The 17 best compliance software solutions for 2024

Prophix ImageProphix May 23, 2024, 8:00:00 AM

As the enterprise governance, risk, and compliance (EGRC) market continues to grow exponentially year over year, it can be challenging for organizations to internally manage compliance. Makeshift internal processes can work for some startups but as a company scales, ensuring each employee meets compliance standards becomes difficult.

Luckily, there are compliance software companies with services to keep your organization on track and scale with you. In this article, we’ll break down everything from what compliance means, to which solution will be a fit for your team long-term.

What is meant by compliance?

The word compliance on its own is a general term. To comply is to adhere to a set of rules or standards. When it comes to compliance software and your organization, it could still mean a multitude of different things, depending on context. Here’s a simple breakdown.

Compliance to whom?

It’s a common question, but “compliance” in the context of compliance software means to comply with the standards established by your organization or a governing body, rather than to comply with a single person. You could have different compliance standards depending on your job function, department, or type of work. You could also face compliance requirements from external regulatory bodies.

Banking and financial compliance

Compliance in finance involves adhering to protective regulatory requirements, which are established to protect your organization’s systems, your clients, and the larger economy.

Compliance could look like staying within your organization's risk appetite, establishing protocols to protect against potential threats, or abiding by strict data security procedures.

Einhaltung behördlicher Auflagen

Regulatory compliance refers to how an organization abides by laws, guidelines, and specifications applicable to its specific business and jurisdiction. Federal fines and other legal sanctions are some of the risks involved in not being compliant with regulations.

AI compliance

Much like regulatory compliance, artificial intelligence (AI) compliance also ensures that an organization's AI adheres to applicable government laws and regulations. Beyond that, AI compliance involves ensuring that AI is non-discriminatory toward marginalized groups, that data is collected legally, and that AI is not used to invade privacy.

Safety and security compliance

Reviewing and reestablishing cyber security regulations is a huge part of safety and security compliance. Then, auditing employee processes and correcting any compliance violations is key.

Compliance management

Compliance management is the ongoing review and assessment of an organization’s processes, ensuring they meet the industry standards and legal standards for their jurisdiction.

If an organization identifies a software compliance risk, it’s a vulnerability in the software that could lead to a potential threat to an organization’s ability to maintain compliance. Software compliance testing can mean monitoring your software and ensuring it’s performing adequately or hiring ethical hackers to find potential vulnerabilities before they affect your organization.

What does compliance consist of?

Compliance consists of:

  • Training: Ensuring employees understand what current compliance standards are.
  • Reassessment: Routinely evaluating processes to ensure the organization is consistently meeting compliance standards.
  • Correction: Swiftly correcting compliance violations and infractions.
  • Bookkeeping and resources: Ensuring records, rules, guidelines, and other compliance resources are readily available for employees to review.

Who in a company is responsible for compliance?

Responsible parties for compliance depend on the organization's size and structure. Some companies have a few compliance officers who take on this work, while others have entire compliance departments.

Smaller organizations may leave compliance up to managers and directors if they are without a dedicated compliance function.

The employee or employees who oversee compliance are responsible for building a compliance system. A compliance system, or compliance program, is the overall strategy for assessing risks, implementing standards, training, monitoring, and taking action to correct or adjust as needed. Adding compliance software to your tech stack is part of maintaining your overall compliance system.

Four keys to compliance

What is compliance software?

Compliance software is a tool made to aid an organization in keeping up regulatory standards and legal requirements that are relevant to their operations. This type of software typically includes features that allow for the tracking and management of compliance-related activities, such as monitoring changes in laws and regulations, managing and storing documents, ensuring that policies are up-to-date, and facilitating audits. The specific features and capabilities of the software will vary depending on the regulatory requirements of the industry in which the organization operates.

What does compliance software do?

Compliance software manages the demands that come along with different areas of compliance like health and safety, financial risk management, training, client management, audits, and more.

Some software also keeps detailed compliance records, organizes resources, and stays up to date on changes in compliance standards.

How does compliance software work?

Compliance software integrates with an organization’s internal compliance strategy and identifies trends, keeps records, and continuously monitors activities to ensure the company adheres to its compliance strategy.

The software also provides an organization with the tools they need to execute routine audits and assessments of current practices and processes.

Benefits of compliance software

Now that you have an understanding of what compliance software is and how it might work, it’s time to look at what the benefits are, and why it may be better than managing compliance in-house.

Heightened brand trust and customer buy-in

Security compliance is likely one of the first things a potential client will investigate when they research your company. Compliance software can help you meet all industry-standard security protocols, making you a low-risk option for current clients and new buyers.

Streamlined decision-making

Compliance software takes much of the brainstorming and guesswork out of building your internal compliance strategy. The software will provide all the necessary resources, compliance checklists, protocols, and any other information your team will need. You can cut down on a lot of tedious work with dedicated compliance software.

Reduced legal risk

Compliance software provides your team with guidelines to stay on top of legal compliance. It also provides you with documentation and a record of your compliance for efficient filing. This is a critical concern for most businesses, completely taken care of.

The 17 best compliance software tools in 2024

There are many types of compliance software tools on the market. It’s important to identify which features apply to your organization and find a platform that will not only meet your needs, but grow with you long-term. Let’s look at 17 of the best compliance software tools, so you can determine which is right for you.

1. Prophix One™

Prophix One logo

Our first compliance software example is Prophix, which enables organizations from any industry to integrate and automate their reporting, planning, forecasting, and budgeting. Prophix is an all-in-one finance and compliance platform.

Best for: Finance leaders from any industry looking for comprehensive training, endless resources, and an easy-to-use tool.

Features: Features include but are not limited to reporting, automation, collaboration, visual analytics, forecasting, disclosure management, planning, and more.

Pros: Prophix is easy to use, has quick implementation options, and is customizable for your unique compliance needs. Also, Prophix’s Financial Performance Platform offers additional tools for financial planning & analysis, intercompany management, and consolidation, in addition to its compliance functionality.

Cons: Prophix is a robust tool that supports many use cases, which can require some additional time to learn.

Integrations: With Data Integration, it’s quick and easy to connect to ERPs, HRIs, and CRMs.

Preisgestaltung: To learn more about Prophix’s use cases and plans, you can chat with an expert.

2. Aikido

Aikido logo

Aikido is a developer-first software security platform. You can use Aikido to scan for vulnerabilities in web apps in your organization’s network.

Best for: Developers, architects, and companies specifically looking for cybersecurity compliance.

Features: Some features include API, activity dashboards, monitoring, analytics, debugging, vulnerability protection and more.

Pros: Aikido has comprehensive and customizable reporting, dashboards, and analytics.

Cons: The tool is mostly limited to cybersecurity and isn’t used as an all-in-one compliance tool.

Integrations: Aikido offers dozens of native integrations for tool types like project management and technical tools.

Pricing: Aikido offers a free plan, but no trial. Paid subscriptions start at $349/month.

Aikido vs. Prophix

Although similarly customizable, Prophix will be able to cover more areas of compliance than Aikido.

3. Arena QMS

Arena logo

Arena is a product-centric Quality Management System (QMS). Arena meets compliance standards and regulations including FDA 21 CFR Part 820, Part 11, and ISO 13485.

Best for: Companies in the medical industry like medical device manufacturers.

Features: Monitoring, quality control, compliance tracking, document management, alerts and notifications, auditing, and more.

Pros: It’s easy to set up, and the centralized dashboard is efficient for reporting.

Cons: Some users find the UI is outdated, and customizability options are limited.

Integrations: Arena QMS users have access to an integration marketplace, which makes connecting to tools like Jira and Oracle easy.

Pricing: Arena QMS offers a free trial, but you’ll need to contact the team for full pricing information.

Arena QMS vs. Prophix

Prophix serves a wider range of industries, and Arena QMS specializes more within the medical industry.

4. Anaplan

An image of the Anaplan logo, featuring blue letters.

Anaplan is a popular connected planning tool. Aside from compliance offerings, Anaplan offers growth strategies and ways for businesses to scale in their respective markets.

Best for: Organizations small and large, looking to scale quickly.

Features: Anaplan offers features such as KPI monitoring, dashboard software, forecasting, scorecards, and strategic planning.

Pros: Anaplan’s software is easy to use, and highly adaptable for clients with niche needs.

Cons: The data and reporting aren’t as granular as they could be.

Integrations: Anaplan offers different ways for users to integrate including CloudWorks for import and export capabilities, pre-built integrations with Anaplan Connect, and Anaplan API for custom integrations.

Pricing: There’s no free version of Anaplan, but you can get in contact with their team for a quote.

Anaplan vs. Prophix

Anaplan is another software that’s more specialized in a specific field. In this case, it’s connected planning and growth. Prophix’s compliance software offering is more comprehensive.

5. Enzuzo

Enzuzo logo

Enzuzo automates your data privacy compliance and consent management. Users can easily record visitor consent, build custom cookie banners, display privacy rights, and more with a low-code solution.

Best for: Ezuzo is best for agencies, enterprises, and e-commerce brands.

Features: Features include consent management, data management, privacy impact assessments, vendor risk assessments, and more.

Pros: The software is great for data compliance and consent configuration. Enzuzo is also easy to implement.

Cons: This tool is not a catch-all for the other types of compliance coverage your team may be looking for.

Integrations: Enzuzo works with many different website platforms like Squarespace, Wix, and Shopify.

Pricing: Enzuzo does offer a free trial, and paid subscriptions start at $29/month.

Enzuzo vs. Prophix

Prophix serves clients with all compliance needs, whereas Enzuzo specializes particularly in data and consent compliance.

6. Connecteam

Connecteam logo

Connecteam is an employee management app that helps automate your business to-dos and save time. It’s made to streamline daily operations and maintain operational compliance.

Best for: Industries like healthcare, retail, and construction.

Features: Connecteam offers audit management, activity and newsfeed updates, compliance tracking, maintenance scheduling, templates, workflows, training and more.

Pros: Connecteam offers a wide variety of business, and operations use cases.

Cons: The learning curve for Connecteam’s software is steep, and the integrations have very limited capabilities.

Integrations: Connecteam offers integrations with popular apps like Google Drive and Dropbox. They’re also supported by many third-party integrations such as Zapier.

Pricing: You can try Connecteam for free, or start on a paid subscription at $29/month.

Connecteam vs. Prophix

Connecteam is another software that has a niche specialization when it comes to compliance. In this case, it’s operational compliance. Prophix has you covered for all your team’s compliance needs.

7. MetricStream

MetricStream Logo

MetricStream SOX Compliance Management is a compliance-specific software. Its Integrated Risk Platform helps assess and manage a large range of compliance regulations, all in one centralized platform.

Best for: There are hundreds of thousands of users using Metricstream, in a wide range of industries and company sizes.

Features: Features include, but are not limited to compliance monitoring, dashboards, reporting, assessments and surveys, and intelligent scoring.

Pros: This tool covers all your compliance needs and is user-friendly.

Cons: The software is very structured and not easily customized. Users will have to go elsewhere to customize, brainstorm, build mind maps, or conduct the early stages of compliance strategy building.

Integrations: MetricStream offers simple integrations with its Content Integration Service tool. They also offer an API platform for custom integrations.

Pricing: There’s no free version of MetricStream or free trial. Contact their team for a quote.

MetricStream vs. Prophix

The Prophix team works with you to ensure the software is customized to your team’s highly specific needs, whereas the MetricStream software is much more rigid in its capabilities.

8. Sprinto

Sprinto logo

Sprinto is a growth compliance software, aiming to assist your organization in achieving compliance certifications and badges, which helps boost your brand awareness and trust.

Best for: Organizations looking for a handful of specific compliance certifications.

Features: Sprinto offers processes for HIPAA, SOC2, ISO 27001, GDPR, and PCI-DSS compliance. They also offer access control, vulnerability assessments, questionnaires, people operations, and zoning.

Pros: Sprinto is quick to implement and is great for startups.

Cons: A local component must be installed on each machine using Sprinto—it’s not fully on the cloud.

Integrations: Sprinto offers integrations with many popular platforms like AWS, Github, and GSuite tools.

Pricing: There’s no free version or trial with Sprinto. Users apply online and then Sprinto will reach out for a meeting.

Sprinto vs. Prophix

Sprinto is limited to a few compliance certifications, and Prophix is a better all-around compliance resource and can cover more of the standard compliance checklists.

9. AuditBoard

Auditboard logo

AuditBoard is a compliance-specific software tool trusted by thousands of compliance officers and departments.

Best for: Users in any industry looking for an in-depth compliance software tool.

Features: AuditBoard features include AI, automation, analytics, reporting, issue management, risk assessment, evidence collection, and more.

Pros: AuditBoard is easy to use.

Cons: Integration capabilities are shallow compared to other tools, and many users experience issues with the global search function, which slows down their work.

Integrations: AuditBoard offers dozens of integrations for security training tools, ticketing apps, CRMs, content providers, accounting tools, and more.

Pricing: There’s no trial or free version of AuditBoard. You can contact their team for pricing.

AuditBoard vs. Prophix

Integrations are a must-have with compliance software, and Prophix has deeper capabilities for more granular reporting than AuditBoard.

10. IBM OpenPages

IBM Open Pages logo

IBM OpenPages is a governance, risk, and compliance solution specifically designed for the financial services industry.

Best for: Teams in financial services looking for reporting, risk assessments, and in-depth compliance reporting for this sector.

Features: Some features include task-focused UI, analytics, dashboards, workflows, a calculation engine, and a single data repo for at-a-glance updates.

Pros: IBM OpenPages is easy to use and requires little training.

Cons: Customization with IBM OpenPages is expensive, and the integration capabilities are limited.

Integrations: IBM OpenPages uses IBM Security Directory Integrator to connect users to a range of third-party integrations.

Pricing: No free trial or free plan is available for IBM OpenPages. Their “essentials bundle” starts at $3750/year.

IBM OpenPages vs. Prophix

IBM OpenPages is designed specifically with the financial services sector in mind, whereas Prophix is flexible and serves a wide range of industries.

11. SAP GRC

SAP GRC logo

SAP GRC is a popular choice for cybersecurity compliance. The software also offers enterprise risk assessments, international trade management, and identity and access governance.

Best for: SAP GRC is for software companies looking for data and cybersecurity compliance.

Features: Platform features include process control, enhanced risk management, a SAP GRC consultant, audit management, international trade management, and more.

Pros: The tool is easy to use and has a lot of established brand awareness and trust.

Cons: Users report a lack of reporting options and consistent slowness with the software.

Integrations: SAP GRC can be integrated with other tools but will require a consultant or third-party expert to assist with integration.

Pricing: SAP GRC offers a free demo, and the starter package is $24,900.

SAP GRC vs. Prophix

SAP GRC specifically caters to users in the market for cybersecurity and data compliance, and Prophix works as a catch-all for all compliance needs.

12. Adaptive Planning by Workday

workday Adaptive Planning logo

Adaptive Planning is a popular enterprise planning software that helps with modeling, planning, and budgeting for all business sizes.

Best for: Adaptive Planning’s compliance offerings are catered toward finance and FP&A teams who are specifically looking to meet data and cybersecurity compliance standards.

Features: Some features include AI, built-in analytics, automation, reporting, importing/exporting, forecasting, and more.

Pros: Adaptive Planning offers deep reporting options, is easy to use, and performs fast.

Cons: Users report limited sheet capabilities (you can’t customize the sheet or lock columns for example), and the integration capabilities are shallow.

Integrations: There are a few ways to integrate Adaptive Planning with many different tools. You can either use their embedded integration platform, use a third-party integration, or their team will provide resources for manual integrations.

Pricing: Adaptive Planning does not offer a free plan, but you can contact them for a quote.

Adaptive Planning by Workday vs. Prophix

The biggest difference here is that Prophix has many more options for customization and integration, whereas Adaptive Planning by Workday is more rigid and an out-of-the-box solution.

13. Navex RiskRate

Navex Risk Rate logo

Navex RiskRate is an all-in-one compliance software platform. Navex covers all key areas of risk in organizations and helps manage and implement solutions.

Best for: Navex is best for large-scale enterprise organizations with compliance departments.

Features: Some of Navex's key features include centralized risk management, third-party risk assessment, workflows, and AI assistance.

Pros: Navex is easy to use, with users citing straightforward training videos.

Cons: Navex could be more customizable, and customer support is reported to be slow.

Integrations: Navex integrates with EthicsPoint, and to other Navex products like Navex ESG, Navex IRM, and PolicyTech.

Pricing: You’ll need to contact Navex for pricing information. This platform offers no free version or free trial.

Navex RiskRate vs. Prophix

Prophix offers quick, reliable customer support, and the Prophix platform is much more customizable than what Navex RiskRate offers.

14. Ideagen

Ideagen logo

Ideagen offers assessments and actionable insights to teams looking to meet specific compliance standards in a range of industries.

Best for: Companies looking for IT governance, US and EU GxP, HIPAA, HITECH, GDPR, and NHS directive solutions compliance.

Features: Ideagen offers health and safety training videos, up-to-date compliance information, audits, risk management, workflows, and more.

Pros: Ideagen is easy to use, and offers simple integrations, and customizable dashboards.

Cons: Ideagen reporting is rigid and not easy to manipulate.

Integrations: Ideagen integrates with a handful of tools in the life science space such as InteliNotion, Generis CARA, Perfect It, and Veeva Vault.

Pricing: There are currently no free options to try Ideagen, ​but​ you can contact the Ideagen team for a quote.

Ideagen vs. Prophix

Ideagen helps organizations looking to obtain very specific compliance badges, whereas Prophix meets a broader range of compliance needs.

15. SAI360

SAI36 logo

SAI360 is another software with a niche compliance offering. This tool specifically enables organizations to manage user consent for their web cookies and meet privacy and data regulations.

Best for: Financial services, manufacturing, banking, energy, mining, and technology are common industries for SAI360.

Features: Features include data visualization, integrations, dashboards, analytics, cloud technology, customizable reports, easy auditing, and more.

Pros: SAI360 is easy to learn and offers customizable fields for users.

Cons: Users cite outdated UI and clunky workflows. The procurement and implementation process are also lengthy.

Integrations: SAI360 natively integrates with Nekton.AI and ComplianceLine but can also connect with other tools via third-party integrators like Zapier.

Pricing: You must request a demo for SAI360. There are no free versions or trials.

SAI360 vs. Prophix

The main difference here is that Prophix is better suited to teams looking for an all-around compliance software tool, and SAI360 specializes in consent, privacy, and data compliance.

16. Archer

Archer logo

Archer is an integrated risk management platform that allows organizations to assess and monitor operational risks.

Best for: Organizations of all sizes and industries.

Features: Some features include audit and ESG management, automation, compliance consolidation, custom dashboards, reporting, and more.

Pros: Archer offers high-level views and customizable dashboards to report on the data that matters.

Cons: Users cite a steep learning curve with Archer and outdated UI.

Integrations: Archer is vendor-neutral and content-independent and can offer integrations via data imports, data feeds, and API integration.

Pricing: Contact Archer for a pricing quote, as there is no free version or trial.

Archer Regulatory and Corporate Compliance Management vs. Prophix

Archer specifically focuses on operational risk compliance, and Prophix covers a more comprehensive list of compliance needs.

17. Resolver IT Risk Management

Resolver logo

Resolver is a popular risk intelligence platform offering compliance, audit, and incident monitoring for businesses of any size.

Best for: Resolver caters to several industries including hospitality, tech, retail, healthcare, financial institutions, and more.

Features: Features include compliance tracking, configurable workflows, audit planning, event logs, real-time monitoring, prioritization, secure data storage, and more.

Pros: Resolver is highly customizable and scalable. Users also cite constant software upgrades.

Cons: Search functionality is limited with Resolver, and the software is slow to implement.

Integrations: You can register your team to enable webhooks integrations with Resolver or utilize their partnership with third-party integration tool Workato to connect to even more tools.

Pricing: There’s no free trial of Resolver. You can contact their team for a quote.

Resolver IT Risk Management vs. Prophix

The implementation process for Prophix is a lot quicker, as the support is more dedicated and hands-on during the process. Prophix also has an easier-to-use interface, making the search navigation issues that Resolver users experience no problem.

How to choose the best compliance software for your business

Choosing the best compliance software for your team doesn’t have to feel overwhelming. From sales data to product marketing, there are compliance processes in every department. A few key features departments tend to look for include:

  • Data reporting: Streamlining compliance data into a user-friendly report will allow stakeholders to understand status and vulnerabilities easily.
  • Collaboration abilities: Allowing different departments to collaborate with the software will make a more consistent, company-wide compliance strategy.
  • Monitoring and investigation capabilities: Case management should be optimized with a simple monitoring dashboard or report so a compliance officer can easily see areas in need of reassessment or adjustment. System rules should be granular enough to suit your business but also user-friendly enough for everyone to understand.

Enterprise Resource Planning (ERP) software manages day-to-day business activities like accounting and project management. Some compliance software products combine your ERP with compliance for a more efficient solution.

What kind of compliance do you need?

What are the different areas of compliance applicable to your business? Assess each department, and then you’ll have a better understanding of what your team needs in terms of products and features.

Search and reporting tools

Ensure the search and reporting functionalities meet the needs of your business. Are there particularly granular data points you’d like to be able to look up and report on? Software that can meet these needs is key.

Source system integrations

Being able to integrate your tools, to export data or sync a report for example, to a tool your team already uses will increase visibility and save your team time.

Eine Single Source of Truth

Monitoring and reporting are key features, but if you have to jump around between reports and pages to get an idea of the big picture, it makes compliance tricky. Syncing to an external tool as a source of truth or having a main project or page that acts as a source of truth is crucial.

Compliance checklists

The easiest way to get started with compliance software is to reference a compliance checklist. A checklist will cover your bases and detail the main areas of compliance every organization needs to consider when building out its strategy. Checklist items may include:

  • Einhaltung behördlicher Auflagen
  • Risikomanagement
  • Financial compliance
  • Company policy
  • Registrations
  • Cybersecurity compliance
  • AI compliance
  • HR Compliance
  • OH&S
  • Datenschutz-
  • Business-continuity

FAQs about compliance software

After assessing the compliance checklist and comparing features, you may still have some leftover general questions about compliance software, or you may want to prepare for questions from your team. Here’s what you need to know.

What is compliance management software?

Compliance management software is a software tool that helps organizations build and carry out a compliance strategy. Afterward, it enables the team to monitor compliance adherence, identify vulnerabilities, rectify violations, and stay on track all within one platform.

Who uses compliance software?

Organizations that want to simplify compliance management and reporting will opt for software. Compliance software is a powerful tool for compliance officers and departments and can boost brand recognition and trust with consumers.

What are the CRM challenges in compliance?

Compliance Risk Management (CRM) is the ongoing process of identifying, evaluating, and mitigating potential threats and risks to the business. Challenges with CRM include establishing a responsible employee or employees, implementing standards, and the labor involved with the maintenance and upkeep of these duties.

What is the need for compliance software?

Compliance software is needed to easily stay on top of compliance adherence, reporting, identifying vulnerabilities and infractions, and building brand trust. Compliance software helps with CRM challenges and brings a level of professionalism to an organization that consumers seek out.

What is regulatory compliance software?

Regulatory compliance software ensures a company is adhering to the regulations and compliance laws in the organization’s jurisdiction.

What is cloud compliance software?

Cloud compliance software monitors and ensures regulatory compliance and provides controls for networks on a cloud infrastructure.

Conclusion: Choose the best compliance software

Choosing compliance software to suit your organization can be daunting. By consulting a compliance checklist, collaborating with stakeholders, and identifying the features your organization needs, you’ll be well on your way to the right choice.

If you’re looking to take the next step and explore your options with an expert, Prophix has you covered.

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