating privacy requests and providing data usage insights.
Standout Features & Integrations:
Transcend's privacy center helps businesses manage privacy requests through automation. It offers data mapping and inventory features for a better understanding of data usage. Transcend's API-first approach enables integration with different platforms, including CRM, ERP, marketing automation, and customer data platforms, simplifying the creation of a unified system for data privacy operations.
Pricing:
Pricing starts from $10/user/month, with a minimum of 10 seats.
Pros:
- Comprehensive features for managing privacy operations
- Automation of privacy requests for improved efficiency
- API-first approach allows for easy integration with various platforms
Cons:
- Requires a minimum of 10 seats, which may not suit smaller businesses
- The platform might be complex for those without experience in data privacy operations
- Cost can be higher than some other compliance tools
7. Accountable - Best for HIPAA compliance and training
Accountable is compliance software designed for managing and training HIPAA regulations. It simplifies compliance processes and provides proper training for healthcare organizations.
Why I Picked Accountable:
When selecting a tool for this list, Accountable is cut due to its focus on one of the most stringent compliance areas - HIPAA. The platform’s comprehensive approach to HIPAA compliance and its included training module differentiate it from others. Hence, I chose it as the best tool for HIPAA compliance and training because it's not just about maintaining compliance but also about educating the team.
Standout Features & Integrations:
Accountable has a risk assessment tool, compliance reports, and a specialized HIPAA training module. This module is particularly useful for healthcare organizations and makes Accountable stand out from other options. Furthermore, it can easily integrate with other healthcare-specific platforms like EHR systems and practice management software, providing a complete and comprehensive solution for healthcare providers.
Pricing:
Pricing starts from $99/user/month, requiring at least one user.
Pros:
- Specialized in HIPAA compliance
- Includes a HIPAA training module for employees
- Integrations with other healthcare-specific systems
Cons:
- Pricing might be high for small organizations
- The platform may be overly specialized for organizations needing more general compliance management
- The user interface might be challenging for non-technical users
8. Third-Party Manager - Best for managing third-party risk
The Third-Party Manager tool reduces risks for organizations in their third-party relationships. It's perfect for compliance management and gives an overview of all third-party engagements. Ideal for staying informed about potential risks.
Why I Picked Third-Party Manager:
I selected Third-Party Manager after comparing compliance management tools. It excels at managing third-party risks and can handle complex risk factors, monitor vendor compliance, and track contract renewal timelines. I believe it's the best option for managing third-party risk due to its specialized features.
Standout Features & Integrations:
The Third-Party Manager has a centralized database for third-party information, automatic risk assessment, compliance tracking, and contract management abilities. It ensures an organized inventory of all third-party relationships and continuous evaluation of potential risks. It can integrate with different systems like Salesforce CRM, SAP ERP, and ProcureWare procurement platforms, making it versatile and adaptable to various business environments.
Pricing:
Pricing starts from $35/user/month (billed annually), with the base price dependent on the number of third-party relationships managed.
Pros:
- Dedicated focus on third-party risk management
- Comprehensive feature set including compliance tracking and contract management
- Useful integrations with CRM, ERP, and procurement platforms
Cons:
- Pricing is calculated annually, which may not suit all budgets
- The platform could be to niche for companies seeking a more general compliance solution
- The user interface may require a learning curve for users unfamiliar with third-party risk management tools
9. Hyperproof - Best for compliance operations and risk mitigation
Hyperproof streamlines compliance operations and reduces the risk for companies. It integrates various compliance processes into one user-friendly interface.
Why I Picked Hyperproof:
I chose Hyperproof for its comprehensive compliance and risk management approach. It combines compliance management and risk mitigation to provide a clear overview of an organization's compliance status. Hyperproof is the top choice for managing compliance operations and mitigating risk by coordinating all aspects effectively.
Standout Features & Integrations:
Hyperproof streamlines compliance and risk management with automated workflows, risk identification tools, and centralized evidence management. It integrates seamlessly with popular productivity and project management platforms like Slack, Microsoft Teams, Google Workspace, and Jira.
Pricing:
Hyperproof's pricing begins at $45/user/month. However, this price is calculated annually. Hence the final cost could vary based on your organization's needs and the number of users.
Pros:
- Comprehensive compliance and risk management features
- Integrates with popular productivity and project management tools
- Centralized system for managing compliance evidence
Cons:
- Pricing is based on an annual calculation which might not be ideal for all organizations
- The tool's extensive features may present a learning curve for some users
- It might be more comprehensive than needed for smaller organizations with simpler compliance requirements
10. MetricStream - Best for enterprise-wide governance, risk, and compliance
MetricStream is a versatile solution for managing GRC across an entire enterprise.
Why I Picked MetricStream:
In determining the right tools for this list, MetricStream stood out due to its extensive features and capacity to handle complex, enterprise-level GRC requirements. The platform excels in providing a holistic approach to GRC, which justifies why I identified it as the "Best for enterprise-wide governance, risk, and compliance."
Standout Features & Integrations:
MetricStream is a tool that helps organizations manage risks by offering features like integrated risk management, policy and document management, audit management, and regulatory engagement tracking. It also has unique capabilities like artificial intelligence and machine learning. The tool can easily integrate with other enterprise systems, making it a flexible and valuable option.
Pricing:
Pricing for MetricStream is upon request. Given the enterprise nature of the product and the extensive customization options, the cost will likely vary depending on your organization's specific needs and size.
Pros:
- Comprehensive and integrated approach to GRC
- Uses AI and machine learning for risk prediction
- High scalability and customization, ideal for large enterprises
Cons:
- Pricing is not transparent and may be high for smaller organizations
- The platform might be complex for users with simpler GRC needs
- It may require dedicated resources to manage due to its extensive features and capabilities
11. Eptura - Best for automating the contract lifecycle
Eptura is a robust contract lifecycle management tool designed to streamline and automate the various stages of the contract process. Its intelligent automation capabilities align perfectly to manage contract lifecycles efficiently.
Why I Picked Eptura:
I chose Eptura for this list due to its emphasis on automation, which sets it apart in the landscape of contract management tools. Its robustness in handling contract lifecycles with a keen focus on automation justified my decision to name it the "Best for automating the contract lifecycle."
Standout Features & Integrations:
Eptura simplifies the contract process, allowing users to create, negotiate, approve, execute, and analyze contracts with ease. It provides real-time alerts and notifications to keep users informed of contract changes and deadlines. Eptura integrates seamlessly with popular CRM and ERP systems, streamlining information flow across business functions.
Pricing:
The starting price for Eptura is from $15/user/month (billed annually). Please note, this is the lowest pricing tier and excludes potential additional fees for extra features or services.
Pros:
- Comprehensive automation of contract lifecycle stages
- Real-time alerts and notifications for effective contract management
- Integration with popular CRM and ERP systems
Cons:
- Might be expensive for small businesses due to the starting price and potential additional costs
- Could have a learning curve for users new to contract automation software
- May not be suitable for businesses with infrequent or simple contract management needs
12. Drata - Best for real-time security compliance tracking
Drata automates compliance tracking and offers real-time insights into an organization's security posture, essential in the current landscape of data breaches and cyber-attacks.
Why I Picked Drata:
I selected Drata because it provides continuous, automated tracking of an organization's security compliance status. This constant vigilance differentiates it from other compliance tools that may require manual checks. Thus, I have judged it the "Best for real-time security compliance tracking."
Standout Features & Integrations:
Drata provides a complete security compliance solution that includes continuous control monitoring, automated evidence collection, and pre-built policy templates. Its real-time dashboards let you easily check your compliance status. Plus, Drata integrates with various SaaS applications, cloud infrastructure, and productivity tools, making it efficient to collect compliance evidence from your existing systems.
Pricing:
Pricing for Drata starts from $500/month. Please note that this is the starting price and additional costs may apply depending on the extent of the features and services availed.
Pros:
- Automated, continuous security compliance tracking
- Wide array of integrations with popular tools and platforms
- Pre-built policy templates for compliance readiness
Cons:
- May not be cost-effective for smaller businesses due to the high starting price
- Businesses with simpler compliance needs may not fully utilize all its features
- The wide range of integrations could potentially lead to complexity for some users
Other Noteworthy Compliance Software Tools
Below is a list of additional compliance software that I shortlisted but did not make it to the top 12. Definitely worth checking them out.
- Descartes Denied Party Screening - Good for comprehensive global trade checks
- SiteDocs - Good for digitizing and streamlining safety documentation
- Pirani - Good for creating a detailed risk management strategy
- OnPay - Good for small businesses needing efficient payroll services
- BambooHR - Good for comprehensive Human Resources management
- UserWay - Good for enhancing website accessibility
- Corfix - Good for structured corporate tax compliance
- ETQ Reliance - Good for businesses seeking a flexible Quality Management System
- FastBound - Good for firearm retailers needing ATF compliance
- iDenfy - Good for businesses needing online identity verification
- FinScan - Good for financial institutions needing advanced AML compliance
- DocTrac - Good for managing document workflows and compliance
- Secureframe - Good for fast SOC 2 and ISO 27001 compliance
- Onfido - Good for businesses needing remote identity verification
- Intellect QMS - Good for dynamic Quality Management Software solution
Selection Criteria for Choosing Compliance Software
In compliance software, I've personally tested and compared dozens of solutions. My goal was to identify tools that met not only standard compliance requirements but also offered superior functionality, user experience, and unique features that set them apart. My top picks result from this rigorous analysis, and I'll outline the specific criteria I used to make these selections.
Core Functionality
- Regulatory Compliance: A tool should provide comprehensive coverage for various regulations relevant to the organization.
- Risk Management: It should enable identifying, assessing, and mitigating potential risks.
- Audit Management: A compliance tool should have an audit trail functionality to track changes and actions.
- Policy and Procedure Management: The tool should allow for creating, reviewing, and disseminating compliance-related policies and procedures.
Key Features
- Integration Capabilities: The ability to integrate with other enterprise systems such as ERP, CRM, or HR systems is a critical feature. It enables data flow and aligns compliance processes with business operations.
- Real-time Monitoring: This feature allows for continuously tracking compliance status, enabling proactive response to any potential issues.
- Reporting and Analytics: These features provide insights into compliance status, risk levels, and audit results, supporting informed decision-making.
- Scalability: As a business grows, its compliance requirements will change. The software should be able to scale and adapt to these changes.
Usability
- User Interface: For a compliance tool, a straightforward, intuitive interface is crucial. The tool should present data and workflows logically, easy-to-follow, enabling users to understand and respond to compliance issues quickly.
- Ease of Onboarding: The software should have structured onboarding and training modules to aid users in understanding and utilizing the tool effectively.
- Customization: Each business has unique compliance needs. The software should allow for customization to meet these specific requirements.
- Customer Support: Given the complexity of compliance, reliable and prompt customer support is a must. The vendor should offer various support channels such as phone, email, and live chat.
Most Common Questions Regarding Compliance Software (FAQs)
What are the benefits of using compliance software?
Incorporating compliance software into your organization can provide numerous advantages. For one, it can greatly diminish the possibility of facing non-compliance penalties and fines. Additionally, it allows for a dependable and transparent audit trail. It also streamlines the complicated task of handling numerous regulations and standards. Moreover, it offers real-time monitoring and alerts, enabling you to take proactive measures in dealing with potential issues. Finally, automating various manual compliance tasks saves valuable time and resources.
How much do compliance software tools typically cost?
The pricing of compliance software varies significantly based on its feature set, the scale of operations, and the business’s specific needs. Most vendors adopt a per-user/month pricing model, with additional costs for premium features or advanced support.
What are the pricing models for compliance software?
Most compliance software adopts a subscription-based pricing model, typically billed per user per month or year. Some vendors offer tiered pricing plans, allowing businesses to choose a plan that best fits their requirements and budget. Certain vendors might offer a one-time purchase option, although this is less common.
What is the typical range of pricing for compliance software?
Typically, the starting price for compliance software ranges from around $20 per user/month for basic plans to several hundreds of dollars per user/month for more advanced and comprehensive solutions. This wide range reflects the variability in the features and capabilities offered.
Which are the cheapest and most expensive compliance software tools?
On the cheaper end of the scale, UserWay offers a compliance solution starting from $20/user/month. In contrast, solutions like MetricStream and Corfix are more expensive, starting at over $100/user/month.
Are there any free compliance software options?
Free compliance software options are rare due to the complexity and importance of the task. However, some vendors may offer a free trial period or a limited free version of their software for users to evaluate the product before committing to a full-fledged plan. Always double-check the terms and conditions of these free offers, as they may have usage limitations or require you to provide payment details upfront.
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Summary
In conclusion, choosing the right compliance software for your organization involves considering a range of factors, from core functionalities and key features to usability and pricing. You need to select a tool that meets your current requirements and can also scale your business as it grows and evolves.
Key Takeaways:
- Identify Your Needs: The best compliance software for your organization is one that directly addresses your specific compliance challenges and integrates with your existing processes and systems.
- Consider Usability: A tool with a steep learning curve can cause delays and inefficiencies. Look for software that has an intuitive interface and provides ample training and support to help your team adapt quickly.
- Review Pricing Models: Understand the pricing structure of each software. Opt for the one that offers the best value, not necessarily the one with the lowest price. Consider factors like the number of users, additional costs for premium features or support, and whether it's a one-time purchase or a recurring subscription.
What do you think?
The compliance software landscape is vast and dynamic, and the best solution often depends on your specific circumstances and needs. I’ve covered some of the top options in this guide, but there may be other great tools out there that I haven't touched on. So, if you know of compliance software that you think should be on this list, please let me know. Your recommendations and experiences can help make this resource even more helpful.