10 Best Compliance Management Software in 2024

The world of compliance is changing at a rapid rate. 62% of businesses raised their compliance budgets in 2022, as per Thomson Reuters. And this number is expected to rise in 2023 and the years that follow.

Organizations are increasingly relying on compliance management software, or regulatory compliance software, to centralize their functions, automate tasks, fulfill regulatory requirements, maintain ethical practices, and safeguard their reputation.

Naturally, compliance can represent different things to different organizations. But which compliance automation software best aligns with your needs? What should you look for in compliance software? Does the compliance software fit within your budget?

In this article, we will dive deep into our top picks for compliance management software in 2023, as well as what to look for when choosing compliance automation software.

What is Compliance Risk Management Software?

A compliance risk management software helps document the potential losses and liability your business might face for non-compliance, including legal penalties, business loss, fines, and reputational loss and then takes necessary remediation steps to maintain those risks at acceptable levels.

It helps organizations monitor their internal systems, implement security controls, maintain business operations and implement policy management in order to comply with required standards and regulations. This advanced software helps you continuously monitor your business environment for potential risks, deploy measures to minimize new instance occurrences, and develop systems to ensure recurring instances are addressed at a source level.

List of top 10 Compliance Risk Management Software 

Compliance management software (also known as regulatory compliance management software), is crucial for businesses to centralize functions into a software solution, automate tasks, fulfill regulatory requirements, maintain ethical practices, and safeguard their reputation while remaining aligned with industry standards and labor policies.

Here is the list of the top 10 compliance risk management software in 2023:

Sprinto

Sprinto is a powerful yet user-friendly compliance automation software that seamlessly integrates risk management and offers holistic security compliance for your organization, strengthens your cybersecurity posture, fulfills federal compliance requirements, and mitigates disruptions – all in real time, all on its own. Sprinto seamlessly integrates with any cloud setup to consolidate risk, map entity-level controls, and run fully automated checks – all from a single dashboard. 

A leader of Security Compliance for four consecutive quarters as per G2, Sprinto topped G2’s Spring 2023 review across 8 different categories as well!

Features:

Automate compliance workflows end-to-end: Streamline compliance, take away manual efforts, and help your teams fulfill compliance tasks faster. 

Integrated audit success portal: Tailored to the compliance audit process, Sprinto naturally orchestrates compliance programs that are auditor-friendly while also provisioning to let you onboard an auditor of your choice or one from Sprinto’s audit network to complete audits asynchronously and fast.

Continuous control monitoring: The key to satisfying compliance as well as successful audits is keeping tabs on security controls at all times. Sprinto is well-oiled and geared for real-time monitoring of security controls – right down to the entity level and at scale.

Vulnerability & Incident management: Sprinto offers capabilities to manage and document vulnerabilities as well as security incidents while prompting corrective actions and producing proof of the same in a way that helps with audits.

Role-based access control: Define and segregate duties while securing the operating environment proactively.

Shareable security posture: Sprinto helps share a comprehensive account of your security policies, measures, and compliances to build trust proactively with your stakeholders. 

Pros	Policy Enforcement Data Loss Prevention Modular security training programs Dr. Sprinto MDMCompliance Monitoring Expert-led implementation Anomaly Detection 100% async audit Tiered remediation Workflow Management
Cons	They are always updating their solution-stack and adding new features. Though that’s good, it can sometimes feel like a con.
Pricing	Contact Sprinto for more information.

Automate your compliance journey with Sprinto today!

Libryo

Libryo provides businesses with real-time insights into their compliance obligations, covering things like automated updates, regulatory compliance tracking, and customizable workflows. This makes it easy for firms to maintain compliance across multiple jurisdictions with constantly evolving and complex legal requirements.

Key features	Maintain compliance across multiple jurisdictions  Best suited for companies in highly regulated industries Stay up to date with changes in federal laws and regulations Streamline legal operations Reduce the risk of non-compliance
Pros	User-friendly interface Customizable dashboards Generate automated compliance reports Real-time updates on changes to regulatory and legal requirements
Cons	Limited integration options Lack of customization Limited language support for non-English speakers Very expensive for small businesses
Pricing	Contact the vendor for more details

Qualtrax

Qualtrax is an ideal solution for organizations with particularly strict and challenging standards and compliance policies. This compliance management software can be utilized to control and manage digital documents, centralize and manage external and internal audit data, automate business processes, and ensure that critical industry regulations are implemented in real time.

Key Features	Accreditation management Training tracking Customized workflow creation Document organization
Pros	Customizable Automation options
Cons	Features lack flexibility Not intuitive to use
Pricing	Contact vendor for more details; trial available

PowerDMS

PowerDMS helps reduce liability and risk while maintaining compliance. Create and share new company policies, organize and manage important documents, develop reports and monitor due dates, train and quiz your employees’ policy knowledge, and store compliance data.

The admin dashboard also enables you to track compliance across your org and view pending and uncompleted assignments, signatures, and workflows.

Key Features	Standards mapping Document management Digital standards manuals Side-by-side comparison
Pros	Good customer service Notification automation options
Cons	Limited customization options Not intuitive to use
Pricing	Contact the vendor for more details

QT9 QMS

This compliance management system enables you to monitor the organization’s compliance in real-time, manage customizable workflows, centralize important documentation and records, and set automated reminders.

This cloud solution helps businesses prepare for regulatory audits, streamline internal auditing processes, control and approve documents, and manage employee cybersecurity training.

Key Features	Audit management module Equipment tracking Knowledge base management Forms management
Pros	Responsive customer support Quick set up
Cons	Lacks customization options Not user-friendly
Pricing	Contact the vendor for more details. Free trial available

AuditBoard

AuditBoard is a cloud-based compliance and audit management software that helps organizations manage their internal audit processes by automating various manual tasks involved in an audit.

Key features	Automate manual tasks such as testing, data collection, and reporting Internal audit automation Risk management Audit planning Comprehensive reporting capabilities
Pros	Software is customizable to cater to your specific business needs Comprehensive features offered for managing compliance and audit processes Offers collaboration among compliance and audit teams, as well as external auditors and other stakeholders
Cons	Requires a dedicated compliance and audit staff to set up the software Expensive for small businesses  Limited integrations Speed and quality of customer support were an issue for some customers
Pricing	Contact the vendor or book a demo for a personalized quote.

Netwrix

Netwrix helps save regulated, sensitive, and business-critical data while assisting you with passing compliance audits.

This compliance software gives visibility into activity across your entire IT infrastructure to establish that you are in compliance with industry standards. It helps investigate suspicious user behavior that might put regulated data at risk while detecting risks in your infrastructure.

Key Features	Risk history Threat pattern alerts  Risk score Compliance reports
Pros	Easy to set up Automation options
Cons	Limited customization options Not user-friendly
Pricing	Contact the vendor for more details. Free trial available

SAI360

SAI360 platform streamlines workflow and drive outcomes by connecting ESG, EHS, GRC, Compliance Learning, and Sustainability and Ethics activities across the enterprise. During a disaster, SAI360 ensures operational resiliency by leveraging Integrated Risk Management (IRM). SAI360 features scalable, flexible, and configurable modules to help your organization navigate risk with flexibility and agility.

Key Features	Automated workflows Process and risk mapping Compliance management Multilingual content Customizable fields and forms Business impact assessment Mass notification system
Pros	Operational resilience Accessible interface Beneficial solution for configuration Disaster recovery
Cons	Support can be unresponsive at times Inaccuracies in the multilingual content Long waiting time
Pricing	Contact the vendor for more details.

Diligent ThirdPartyBond

Diligent provides top-tier software solutions for compliance, audit, and risk management. With the ThirdPartyBond solution, businesses can access end-to-end third-party risk management, with resources for assessment surveys, vendor onboarding, and automated evidence collection.

Key Features	Reports driven by KRIs and KPIsSLA performance monitoring and contract management Adaptive risk scoring and vendor surveys Risk-based control assessments Bulk import of third parties with centralized inventory
Pros	Predict control failures with advanced ML algorithms Integrated strong risk analytics Interactive storyboards depicted with advanced data visualizations
Cons	Limited customizability in recent versions Pricing can quickly get expensive for businesses requiring tailored solutions Challenging for less-technical users as scripting is required for most edits
Pricing	Contact the vendor for more details directly

NContracts

Ncontracts provides SaaS-based compliance and risk management solutions for financial services companies with more than 4,000 banks, mortgage companies, credit unions, trusts, and fintechs. Achieve risk compliance and management goals with a powerful combination of cloud-based, user-friendly software and expert services to select modules for certain purposes or re-inventing a whole corporate risk management system.

Key Features	Prebuilt modules Easy-to-use Compliance Management A great choice for the banking and finance industry Customizations for different applications
Pros	Accessible software Ability to integrate Trained Staff
Cons	Custom Report Writing Single Sign-on is not well-equipped
Pricing	Contact vendors for more details; free trial is available

How to select the right software

Keep an eye out for the following aspects and features when looking for a good compliance software solution.

Document storage

Keep an eye out for document management capabilities that enable you to organize, store, and manage compliance-related documents, procedures, policies, and other relevant files. The software should support document collaboration version control while ensuring document security.

Compliance training

The software should include features for delivering security and compliance training programs. It should enable you to track employee progress, create and deliver training courses, and provide reports on training effectiveness.

Security and data protection

Data privacy and security features are critical. Ensure that the software offers built-in security measures, such as data encryption, regular security audits, and access controls.

Notifications

It should share real-time notifications about all activities while enabling you to send reminders to employees to complete a task.

Reporting

It enables you to easily generate compliance reports on your organization’s compliance.

Risk management

You can monitor risk in all sectors of your organization, assign tasks to manage risks, see risk levels, and document the process.

Regulatory compliance

The compliance management software should offer built-in frameworks to tailor compliance requirements specific to your business.

Support

Good customer support should be available to help you with any issues.

Put your compliance requirements on autopilot with Sprinto

Staying on top of the ever-changing landscape of compliance can prove to be a formidable task for most organizations. Additionally, conducting the compliance process manually proves to be a tedious and challenging process where businesses’ time and resources are heavily taxed.

Don’t worry; we are here to help!

Sprinto automates all your security and compliance requirements while helping you achieve compliance such as SOC2, ISO 27001, GDPR, and HIPAA compliance, among others, 10x faster! 

A user-friendly yet powerful software, Sprinto seamlessly integrates with your cloud setup, runs fully automated checks, consolidates risk, and maps entity-level controls. Place security controls across your organization at scale and entity level, get compliant across frameworks with controlled mapping, and monitor your cybersecurity posture all in real-time, all from a single dashboard. 

Too good to be true? Get in touch with our experts to learn more!

FAQs

Why should businesses use compliance management software?

A compliance management system saves costs and time, ensures better customer trust, automates compliance processes,  and reduces risks associated with non-conformities. They also help you identify and address vulnerabilities faster to mitigate the disaster.

What are the benefits of using a compliance system?

A compliance management system boosts efficiency to benefit businesses across a range of industries. Brand Trust: Think about your customers, vendors, contacts, and other stakeholders. When they know you are implementing steps to manage compliance, you are showcasing a long-term commitment to the success of your brand.

What are the key functions of a compliance management program?

A CMS helps businesses to better address risk management by assuring that their procedures and policies follow applicable laws as well as regulatory requirements. It also helps to manage employee training, monitoring, and communication.