Top Compliance Software of 2022

An Easier Way for Your Team to Manage Compliance Issues

Compliance refers to adhering to legal obligations to protect the health, safety, and welfare of others. Often, compliance is also important to help protect the environment. 

Fully achieving compliance is no easy task because it entails a lot of time and effort—often requiring the breakdown and assessment of relevant business processes and operations. Companies found non-compliant suffer through costly fines that could add up to millions of dollars, criminal charges, or even business closure. Meanwhile, companies that treat compliance as a long-term goal can take advantage of benefits such as the following:

1. Business growth
   
   As you comply with legal obligations, you raise your company’s operations quality to a higher level and achieve corporate compliance, which then opens up more opportunities for your business.

2. Reduced legal problems
   
   Compliance saves your company from costly legal ramifications such as fines, penalties, lawsuits, work stoppages, and even business closure.

3. Improved operations and safety
   
   Many regulations involving industry standards, like Hazard Analysis Critical Control Point (HACCP) and Good Manufacturing Practices (GMP), help businesses build a strong safety and quality culture. Establishing best practices when you comply with regulations allows you to strengthen and safeguard your company’s overall operations.

4. Better public relations
   
   As you meet legal obligations, you also put your business in a better position in the public eye. You raise your company’s authority and increase your positive exposure to your target audience.

5. Higher employee retention
   
   Some mandatory regulations deal with protecting employees and their working environment. The more your team feels they are working in a fair, professional, and safe environment, the more likely they will stay and do their best work.

Sample digital checklist using Compliance Audit Software

Give Your Compliance Program the Edge It Needs

A compliance management software is a digital solution used by many businesses to effectively monitor the performance of compliance tasks and to reduce the risk of costly and non-compliant processes. Acquiring compliance management software enables your business to maximize the following advantages:

1. Easily track the completion of compliance tasks.

   With compliance management software, compliance officers can finally focus better and become more diligent in developing high-value strategies, rather than tirelessly following up on assigned compliance tasks.
   
   Through an automated workflow for completion of compliance tasks, actions can be assigned quicker, even while an audit is ongoing. The action can be assigned to another user with a priority level and due date, and they will be notified in real-time via email, text (SMS), or push notification. The assignee can then address the situation immediately, and compliance officers will be notified once this action has been completed.
   
   With this strategy, everyone will be held more accountable as performance metrics are reinforced to the assignee, while management will have improved capability to act against non-compliance in real-time.

2. Empower staff in reporting compliance issues.

   A compliance management software allows anyone to conduct on-the-spot inspections and report compliance issues with their own mobile devices. This capability can help compliance officers to encourage employees to be more involved in their compliance program and report compliance issues while they’re still actionable.

3. Streamline your regulatory compliance documentation process.

   Poor documentation is a major cause of non-compliance and all auditors know that this can lead to costly and stressful consequences.
   
   With compliance software, you can say goodbye to the days of manual re-entry of data and opening up piles of binders just to locate a file. This technology solution can streamline compliance auditing, wherein comprehensive reports are auto-generated after an audit. Records will also be backed up in the cloud and emailed in seconds, instead of generating longer paper trails due to the constant printing and filing of documents. With safe and secure cloud storage, you can easily build a reliable digital compliance registry, where it’s easier to retrieve old records and present them whenever needed.

4. Leverage improved data quality to develop your decision-making process.

   More comprehensive reports mean you will have a large amount of data in your hands. For compliance managers, this is an asset that must be taken care of and maximized. A compliance management SaaS software can help organize a large amount of data and present it to you on an analytics dashboard. Easily identify gaps in your compliance program and devise plans on how to fill them.
   
   To top that, compliance software can also be integrated with other business systems (such as Jira, Tableau, Power BI, and SharePoint), which allows compliance data managers to conveniently push data between systems, rather than going through the hassle of manually organizing data into Excel sheets.
   
   Your company can leverage this improved data quality and develop more strategic decisions that will improve your compliance program for the long term.

5. Significantly reduce risks of non-compliance with a safer working environment.

   When you are able to implement a compliance program that encourages accountability, saves time, and improves data quality for better decision-making, you can foster a working environment that is safer and reduce non-compliance. This type of risk assessment can also result in better compliance audit performance, improved relationships with authorities, increased employee morale, and improved quality of products or services.