Effective corporate compliance is an increasingly urgent issue for businesses. More regulations continue to proliferate across the landscape, and more businesses encounter compliance obligations earlier in their natural lives.
So the need for an effective compliance management tool — one that can help CISOs and other executives meet those ever-expanding compliance obligations — has never been greater. The alternative is to rely on a manual approach to fulfilling your obligations, which drives up costs and is more prone to error. Smart businesses know: they need a compliance management tool to get the job done.
These tools, which vary in their approach, are the key to building a robust compliance structure while also streamlining workflows and risk management tasks.
Do I Need a Compliance Management Tool?
When we picture companies needing compliance management systems, we usually point to large corporations, banks, financial institutions, or multinationals with many risks and much to lose.
The underlying need for compliance management software is the wide variety of regulations to which these companies are bound, and the increasing difficulty of manual compliance oversight via spreadsheets.
Additionally, compliance obligations are no longer limited to the banking industry or multinational companies. Many current regulations force all companies operating in certain industries to invest in compliance and risk management. (For example, consider small retailers, who still must meet PCI DSS compliance obligations to protect consumers’ credit card data.)
As companies implement better handling and monitoring of their business processes, compliance management tools allow them to scale their activities without increasing their risk of non-compliance.
Compliance Management Tools & Software
Not all compliance management software is based upon the same tools. Accordingly, they vary in their approach to risk management, pricing, and compliance policy management.
Also, some compliance management tools are better suited to monitoring activities and change management, while others are geared toward audit management and preparing audit documentation.
Broadly speaking, compliance management software can be classified into three types: all-purpose, industry-specific, and GRC.
All-Purpose Compliance Management Platforms
This software offers a suite of generic tools that can be used in any company or industry, but with a low level of specialization to address remediation of risk, corporate governance, or technical issues.
Industry-Specific Compliance Management Tools
These tools are focused on meeting the needs of companies in a specific sector (healthcare, industrial, financial, and so forth). These features aim to meet the risk and compliance requirements of particular regulations such as HIPAA, GDPR, ISO, PCI DSS, and more.
Governance, risk, and compliance (GRC) software includes general compliance management tools and a wide range of features to ease risk management and corporate governance tasks.
For example, many incorporate APIs to connect to other tools that help to streamline your compliance workflows and tasks.
Coupled with a series of industry-specific deployment frameworks, GRC software is the most robust of all three categories.
How to Pick the Best Compliance Management Tool for You
With so many options and features, several considerations can help you choose the right compliance management tool for your needs, and strengthen how you manage the compliance lifecycle.
Mind Your Deployment Needs
Every company has a different IT infrastructure, and therefore different implementation needs.
For example, some companies may be used to working with internal servers and need an on-premise solution to work seamlessly with the rest of the system. Others may use cloud-based systems and need compliance management tools that operate in the cloud, too.
Risk and liability are other concerns. While an in-house solution can reduce the number of third parties involved in a software implementation, companies will also then have to invest more resources to keep that software up to date.
On the other hand, the cloud-based solution involves a third party operating in your IT infrastructure, so you’ll need to perform a third-party risk assessment and then monitor that third party from there onward.
Look Out For Automation Options
For large or growing companies, automation is a crucial element in reducing operating expenses and maintaining consistent performance. Automation reduces the risk of human error and improves your ability to monitor the compliance program’s performance. It can also generate reports promptly, and detect compliance failures more quickly.
Diverse Management Capabilities
When choosing a software solution, it’s essential to evaluate how the management capabilities can fulfill your needs.
A good compliance management software tool must have task management functionality that allows adequate monitoring of policies, projects, and other compliance activities, such as internal auditing, quality management, document management, and more.
Also, a robots compliance management solution must be able to monitor corporate risks. Software that centralizes and facilitates companies’ risk assessments are valuable tools for a compliance program to perform effectively.
Every company is subject to a different set of regulations, and accordingly, has different regulatory requirements.
There are compliance management tools specifically designed to address specialized regulations (such as HIPAA Rules or GDPR), with user-friendly templates and update features for regulatory changes.
ZenGRC Is a Superior Option for Compliance Management
Choosing the right compliance management tool can mean the difference between boosting compliance processes and hindering your company’s compliance management.
ZenGRC is a compliance management software with all the necessary tools to facilitate your company’s risk management and compliance processes.
Packed with frameworks from different national and international regulations, such as ISO 27001, SOX, NIST, and more, ZenGRC ‘s regulatory compliance platform offers cybersecurity risk assessment, internal audit templates, document management, reporting, and more!
Book your demo today to find out how easy you can protect your company from non-compliance and other risks with ZenGRC.