Every day, as a business owner, you must find a method to navigate a complex network of laws, corporate policies, health, environmental, consumer standards, and national, municipal, and international restrictions.
Even a small unintentional error can result in significant fines, expensive legal bills, and reputational harm for your company. Organizations are expected to regularly monitor infrastructure for violations due to the complexity of compliance requirements and demands.
This article will discuss the importance of Compliance Monitoring Software and our top choices from the current market.
What is Compliance Monitoring?
Compliance Monitoring refers to the quality assurance checks businesses run to determine how effectively their operations adhere to internal procedures and legal requirements.
Compliance Monitoring Software assists businesses in continuously tracking, monitoring, and analyzing their operations to ensure these regulations and requirements are met. It offers crystal-clear data and insights that allow businesses to assess how they are doing, check if staff are compliant, and adjust as needed to help business operations fulfill their regulatory and internal process commitments.
What are Compliance Monitoring Tools?
Businesses employ compliance monitoring tools to adhere to industrial, legal, security, and regulatory norms and requirements. Utilizing these tools makes it simple to automate risk management, expedite user activity audits, and apply other necessary controls.
Businesses employ compliance monitoring tools to adhere to industrial, legal, security, and regulatory norms and requirements. Utilizing these tools makes it simple to automate risk management, expedite user activity audits, and apply other necessary controls.
Why do we need Compliance Monitoring?
The identification of relevant compliance standards and their integration into an organization’s current cybersecurity architecture is made possible by compliance policies. In addition, compliance policies benefit firms by
- Analyze the risks and vulnerabilities in cybersecurity
- Create security measures to reduce or transfer security risks.
- Avoid having activities interrupted by cyber threats or attacks
- Building the foundation for additional compliance measures
Corporations and big businesses do not just use compliance regulations. Small and medium-sized firms that fail to develop policies prioritizing cybersecurity or regulatory compliance become easy targets for hackers looking to exploit their weaknesses.
Top 10 Compliance Monitoring Software
Here is a list of the top 10 compliance monitoring software:
#1 SentinelOne
#2 Sprinto
Sprinto is a compliance monitoring software with powerful compliance automation capabilities that effortlessly connects with your cloud setup to enable you to monitor entity-level risks and deploy controls from a single dashboard.
SOC 2, ISO 27001, GDPR and HIPAA certifications are just a few security compliances Sprinto assists software-as-a-service (SaaS)-based businesses attain.
Key Features:
- Automation capabilities are powerful
- Ensures compliance and integrates with any cloud configuration
- Quick certifications
Pros:
- Simple to use
- Expert assistance
- Aligned audit
Cons:
- Some clients’ meetings must be conducted in another time zone.
#3 Connecteam
No matter where your employees work from or even while on the go, Connecteam is an all-in-one employee management system and compliance monitoring software that provides all the tools you need to handle your daily communications, operations, and HR issues.
It is a superb compliance management solution enables you to monitor, control, and send notifications in real-time, gather and save data, and report on and evaluate every facet of your business’s regular operations.
Key Features:
- Employee Communication: Facilitates seamless communication with your entire workforce through a mobile app.
- Task Management: Efficiently assign and track tasks across your team.
- Time Clock: Allows for easy time tracking and attendance management.
Pros:
- Budget-friendly
- One-stop solution for compliance monitoring.
- Excellent customer support
- Simple to use and intuitive
Cons:
- Integrations are in development.
#4 SiteDocs
Specifically focusing on safety compliance, SiteDocs compliance monitoring software speeds up and facilitates the process. On the job, staff members can complete and sign digital forms, and you can store crucial safety documents and information in a digital library.
You can gather audit sample documents, manage and monitor all safety activity and compliance in real time, and keep track of your employees’ certificates. Track corrective actions and create extra follow-up types using the form builder. You can even use markup to capture signatures with SiteDocs.
Key Features:
- Document Management: Streamlines document storage, retrieval, and sharing.
- Safety Compliance: Helps maintain regulatory compliance with safety protocols.
- Workflow Automation: Automates processes for increased efficiency.
Pros:
- Customizable
- Works offline
Cons:
- Forms take longer to get after being uploaded
- No push alerts can be sent
#5 Qualtrax
For businesses with exceptionally demanding and stringent requirements and compliance regulations, Qualtrax is the perfect compliance monitoring software.
This compliance management software may automate corporate operations, handle digital documents, integrate internal and external audit data, and ensure that important industry regulations are followed in real time.
Almost any corporate process may be automated using process management, tracking, and customizable workflows. Assigning training, sending automatic course reminders, and getting performance insights are all possible with Qualtrax.
Key Features:
- Compliance Management: Manages compliance processes and documentation.
- Quality Assurance: Supports quality control and assurance workflows.
- Audit Trail: Provides a robust audit trail for tracking changes and actions.
Pros:
- Options for automation
- It is customizable
Cons:
- Features aren’t flexible
- It is not easy to use
#6 PowerDMS
The compliance monitoring software from PowerDMS provides useful solutions for managing and organizing crucial documents by industry standards, helping firms lower risk and liability while preserving compliance.
With the help of this compliance software solution, you can build policies and link them to the most recent standards, make reports and keep track of deadlines, teach and test your workers on policy understanding, and save compliance data.
You can examine pending and unfinished assignments, signatures, and workflows on the admin dashboard and track organizational compliance.
Key Features:
- Policy and Training Management: Centralizes policy creation and employee training.
- Document Version Control: Ensures document version control and access tracking.
- Electronic Signature: Facilitates secure electronic signatures for compliance.
Pros:
- Good customer service
- Options for notification automation are available.
Cons:
- Limited customization options
- Not easy to use
#7 QT9
This compliance monitoring software enables you to centralize important papers and data, manage customizable workflows, set up automated reminders, and monitor compliance in real time for your company.
Additionally, 23+ unique modules—QT9 QMS’s trademarked phrase for each feature the system offers—are provided. Audit management, automatic corrective actions, calibration management, employee training, and inspection management are a few of the modules.
Internal auditing procedures are streamlined by this cloud-based system, which also assists organizations in getting ready for regulatory audits, controls and approves documents, and manages employee training.
Key Features:
- Quality Management: Offers comprehensive quality management tools.
- Supply Chain Management: Manages suppliers and streamlines supply chain operations.
- Reporting and Analytics: Provide in-depth reporting and analytics capabilities.
Pros:
- Customer support
- Quick to set up
Cons:
- It lacks customization options
- Not user-friendly.
#8 Skillcast
Skillcast’s compliance monitoring software aims to assist businesses in reducing regulatory compliance risk and fostering an ethical workplace environment. Electronic learning and recordkeeping assist businesses in adhering to rules.
Thanks to its modular architecture, you can select only the functions you need. These include an LMS (learning management system), a hub for managing rules, compliance registers, and website surveys, and managing processes and staff members’ compliance declarations.
Key Features:
- Compliance Training: Delivers compliance training and monitoring.
- Risk Assessment: Conducts risk assessments for regulatory adherence.
- Content Authoring: Allows easy creation of custom training content.
Pros:
- User-friendly
- Quick customer support
Cons:
- Not very budget-friendly
- Reporting options are limited.
#9 Libryo
A compliance monitoring software called Libryo aids in educating international organizations about the pertinent environment, health, and safety (E) regulatory requirements and enables them to abide by them.
It functions as an automated legal library that is also searchable. It organizes collections of laws and regulations pertinent to your organization so that your international staff can read and translate them. Additionally, your teams can remark, add attachments, and schedule reminders.
Key Features:
- Legal Compliance: Helps organizations stay up-to-date with changing legal requirements.
- Regulatory Tracking: Monitors and alerts on regulatory changes that affect your business.
- Custom Compliance Registers: Creates personalized registers for compliance management.
Pros:
- Customer support
- Legislation updates
Cons:
- Search options are limited
- Difficult navigation
#10 Netwrix
Netwrix aids in the preservation of sensitive, legally required, and business-critical data and helps you pass compliance audits.
Using this compliance monitoring software, which provides visibility into activity throughout your IT infrastructure, you can prove that you comply with industry requirements. It aids in detecting dangers in your infrastructure and investigating suspect user activity that jeopardizes regulated data.
Key Features:
- Compliance reports
- Risk history
- Threat pattern alerts
- Risk score
Pros:
- Automation options
- Easy to set up
Cons:
- Not user-friendly
- Limited customization options
How to Choose the Best Compliance Monitoring Tool?
With so many features and possibilities, there are a few things to remember to select the best compliance management solution for your requirements and improve how you handle the compliance lifecycle.
- Be mindful of your deployment requirements: Every business has a unique IT infrastructure, which necessitates a unique implementation strategy. Concerns include liability and risk. While using an in-house solution can minimize the involvement of outside parties in the software implementation process, businesses will also need to commit more internal resources to maintain the program.
- Watch out for automation options: In large, expanding businesses, automation is essential for lowering operating costs and preserving performance. Human error is less likely, and you can better track the compliance program’s effectiveness. Additionally, it can swiftly generate reports and spot compliance issues.
- Management skills: Assessing how the management capabilities meet your needs is critical when selecting a software solution. A strong compliance management software product must have task management capabilities to monitor rules, projects, and other compliance operations like internal auditing, quality management, and document management.
Solve the Cloud Misconfiguration with SentinelOne
SentinelOne is a popular cloud security platform that is well-versed in Offensive Security. SentinelOne provides enterprises of all sizes and industry sectors with lightning-fast speed and scale to change cloud security and eliminate any uncovered and exploitable vulnerabilities.
Features:
- Flagging security defaults – Continuous visibility on the security posture of new or existing cloud services and highlight security gaps and best practices
- Includes all popular compliances like PCI/DSS, HIPAA, CIS, SOC2, ISO, MITRE, and NIST.
- It also includes RBI compliances -> Cyber Security Framework for Primary (Urban) Cooperative Banks and Master Direction – Information Technology Framework.
- Identify cloud resources/assets with known CVEs (Intelligence gathered from 10+ sources with exhaustive coverage).
- Ability to export compliance reports.
- Ability to blacklist secrets for which monitoring is not required (Backend driven, not exposed to customer)
- Real-time detection of cloud credentials leakage like IAM keys, Cloud SQL, Service accounts, etc., on any public repositories
Conclusion
You can streamline your business operations and ensure your organization complies with regulatory requirements with the correct compliance monitoring software. You can increase company openness and ensure all employees are held accountable by centralizing everything. In this article, we have seen the top 10 compliance monitoring software that could help your organization and the pros and cons of each tool.