What is a Regulatory Change Management Software?
Regulatory change management software is a digital solution that helps companies anticipate, acquire, and implement changes in company standards, internal policies, or government regulations. By properly managing data, using robust analytics, and automating workflows, the platform ensures continued compliance across the company, especially in highly-regulated departments.
Importance
Regulatory change ensures the health and safety of all stakeholders and improves the industry’s sustainability. While this is admittedly one of the pain points of companies, there is no going around it. The best way to deal with this challenge is by utilizing the best regulatory change management software.
Updates internal policies effortlessly – Regulatory changes are always on the horizon and, often, pre-emptively announced to give companies time to prepare for it. Aligning company controls and policies with new regulations is easier with digitized data.
Disseminates information effectively – Getting everyone on the same page won’t be difficult when a system for quick communication, complete with collaborative tools is in place.
Identify relevant personnel for specific responsibilities – When processes are automated, pinpointing the right people for task delegation is much easier. Even documentation and reporting can be accomplished more efficiently with digital solutions.
Determines compliance – To ensure that the company seriously adheres to the changes, managers should track submissions, monitor activities, and conduct random inspections. These activities are made easier and more efficient with digital checklists.
Monitors efficiency and productivity – Aside from ascertaining that the company is abiding by new guidelines, managers can assess the effectiveness of the actions taken in optimizing the operations through analytics.
Key Features
Your company can be up-to-date and comply with new regulations and policies and competently plan to modify steps in operations if your regulatory change management software has the following:
Policy compliance management
Document management
Impact assessment
Real-time compliance monitoring and reporting
Issue identification and tracking
Alerts and notification
Collaborative and communication tools
Visibility into the regulatory office’s policy updates and modifications
Integration with other digital tools
Choosing the Right Regulatory Change Management Software
The ten digital solutions listed above, all fairly evaluated by numerous experts and relevant review sites, can provide your company’s needs when there are changes applied to local or national regulations. Here’s a quick look at the shortlist before you make your final choice.
Regulatory Change Management Software | Free Version | Paid Plan | Mobile App |
SafetyCulture | Yes | $24/user/month * | Yes |
ComplianceQuest | No | $30/user/month | Yes |
ROAR Platform | No | Available upon registration | No |
Ethics and Compliance Cloud | No | Quote-based | No |
ComplyGlobal | Yes | Available upon request | No |
MetricStream | No | Available upon request | Yes |
Resolver | No | Available upon request | No |
Corporater BPM | No | Available upon request | No |
PolicyHub | No | Available upon request | Yes |
VComply | No | $1,119/month | Android only |
*billed annually
