10 Best Internal Control Software To Protect Businesses From Errors

manager using internal control software|Auditrunner|iAuditor as internal controls software|i-Sight|Issuetrak|Netwrix Auditor|Resolver|Sofvie|StandardFusion|Avacor GRC by Digital Design

Why Use SafetyCulture?

SafetyCulture is an internal control software solution designed for companies that need to conduct safety inspections and quality audits, quickly capture issues or errors, and resolve them to improve operational efficiency across the organization. This app is best for companies across different industries who want to optimize their operation’s productivity, set benchmarks, conduct safety inspections and quality audits, capture and resolve issues, and improve their organization’s operational efficiency. SafetyCulture also has integrations with Tableau, Sharepoint, Salesforce Sales Cloud, Zapier, Microsoft Power Automate, Trail, and many others.

Features:

  • API
  • Compliance Management and Tracking
  • Controls Audit
  • Corrective and Preventive Actions (CAPA) 
  • Incident Management
  • Inspection Management
  • Audit Management, Audit Planning, and Audit Trail
  • Risk Assessment, Risk Management, and Risk Reporting
  • Sarbanes-Oxley Compliance

Why Use Resolver?

Resolver is a cloud-based security solution that helps organizations reduce uncertainty from decisions. This tool is commonly used in Governance, Risk, and Compliance (GRC), audits, and financial risk management.  This app is best for industries of financial institutions, healthcare, academic institutions, utilities, manufacturers, hospitality, high tech, retail, and more. 

Features: 

  • Controls Audit
  • Reporting & Statistics
  • Sarbanes-Oxley Compliance
  • Internal Controls Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • ISO Compliance
  • KRI (Key Risk Indicator) Monitoring

Why Use Intellect?

Intellect is an enterprise Quality Management System (eQMS) software and an easy-to-use  platform for business process management and automation. This app is best for business startups and businesses with a majority of customers from mid-range companies. 

Features:

  • Business Process Control
  • Internal Controls Management
  • Compliance Management
  • Controls Audit
  • Corrective and Preventive Actions (CAPA)
  • FDA Compliance
  • ISO Compliance
  • Customizable Dashboard and Reports

Why Use i-Sight?

i-Sight is a web-based software solution and case management platform that streamlines processes and provides the data needed. It analyzes results to prevent incidents, fraud, and misconduct.  This app is best for industries in the financial services, insurance and infrastructure, healthcare, manufacturing, retail, and food services.

Features:

  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • FDA Compliance
  • ISO Compliance
  • Sarbanes-Oxley Compliance
  • Risk Management
  • Safety Incident Management
  • Audit Management

Why Use Netwrix?

Netwrix Auditor is a visibility platform that allows you to configure and access hybrid Information Technology (IT) environments and  conduct compliance audits. This software includes internal controls that efficiently monitors for threats in data storages and automatically takes action once a threat is detected. Netwrix is best for companies in financial services, insurance and infrastructure, healthcare, manufacturing, retail, and food services.

Features:

  • Audit Management and Audit Trail
  • Compliance Management and Compliance Tracking
  • Internal Controls Management
  • Incident Management
  • Issue Auditing and Issue Management
  • Sarbanes-Oxley Compliance
  • Risk Alerts, Risk Assessment, and Risk Management
  • Sensitive Data Identification

Why Use Sofvie?

Sofvie is a collaborative intelligence platform for Corrective and Preventive Actions (CAPA) that helps organizations identify, track, and take action to eliminate errors and instances of non-compliance. This app is best for heavy industries such as  mining, construction, transportation, exploration, and warehousing.

Features:

  • Audit Management, Audit Planning, and Audit Trail
  • Compliance Management and Compliance Tracking
  • Controls Audit
  • Corrective and Preventive Actions (CAPA)
  • Incident Management and Incident Reporting
  • Internal Controls Management
  • Investigation Management
  • Safety Incident Management

Why Use Auditrunner?

Auditrunner is an internal audit, risk compliance, and quality management software with time integration of GRC solutions compliant with ISO, COSO, and others. This app is best for businesses in banking, insurance, manufacturing, energy, and other sectors that need to perform audits, risk analysis, compliance checks, and improve quality processes.

Features: 

  • Audit Management, Audit Planning, and Audit Trail
  • Compliance Management and Compliance Tracking
  • Controls Audit
  • Corrective and Preventive Actions (CAPA)
  • Incident Management
  • Internal Controls Management
  • Issue Management
  • Sarbanes-Oxley Compliance

Why Use Issuetrak?

Issuetrak is a cloud-based platform used for reporting issues, tickets, complaints, and resolving them. This app is best for companies in IT, customer service, Human Resources (HR), manufacturing, government, finance, education, transportation, and healthcare.

Features:

  • Audit Management and Audit Trail
  • Corrective and Preventive Actions (CAPA)
  • Customer Complaint Tracking
  • Incident Management
  • Issue Auditing
  • Issue Management
  • Support Ticket Management
  • Reporting/Analytics

Why Use Avacor GRC?

Avacor GRC is a tool used to assist Internal Audit (IA), Internal Control (IC), compliance control, and Risk Management (RM) departments. The platform is designed in cooperation with experts from Deloitte, Ernst & Young, KPMG, and PwC to comply with ISO 31000 and the standards set by the International Auditing and Assurance Standards Board (IAASB). Avacor is best for companies in the real estate and construction, manufacturing and production, and pharmaceutical industries.

Features:

  • Audit Management and Audit Trail
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Incident Management
  • Internal Controls Management
  • Operational Risk Management
  • Risk Analytics
  • Risk Assessment

Why Use StandardFusion?

StandardFusion is rated among the best GRC solutions by independent researchers for successful risk, audit, and compliance management. This app is best for any company that has information security compliance requirements, whether for certification, regulatory, legal, or contractual reasons.

Features:

  • Audit Management and Audit Trail
  • Compliance Management and Compliance Tracking
  • Controls Audit
  • Corrective and Preventive Actions (CAPA)
  • Incident Management
  • Internal Controls Management
  • Issue Management
  • Risk Analytics, Risk Assessment, Risk Management, Risk Reporting, and Risk Scoring

What is an Internal Control Software?

Internal control software is a better way to investigate and thoroughly check the management of an organization to prevent errors, issues, non-conformance, non-compliance, and fraud. Internal control software improves corporate governance and external communications e.g., in financial aspects. Additionally, it can improve the efficiency and effectiveness of compliance audits, cutting costs and helping businesses in monitoring progress.

What is Internal Control?

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines internal control, in its Internal Control–Integrated Framework Executive Summary, as a process designed to provide assurance regarding the achievement of the following objectives:

  • Operations —pertains to the effectiveness and efficiency of an organization, including operational and financial performance
  • Reporting —pertains to the reliability and transparency set forth by the organization’s policies
  • Compliance —pertains to adherence to laws and regulations

COSO is an initiative of professional organizations dedicated to help businesses improve performance by enhancing their internal control, risk management, governance, and fraud deterrence. 

Components of Internal Control

COSO also provided in their Executive Summary, mentioned earlier, five integrated components of internal control,  which are:

  • Control Environment —pertains to the set of standards, processes, and structure of an organization
  • Risk Assessment —pertains to the process of identifying risks that may hinder the achievement of objectives
  • Control Activities —pertains to the actions made by the policies and procedures for mitigating risks
  • Information and Communications —pertains to the information gathered from internal and external sources and the act of sharing that information with relevant stakeholders
  • Monitoring Activities —pertains to the activities ensuring that the components of internal control are present and well-functioning
SafetyCulture Content Team
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SafetyCulture Content Team
SafetyCulture Content Team
The SafetyCulture content team is dedicated to providing high-quality, easy-to-understand information to help readers understand complex topics and improve workplace safety and quality. Our team of writers have extensive experience at producing articles for different fields such as safety, quality, health, and compliance.