The consequences of non-compliance are massive.
If your enterprise fails to meet constantly-changing compliance standards, you could face workplace litigations and huge fines.
Worse yet, your enterprise may be suspended or lose its license altogether because of non-compliance issues.
The Colorado Chamber of Commerce revealed that 60% of enterprises struggle with compliance, with survey participants blaming volatile regulations as the top reason.
If you are to streamline your compliance processes and avoid these consequences, you need the best compliance management software to lend your enterprise a hand.
It may help you to track regulatory and legal changes, with real-time alters keeping you ahead of any updates. As a result, you can proactively adjust your compliance processes accordingly to match these changing requirements.
In this article, we’ll discuss some of the best compliance management software for enterprises in 2024 that can help you streamline regulatory compliance.
Quick summary:
- Ethicontrol – Best for internal fraud detection.
- HSI Donesafe – Best for compliance automation.
- DiliTrust – Best for contract management compliance.
- SiteDocs – Best for safety compliance management.
- Netwrix – Best for IT security compliance.
Let’s get started.
1. Ethicontrol
Ethicontrol is an enterprise whistleblowing software.
You get a web portal where your staff can report suspicious activities anonymously. This can help to protect the identity of whistleblowers, which may encourage more of your employees to come forward.
With Ethicontrol, you can leverage automatic routing to automatically channel claims to the right authorities in your enterprise for further investigations.
It can also automatically assign a lead investigator depending on the nature of the case and the accused’s rank. This helps you to identify conflicts of interest and select more impartial investigators.
Furthermore, you get audit trail features that can help you spot financial discrepancies.
Best features:
- Ethicontrol offers a multi-channel claim reporting system, which allows your whistleblowers to air their suspicions via a telephone hotline, mailbox, or face-to-face meetings. This may encourage more staff to report incidents.
- It also offers excellent trackability for reports, which automatically informs your whistleblower of report receival, the timeline for feedback, and other key details. So you can automate the follow-up actions associated with these cases.
- Ethicontrol also enables you to perform enterprise surveys, where your employees can rate the ethicality and efficiency of internal processes. With this information, you can be able to improve your risk management strategy.
Pricing:
- No free trial.
- Starting plan: €89 per month.
Verdict
Due to automatic controls for gathering feedback and investigating your internal processes, I find that Ethicontrol is the best compliance management software to help you mitigate internal fraud. Moreover, it has whistleblowing features that can particularly come in handy when you want to comply with the EU whistleblowing directives.
2. HSI Donesafe
HSI Donesafe helps you manage your EHSQ system.
It connects all your Environment, Health, Safety, and Quality (EHSQ) systems to unify your data in one place. Therefore, you get end-to-end insights that can help you spot compliance risks and ethical issues across your enterprise.
With Donesafe, you get customizable workflows, which allow you to create & automate custom compliance processes that best fit your needs.
You can also use its real-time, cloud-based reporting features to help you track your compliance progress. This helps you to identify and remedy bottlenecks in your compliance processes as they arise.
Best features:
- It gives you an injury and claims management module, which you can use to manage workplace injuries and insurance claims. This helps you to implement incident response steps that match up with your industry’s regulatory standards.
- HSI Donesafe has strong analytics features that allow you to consolidate your enterprise’s compliance infrastructure. This can help your enterprise to be more proactive about compliance risks so that you don’t act after the fact.
- It also offers a certification management module that you can use to ensure that your contractors and staff have certifications that are up-to-date. Therefore, you can reduce compliance risks associated with outdated contracts & certifications
Pricing:
- 14-day free trial.
- Contact HSI Donesafe for pricing.
Verdict
HSI Donesafe has useful automation features that can help your enterprise to automate various iterative compliance tasks which can make you even more productive. That being said, I find setting up the customized & automated compliance workflows to be a very complex and lengthy process that may initially cause you considerable downtime.
3. DiliTrust
DiliTrust is a corporate & legal governance solution.
It gives you a board portal that you can use to manage activities for your enterprise’s governing bodies like your executive committees or board of directors.
Moreover, you can use DiliTrust’s document library to digitize and store various files as per the stipulations of your industry’s record retention rules.
Interestingly, you can boost compliance success rates by 50% with contract digitization, according to a Forrester study. This makes DiliTrust’s 360-degree contract management solution critical for improving your compliance efforts.
It also offers a client portal where you can interact with customers and stakeholders to address their concerns.
Best features:
- It gives you real-time entity management, with up-to-date data about your enterprise’s legal operations. This can help you to monitor legal activities across your enterprise and its subsidiaries to further boost your compliance efforts.
- DiliTrust’s litigation module allows you to centralize your litigation management efforts and streamline processes for your legal department. This way, you’ll not miss actionable items that might attract even more hefty fines and penalties.
- You can also conduct surveys using the DiliTrust software, which not only helps you to identify compliance risks but also boosts employee satisfaction. With this feature, you can eliminate the need to purchase dedicated survey software.
Pricing:
- No free trial.
- Contact DiliTrust for pricing.
Verdict
The DiliTrust contracts module provides important features that help you manage contracts more efficiently to help eliminate forgeries and improve international compliance. Nonetheless, I find that its survey tool lacks important automation functions, more so when it comes to setting up surveys and collecting data from them.
4. SiteDocs
SiteDocs is essentially an enterprise safety compliance solution.
It delivers automated KPI tracking so that you can identify and eliminate compliance risks that arise when you reach certain project milestones.
What’s more, SiteDocs gives you real-time safety monitoring that can help your enterprise avoid work stoppage litigation and fines.
It also allows you to create custom profiles for managing and tracking workers’ actions more effortlessly. In light of this, I rate SiteDocs as one of the best compliance management software for safety compliance management.
Best features:
- SitedDocs offers you highly interactive dashboards, where you can create impressive visualizations of your data. This makes it easy for you to identify hidden safety gaps and even uncover opportunities for process improvement.
- It offers you a custom form builder that you can use to draft documents about workers’ concerns or create safety manuals. You can also use this form builder to automate follow-up by giving staff direct alerts on their personal devices.
- You also get automated safety workflows, which offer reminders to employees about recurring safety tasks that they need to perform at various job sites. You can also leverage this to also auto schedule & streamline incident investigations.
Pricing:
- No free trial.
- Contact SiteDocs for pricing.
Verdict
SiteDocs is a great solution if you’d like to enhance your due diligence when it comes to worker safety because of its huge range of employee safety and compliance controls. However, I find that it has a steep learning curve, so your enterprise may have to invest a considerable amount of time and resources to upskill your staff to use the system.
5. Netwrix
Netwrix can improve data security compliance.
It contains advanced data security controls that you can use to manage complex IT environments in your enterprise and shore up compliance loopholes.
Interestingly, Netwrix comes with out-of-the-box templates and password policies so that you can hit the ground running with your IT security compliance strategy.
You also get an audit compliance module that helps you create reports that you need for both internal and external audits. This allows you to give auditors ready data which can decrease your audit preparation times.
Moreover, it offers an endpoint protector that you can use to enhance data integrity.
Best features:
- With Netwrix’s intelligent data classification system, it becomes easier for your enterprise to uncover and secure important data as mandated by regulators. This feature can help you to pass data security audits easily and avoid penalties.
- The Netwrix auditor delivers important features that can help you to quickly answer ad-hoc questions during audits. They can also help improve compliance with HIPAA, CMMC, and the GDPR, among other regulatory frameworks.
- You also get a change tracker that you can use to monitor your configurations and systems for any unauthorized changes. So it becomes simpler for you to uncover suspicious activity and bolster the integrity of your enterprise’s systems.
Pricing:
- 20-day free trial.
- Contact Netwrix for pricing.
Verdict
Netwrix comes with vital features like data classification and advanced encryption protocols which can help you to strengthen your data security compliance processes. However, since it breaks down features into different modules that they price separately, you may find it to be a very expensive solution for your enterprise.
FAQ section
What is an enterprise compliance management software?
An enterprise compliance management software helps you streamline your audit and compliance processes so that you can comply with legal and industry regulations.
Overall, it consists of a huge framework of internal controls, processes, and documentation that can promote both compliance and ethical business practices.
What can a compliance management software do for your enterprise?
Crucially, you may get automated data discovery, which helps you unearth data so that you can manage it in line with GDPR regulations and other compliance policies.
It can also help you to train your employees on what part they have to play in upholding compliance, which helps you to minimize the risk of non-compliance.
How do I choose a compliance management software for my enterprise?
You should first consider the software’s specialization, which is key if you’d like to get a solution that accommodates compliance requirements in specific industries.
Additionally, you can get the best compliance management software for your enterprise by considering automated reporting features which can lower your compliance burden.
How much does a compliance management software for enterprises cost?
The cost of compliance management software greatly varies, although you may be able to get a free trial that can help you make a more informed decision.
That said, some vendors can price niche features separately rather than as an all-in-one solution, so it’s important to figure this out to avoid unexpected additional costs.
What are the benefits of an enterprise compliance management software?
Your workflow may contain certain processes that increase your risk of non-compliance, and the right tool can help you identify and straighten these vulnerabilities.
Moreover, it may be able to reduce your compliance costs by automating processes like data management so that you spend less time and money on compliance tasks.
Conclusion
It’s extremely risky to outsource your compliance needs.
That’s because you’ll be sharing sensitive information with third parties, and this certainly leads to data security concerns.
So with compliance outsourcing, you risk violating the compliance standards that you’re looking to uphold in the first place.
In fact, Deloitte has established that just 24% of compliance executives manage their enterprise’s compliance needs in-house. The majority prefer to outsource because of the complex nature of compliance management.
It is for this reason that you need to leverage the best compliance management software to simplify your compliance processes. Ultimately, I recommend Ethicontrol for internal fraud detection and HSI Donesafe for compliance automation.
The right solution can help you centralize all your compliance data and needs while reducing the potential for human error through automated workflows.
In turn, your compliance processes can become simpler and more accurate, which can go a long way in improving your reputation and revenue.
