Person in a dark shirt pointing towards a digital certification badge with a checkmark, alongside three checklists with checkmarks, symbolizing compliance management.
Person in a dark shirt pointing towards a digital certification badge with a checkmark, alongside three checklists with checkmarks, symbolizing compliance management.

Business in today’s world operates within an environment strictly mandated by the compounding standards of industries, governmental standards, and internal policies. Non-adherence may lead to hefty fines, as well as reputational and operational disruptions, actual or perceived. 

That is where compliance management software comes in and provides the tools necessary to ensure smooth and effective compliance management. 

In this blog, we will outline the best compliance management software for your business and how these can be used to ensure that your company meets all the standards necessary. From small businesses to huge corporations, the right CMMS with integrated compliance software is all-important in streamlining processes and helping mitigate risks. 

What Is Compliance Management? 

Compliance management software could be considered tools that help a business ensure it is compliant with all external regulations and internal operating policies. All these are centralized in one place, so compliance efforts can be tracked by the organization, implemented changes need to be made, and all teams need to be reminded that they must go by both the legal and operational standards. 

Advanced compliance management tools also automate most routine activities while allowing for real-time monitoring and compiling of compliance reports. This, therefore, makes the process for compliance officers and business leaders less cumbersome because they will manage to stay ahead with regulatory requirements and changes in laws. 

What to Expect From Compliance Management Software

To find the best CMMS solutions with integrated compliance management software, one needs to look out for tools that have the following aspects: 

  • Policy Management: All the policies can be assured to be developed, stored, and updated from a single portal. Therefore, all employees will have access to the updated information regarding those policies. 
  • Risk Assessment: It should also be able to identify risks across your business, assess them, and assist you in managing them. Also, it should allow risk thresholds and monitor them in real-time. 
  • Audit Trail: A detailed audit trail is another compliance activity you need to track. A good compliance management tool will record every change and action, thereby making it easier for you to prepare for external audits. 
  • Automatic Alerts: Make sure that you have solutions that provide automation alerts in case you have problems related to compliance or in case of changes in regulations. Then, you will be proactive about those risks. 
  • Document Management: Regulatory compliance generates plenty of documents, such as filings, policies, and even reports.  Of course, this also includes the possible need for just one report about the specifics of one event. The best compliance management software will, therefore, offer secure storage and version control. 
  • Reporting and Dashboards: Reports and dashboards must be customizable so one might monitor compliance metrics and have the insights needed to ensure that an organization is on track. 
  • User Permissions: Using role-based access controls, only those with the right to view the sensitive compliance information can see it, which means that there’s data protection and accountability. 

The Best Compliance Management Software for Your Business 

These are some of the best compliance management tools available to businesses today: 

1. LLumin 

Screenshot of LLumin’s homepage. 

LLumin is a professional compliance management software that holds all the required tools to work with compliance across various industries. Through the approach of operational compliance, LLumin fits all types of workflows and offers real-time risk alerts. 

Key Features 

  • Operational compliance tracking 
  • Real-time risk alerts 
  • Automated task management 
  • Comprehensive audit trails 
  • Seamless integration with other software  

Pros 

  • Keeps real-time alerts to keep your business up to date with the latest regulations 
  • Automates compliance activities so you will not run out of time for other priorities
  • User-friendly interface with integration into the present systems 
  • A complete audit trail provides a full overview of compliance activities

Pricing 

LLumin can provide tailored pricing for your business needs, especially in heavy compliance industries. 

Suitable For

LLumin is a perfect response to business houses that need to monitor compliance in real-time with seamless integration with the existing systems to really create thorough operational compliance. 

2. VComply 

Screenshot of VComply homepage. 

VComply is advanced cloud-based risk assessment compliance management software with strong policy management and it can do the real-time monitoring of all compliance metrics through intuitive dashboards. 

Key Features 

  • Automated compliance workflow 
  • Real-time dashboards and reporting 
  • Role-based access control 
  • Detailed audit trailing 

Pros 

  • The compliance workflows are automated and thus save people more time on greater issues
  • The dashboards are real-time, so the team can track their continuous compliance metrics and how it is being done
  • Role-based access control creates more security because it will work according to the user
  • All compliance actions are traced through audit trails along with proper records

Cons 

  • The steep learning curve for smaller teams that are not familiar with the software and its compliance usage
  • Customization on the platform is not as comprehensive as other options available on the market, especially LogicGate

Pricing 

The service is primarily subscription-based but with customized pricing after an intake call. Plans include: 

  • Starter GRC: $649/month 
  • Pro GRC Suite: $1,249/month 
  • Enterprise GRC Suite: Custom  

Suitable For

VComply turns out to be very suitable for each business, and its integration with already existing systems will hardly require any effort. 

3. LogicGate 

Screenshot of LogicGate homepage.

 

LogicGate happens to be quite a customizable platform that allows firms to design compliance workflows themselves. The website is directly focused on the automation of compliance processes, which makes managing regulatory requirements less in terms of hand manipulation. 

Key Features 

  • Industry-specific customizable workflows 
  • Automated risk assessment 
  • Storage and versioning of documents 
  • Audit-ready reporting 

Pros 

  • Customizable workflows that enable organizations to adapt their processes according to industry requirements 
  • Automation of risk assessment to avoid labor and time spent on things that do not require it 
  • Versioning when it comes to document management
  • Easy preparation for external audits as it is reporting-ready

Cons 

  • Too many complexities regarding customization may become a burden for smaller organizations or groups of people with fewer full-time compliance experts
  • Steeper for smaller organizations

Pricing 

LogicGate offers customized pricing based on the scope of the business as well as feature requirements. It is a bit expensive, considering the flexibility and the variety of different customization options. A more detailed quote can be acquired through direct contact with LogicGate. 

Suitable For 

LogicGate is particularly suited to an organization of size that requires flexibility in handling compliance procedures. 

4. ZenGRC 

Screenshot of ZenGRC homepage.

ZenGRC is another nice solution for those organizations that are looking for a single compliance management software. The software provides a set of tools that include risk assessments, audit management, and policy tracking.  

Key Features 

  • Compliance Dashboard 
  • Risk Assessment Auto-Enabled 
  • General Policy and Document Management 
  • Role-based user access 

Pros 

  • A user-friendly interface is viable for any type of industry, right from healthcare to finance
  • The compliance dashboard offers a single window view of compliance metrics 
  • The better outlook ultimately results in having better oversight
  • Automated risk assessment cuts the hassle of managing and updating the risks
  • Role-based access control introduces security by having access only to authorized personnel regarding sensitive information

Cons 

  • Lack of advanced features as compared to premium tools such as MetricStream 
  • Integration of other software applications requires extra configuration

Pricing 

Flexible pricing plans are offered by ZenGRC depending on the size of the organization and the needs involving the features. Pricing is around $12,000 annually but scales with business and more needs. 

Suitable For 

ZenGRC was developed to offer easy compliance management across industries, such as healthcare, finance, and manufacturing. 

5. MetricStream 

Screenshot of MetricStream homepage. 

MetricStream is compliance software with an expansive capacity to manage complicated regulatory environments. Perhaps one big feature of MetricStream and also a basis for its richness in offering its solutions to large enterprises relates to being able to operate on the dimensions of risk and audit management. 

Key Features 

  • Integrated risk and compliance management 
  • Policy management and version control 
  • Automated alerts and notifications 
  • Customizable dashboards and reporting  

Pros 

  • A risk and compliance management system that fully caters to big enterprise construction and cases for those companies 
  • The ability for policy features with full control of documents to upload and updates 
  • Users would be notified in case of a change in their status of exposure to risk or compliance status 
  • The dashboards are almost tediously designed to be able to offer in-depth reporting and monitoring

Cons 

  • Hugely expensive and nearly never practical in most small- and medium-sized businesses
  • Time-consuming onboarding and training as the teams had to make the most of the features
  • Implementation time is very long as the software is too complex

Pricing 

MetricStream is one of the compliance solutions companies, and the prices tend to be bespoke for a client depending on the size of the organization, industry, and compliance needs. This is on the higher side, with yearly prices starting from approximately $50,000 for larger organizations. 

Suitable For

MetricStream is far more premium; it is ideal for large organizations wanting a strong, though scalable, compliance solution. 

Conclusion: The Need for Business Compliance Management Software 

Despite the complexity of regulation, the right investment in compliance management software is no longer discretionary. The right tool keeps your business well-informed about regulatory changes, simplifies compliance management, and reduces the risks of non-compliance along with huge fines. 

Of the solutions offered, LLumin would most certainly be your trusted tool. Time-based alerts on risk areas, compliance event tracking, and full audit trails will make sure that your business will always stay ahead of the curve concerning compliance management. As it is with LLumin, your organization could be hugely prepared today in demand for regulatory compliance and setup for future challenges. 

To better understand compliance best-in-class software, click here for more on compliance and governance. 

Chief Operating Officer at LLumin CMMS+

Karen Rossi is a seasoned operations leader with over 30 years of experience empowering software development teams and managing corporate operations. With a track record of developing and maintaining comprehensive products and services, Karen runs company-wide operations and leads large-scale projects as COO of LLumin.