Top 7 Compliance Automation Software
Compliance is often followed by the question “where do I even begin?!” Navigating the tricky compliance maze can be overwhelming. But, in the face of sophisticated cyber threats, it’s crucial for the long-term success of your company. The best place to start in this journey is to look for the right automation software. By leveraging compliance automation, you can time back on your clock to focus on what really matters, growing your business. There are many options out there, so we have cut down some of the work for you by taking a deep dive into the top 7 compliance automation tools.
First, What Exactly is Compliance Automation?
In a nutshell, compliance automation makes use of technology and software that streamline and manage the complex regulatory compliance process. Think of all the tasks that regulatory compliance consists of: data collection, risk assessment, evidence collection, and reporting (amongst others). Automation simplifies the compliance process significantly by reducing manual effort and minimizing the risk of human error.
Top 7 Compliance Automation Software
Scytale
While Scytale may be small and relatively young, they stand firmly as one of the main players in the compliance automation space. They are especially praised for being the gold standard for B2B startups. Their intuitive interface coupled with their personalized hands-on compliance guidance, makes the daunting take of regulatory compliance substantially less intimidating. Scytale’s compliance experts support you every step of the way, offering practical tools and efficient solutions, making it the compliance automation package.
Scytale’s platform offers features like automated evidence collection, continuous control monitoring, a customer policy builder, and seamless integration with popular tools, making them stand out amongst the compliance crowd. Compliance and cybersecurity protection is tricky to navigate, and Scytale has all the necessary bells and whistles to simplify the process significantly whilst reducing the workload.
Libryo
Libryo stands out for their legal and regulatory compliance offerings with a strong set of features that ensure companies are always updated with the latest laws and regulations. A key strength of Libryo’s platform is their real-time regulatory updates, which ensure that users are always up to date with the latest changes within the legal industry. This is especially useful for industries where the regulatory requirements are always changing. They offer great flexibility and adaptability as they allow companies to customize their compliance plans according to their unique needs. Another big win is their user-friendly interface which even compliance novices will be able to navigate.
However, Libryo’s focus is primarily on legal and regulatory compliance which means companies looking for security and privacy compliance may find that their tools don’t meet their needs.
ZenGRC
Zen GRC offers a robust governance, risk, and compliance (GRC) solution,which is particularly useful in providing a centralized dashboard, meaning users get a comprehensive view of all compliance activities and risks. The platform excels in automating workflows, streamlining compliance processes, and integrating risk management into the compliance framework for a holistic approach.
However, the extensive range of features may be overwhelming for new users, creating a steep learning curve, adding extra time to the process.
Complinity
Complinity offers a compliance management software that is designed to help companies manage their compliance obligations effectively. With useful features like risk assessment tools, identifying and mitigating risks is less overwhelming. The audit management process is streamlined through automated evidence collection and reporting, making the audit process significantly more efficient.
It is worth noting that Complinity’s integration offerings are limited, so companies that work with a wide array of tools may find that Complinity is not comprehensive enough.
- Risk Hawk
Risk Hawk is primarily focused on risk management and compliance, offering a very comprehensive assessment tool to help companies identify potential risks. Their compliance monitoring capabilities mean that users are able to continuously track where they stand in line with regulatory requirements, meaning that companies stay compliant over time. Risk Hawk also offers an automated audit process, which is particularly helpful in preparing companies effectively for the official audit.
Users have reported that Risk Hawk’s interface is not as intuitive as some of its competitors, hindering ease of use. Further, reviews suggest that its adaptability is limited, reducing its effectiveness and companies grow and scale.
AuditBoard
AuditBoard is a cloud based platform offering audit, risk and compliance functions all under one roof. Their centralized approach focuses on these crucial areas making management and reporting more streamlined and efficient. AuditBoard is particularly strong when it comes to robust risk management tools and continuous compliance monitoring, ensuring companies stay compliant and remain one step ahead of potential risks. They are considered one of the most reasonably priced compliance automation software options.
However, whilst more cost-effective, it may lack some advanced features compared to their competitors who are more expensive. Reviews have also suggested that the onboarding process is tricky, especially if the company has more complex compliance requirements.
8. Onspring
Onspring offers a versatile GRC solution which offers risk management, compliance monitoring and audit management under one centralized dashboard. This dashboard allows users to have a single overview of all compliance activities and risks. Onspring are praised for being highly customizable, allowing for tailored solutions according to a company’s specific needs and requirements. These automated workflows significantly streamline the time-consuming compliance process.
It has been noted that Onspring requires significant resources for effective implementation and maintenance of compliance, this could be a challenge for smaller businesses or startups that have limited budgets.
Conclusion
All 7 compliance automation tools offer their own unique benefits and features that cater to different needs. When choosing the right option for your company, it’s important to weigh important factors like customization, integration capabilities, ease of use, and specific compliance needs against your company’s unique requirements. Each tools has its strengths and potential pitfalls, so understanding these factors is helpful in selecting the best solution for your company’s needs. Ultimately, embracing compliance automation streamlines processes, reduces risk of human error, and keeps you one step ahead of ever changing regulations.
