Compliance Monitoring Software

Compliance monitoring software solutions are usually online platforms that enable firms to implement best-practice compliance processes as part of a wider GRC program. Firms can use the tools to build an ‘obligations register’ of applicable regulations, legislation, policies, and procedures – and monitor compliance. Organizations can monitor compliance tasks by establishing checks to ensure the relevant processes are in place and are being followed. This is done by monitoring operational data (which can be pulled into the platform via API integrations) and by performing regular checks using workflows and online forms within the platform.

The best compliance management software offers integrations with third party regulatory content providers, enabling firms to receive notifications of upcoming regulatory changes that feed directly into their compliance program. This enables them to easily understand what people, policies and procedures are affected so they can make the necessary changes. Compliance monitoring platforms offer best practice change management workflows to ensure changes are implemented effectively.

Compliance management software platforms offer a variety of out-of-the-box workflows to support companies to operate in line with key compliance frameworks like ISO standards, GDPR, NIST, CPS 230, and PCI DSS. They also offer automated capabilities to set up formalized processes to carry out sanction’s checks, perform supplier due diligence, and set up processes for gifts & hospitality, anti-bribery & corruption measures, and conflicts of interest.

Most tools offer a variety of dashboards and reporting options – enabling teams to get a holistic view of compliance status and investigate problem areas as they click into the detail. Many compliance software solutions enable firms to manage risk & compliance in the same integrated platform enabling firms to easily understand the risk of compliance violations on the organization.

The key features of compliance software include:

• A digital online searchable obligations library to house compliance regulations.
• Regulatory horizon scanning through integration with third-party content providers.
• Regulatory change management workflows.
• Compliance frameworks to operate in line with key regulations and standards including SOX, GDPR, CPS 230, HIPPA, PCI DSS and many ISO standards.
• Best-practice templates to manage key compliance processes including:
  • Conflicts-of-interest.
  • Whistleblowing and disclosures.
  • Gifts & hospitality.
  • Anti-bribery & corruption (ABAC).
  • Anti-money laundering (AML).
  • Sanctions checks.
• Automated compliance reports- Look for platforms that generate automatic compliance reports based on live compliance data.

Compliance monitoring software allows businesses to store all compliance-related documents, policies, and procedures in a single, centralized repository – ensuring all necessary documentation is easily accessible and up-to-date. The software then automatically tracks and monitors compliance-related activities and generates regular compliance status reports. The software can be tailored to meet the specific regulatory requirements of different industries and jurisdictions,

Compliance monitoring platforms offer automated regulatory horizon scanning to get visibility of regulatory changes that could impact the business. Once a change notification is received, automated workflows make it easy to escalate and implement the change and understand what processes, procedures, and policies are affected. The change process is fully documented for audit purposes.

Cloud-based compliance management tools streamline compliance processes and offer real-time insights to strengthen compliance programs. Intuitive dashboards support with issue management and control effectiveness to highlight potential compliance issues quickly.

Compliance monitoring software will be relevant to most organizations regardless of their sector as almost every organization must operate in line with some mandatory regulations or industry standards. Highly regulated sectors like, financial services, healthcare, education, and gambling & gaming will find compliance monitoring software platforms particularly beneficial. Organizations that follow ISO standards including ISO 27001, ISO 9001, ISO 14001, ISO 31000 or those that have to comply with GDPR, SOX, NIST, PCI DSS, HIPPA will benefit hugely from implementing a compliance monitoring platform.

• By enabling firms to keep an up-to-date library of applicable regulations, legal requirements, industry standards and internal policies & procedures – enabling companies to understand their obligations and ensure they remain compliance through regulatory compliance management.
• By offering best-practice workflows for key compliance checks including conflicts-of-interest, whistleblowing & disclosures, gifts & hospitality, anti-bribery & corruption (ABAC), anti-money laundering (AML), and sanctions checks.
• By enabling firms to report on compliance status and compliance activities and to implement workflows to address areas of non-compliance quickly.
• A compliance management system offers structured processes to support teams to operate inline with compliance requirements with minimal training – enhancing collaboration, productivity, and decision-making.
• Compliance management tools can support firms to operate in line with key compliance frameworks using out-of-the-box templates and forms creating a compliant operating environment.
• Streamlining and automating compliance processes with automated workflows, instant notifications, generating real-time reports, and providing intuitive dashboards to prioritize compliance tasks and understand regulatory obligations.
• Compliance monitoring software enables teams to use risk assessment templates to understand the risk of non-compliance – including supply chain risk management.

When choosing compliance management solutions, firms must consider:

• Does it offer API integrations with other systems and data sources – ensuring a single source of truth for your compliance data?
• Does the platform offer workflows for conflicts-of-interest, whistleblowing & disclosures, gifts & hospitality, anti-bribery & corruption (ABAC), anti-money laundering (AML), and sanctions checks?
• Does the compliance monitoring platform offer best-practice policy management capabilities?
• Does the platform offer templates to operate in line with key compliance frameworks like ISO standards, GDPR, SOX, NIST, PCI DSS, HIPPA, Basel III, COSO, and SOC.
• Is the compliance automation tool highly configurable so you can tailor out-of-the-box processes to align with any bespoke organizational needs?
• Do the security features of the compliance monitoring platform align with the requirements of your IT team and is the platform certified to key cybersecurity standards like ISO 27001, SOC Type 1 & 2, and Cyber Essentials?
• Does the platform offer regulatory horizon scanning by integrating with regulatory content providers to provide live notifications of regulatory change?
• What reporting outputs does the compliance monitoring platform offer and does it align with your internal and regulatory reporting requirements?
• Does the compliance monitoring tool offer other GRC capabilities in the same platform including risk management, cyber risk management, third-party risk management, incident reporting, strategic planning, ESG, and project management? Having this functionality available will enable you to scale and mature your program in the future and work towards integrated GRC.
• The best compliance management tools automate reporting so look for compliance solutions with intuitive dashboards, enabling teams to easily understand their upcoming compliance related tasks and complete them on time.
• Does the compliance monitoring platform offer an audit trail of compliance and adequate reporting outputs to satisfy both internal stakeholders and regulators?
• Does the compliance monitoring tool cater for the data protection buyer and offer compliance frameworks to operate in line with GDPR and NIST, and does it offer cyber risk management and cyber incident reporting to ensure a complete IT GRC solution.

• Managing compliance using manual processes creates poor quality compliance data due to; a lack of data governance, data entry mistakes, copy & paste errors, over written data, and incomplete fields.
• Manual compliance management processes result in disparate compliance data held in dispersed, unintegrated spreadsheets – creating poor quality data that results in distorted reporting outputs – fuelling poor decision-making.
• Relying on manual processes without automation slows down the compliance monitoring process, resulting in areas of non-compliance causing significant risk.
• Manual unformalized processes make it hard for firms to prove compliance due to a lack of cohesive documentation.
• Disjointed processes and siloed data make it difficult to link compliance obligations to the relevant controls, policies, risks, audits, and incidents.
• Firms are unable to compare compliance data across different sites due to inconsistent risk frameworks and siloed data. This makes it hard to provide proof of compliance across departments and sites.

• A compliance tool improves regulatory compliance thanks to regulatory horizon scanning technology and automated change management workflows.
• A compliance monitoring platform reduces potential compliance risks through proactive management of compliance related issues.
• A compliance system produces automated compliance reports and promotes efficient record-keeping – providing adequate proof of compliance to regulators.
• Compliance monitoring software automates compliance tasks such as monitoring, reporting, and auditing, reducing the administrative burden on staff and reducing human error.
• Creates a compliant culture where staff understand and adhere to policies and regulations and attest to them online.
• Compliance management software provides costs savings through reduced compliance monitoring costs and a reduction in compliance violations, fines, and penalties.