Best Compliance Monitoring Tools in 2024
Payal Wadhwa
Oct 15, 2024As a business owner, maneuvering the tricky parts of legal frameworks, organizational policies, consumer standards, and international compliance regulations becomes a daily occurrence.
Forward-thinking organizations know that several repetitive compliance activities are either low-impact or labor-intensive. They have, therefore, turned to automation to count on some out-of-the-box solutions and steer through compliance complexities with ease.
Compliance monitoring platforms are one of them. These solutions scan resources to identify a wide range of vulnerabilities and scenarios of non-compliance to ensure data protection follows industry standards. In this article, we’ll dive deep into what compliance monitoring is, the benefits of it, and the best compliance monitoring systems available on the market.
What is compliance monitoring?
Compliance monitoring is an ongoing assessment of an organization’s adherence to internal policies, regulatory laws, and industry standards. The objective is to track the organization’s performance and minimize risks and non-compliance while ensuring continuous adherence to compliance and ethical standards.
Compliance monitoring software
Compliance monitoring software are tools designed to automate and streamline the monitoring of internal controls to ensure adherence to policies, regulatory standards and legal requirements. The tools help organizations manage compliance-related risks and improve efficiency while reducing errors.
Best Compliance Monitoring Tools in 2024
To help you find the compliance management solution that is the best fit for your company’s needs and budget, we have researched and finalized our top picks of compliance software for 2024
Here are the 10 compliance monitoring systems you should know about:
- Sprinto
- Qualtrax
- Netwrix
- Libryo
- DoneSafe
- Skillcast
- Auditboard
- Complinity
- Resolver
- Onspring
Sprinto
Sprinto is a compliance automation tool that is purpose-built for cloud-first companies. The platform supports 20+ compliance frameworks and helps you map and monitor controls accordingly. Sprinto can track compliance, collect evidence, and trigger a remediation workflow at any time of the day to curtail compliance deviations.
Sprinto integrates with 200+ cloud services and takes audit-related read-only permissions to enable granular-level compliance monitoring. The API-based evidence captured from source systems helps report real-time status and sends multi-channel alerts in case of compliance drift.
Key features
- Continuous control monitoring: Leverage integrations and custom APIs to ensure real-time monitoring across cloud apps, infrastructure, devices, people, etc.
- Policy Management: Eliminate the need to create security policies from scratch and use pre-built policy templates while ensuring org-wide acknowledgments.
- Role-based access management: Ensure visibility into users accessing critical systems and spot any poor access configurations to secure the operating environment proactively
- Vulnerability and incident management: Manage and document vulnerabilities as well as incidents till closure from one centralized place and capture evidence of corrective action
- Modular training programs: Roll out built-in security training modules across the organization to raise awareness of compliance and keep track of completion rates
- Automated evidence collection: Gather audit-grade compliance automatically and accurately to breeze through audits.
- Reporting dashboard: Get a complete picture of how the risks, controls, and checks are faring with the health dashboard and other reports.
- Shareable security posture: Share your current security posture and live compliance status with clients and partners to build market trust.
Pros
- The interface is user-friendly and easy to navigate
- The product is highly customizable and has features such as Bring-your-own-framework or bring-your-own-controls
- The support team is proactive, and there is workshop-style implementation of the product
- You can leverage Sprinto’s auditor network to expedite the certification process
- The reports are comprehensive yet easy to understand because Sprinto does not use any technical jargon.
Cons
- Not suitable for on-premise companies
Ensure granular level monitoring with Sprinto
Qualtrax (Now Ideagen Quality Management)
Qualtrax is a quality and compliance management software that helps organizations centrally manage documentation, training, audits, and compliance monitoring. The platform focuses on highly regulated industries such as healthcare and manufacturing and deals with frameworks such as ISO and CLIA.
Key features
- Automated workflows: Reduce manual effort to complete compliance tasks by streamlining workflows
- Document management: Centrally manage compliance documents and policies and get access to their latest versions with ease
- Training management: Launch org-wide training programs to ensure compliance with regulatory requirements
- Gap analysis and reporting: Leverage gap analysis and detailed reports to launch corrective and preventive action (CAPA)
Pros
- Organizations can create customizable workflows for mitigation actions
- Qualtrax constantly adds new features that can benefit businesses
Cons
- The reporting functionalities are limited
- The software can be slow because the integrations among modules are not seamless
Netwrix
Netwrix is a data security, governance, and compliance solutions’ platform that enables organizations to monitor and audit cloud IT infrastructure. The solution helps monitor user activities, comply with frameworks such as HIPAA, GDPR, PCI DSS, etc, and secure the IT environment while seamlessly preparing businesses for compliance audits.
Key features
- Data discovery and classification: Accurately identify and classify regulated or sensitive content to control access to it.
- Configuration management: Ensure secure configurations for systems and get notified about any deviations to fix them proactively.
- Compliance reporting: Get reports on compliance status, user activities, audit trails, and other relevant areas to demonstrate adherence.
- Real-time alerts on threats: Minimize threat damage by leveraging continuous monitoring of the threat environment and get real-time alerts on detection
Pros
- Users find custom notifications and reports useful
- The compliance tool is easy to deploy and configure
Cons
- The search activities in the software can be complicated to perform
- There is a lack of comprehensive documentation or training material
Libryo
Libryo is a compliance management software that helps organizations simplify compliance monitoring by giving them an overview of applicable laws and providing real-time insights. The cloud-based platform continuously spreads awareness about legal updates and provides support and professional services to navigate the regulatory environment easily.
Key features
- Legal registers: Utilize the custom legal register to understand all legal and regulatory requirements applicable to your organization based on location and industry
- Documentation management: Manage all documents at a centralized place and collect proof of compliance actions.
- Full/hybrid integrations: Seamlessly integrate your GRC systems, management systems, risk assessments etc with the platform
- Risk and compliance reports: Get real-time risk and compliance status reports to prioritize critical areas and take proactive action
Pros
- The tool is easy to implement and has an intuitive UI
- The multi-language functionality makes it easy to translate complex legal jargon when working with global teams
Cons
- The search functionality is a bit complicated to use
- Folder management system on the tool is not satisfactory
DoneSafe
Donesafe is a compliance monitoring tool that enables organizations to track and manage health, safety and environmental regulations and streamline compliance workflows. The platform is highly modular and configurable to help organizations leverage custom solutions for all their compliance requirements across frameworks such as OSHA, ISO 45001, ISO 31000, etc.
Key Features
- Risk assessments: Get insights on org-wide real-time risks across various compliance functions such as training, incidents, injuries etc.
- Custom control implementation: Implement corrective controls for risk mitigation and easily assign employee tasks.
- Reporting and visualization: Visualize risk, impact and opportunities and utilize the data-driven insights to make well-informed decisions.
- Internal audits: Use customized checklists and processes to initiate internal audits and assessments and track reports tailored to your business context.
Pros
- The tool makes it easier to locate information with historical audit trails
- The platform offers a variety of safety tools for workplace hazards, emergencies etc.
Cons
- The implementation of the tool is time-taking
- There are frequent changes in features that users find hard to adapt to
Skillcast
Skillcast is broadly a learning management system (LMS) software that facilitates compliance training and assists with monitoring and tracking compliance activities. It helps raise compliance awareness among employees and enables organizations to meet regulatory requirements with its innovative regulatory technology tools and capabilities.
Key features
- Compliance registers: Gain access to all compliance information from within a single interface, including conflicts of interest, data breaches etc.
- Policy Management: Manage the creation, updation, communication, and acknowledgments of policies and procedures from a centralized policy hub
- Training and e-learning: Keep track of online and offline training activities and completion rates while fostering a culture of compliance awareness.
- Centralized compliance declarations: Track compliance disclosures and declarations from employees and get real-time notifications on any applicable risks.
Pros
- The modern UI/UX makes the tool easy to navigate
- The content library for compliance e-learning is extensive
Cons
- The reporting options offered are limited
- The tool can be expensive for small organizations
Auditboard
Auditboard is a cloud-based audit, risk and compliance management solution that helps organizations stay abreast of regulatory requirements with the help of purpose-built workflows and automation. As a compliance monitoring tool, Auditboard helps identify and mitigate any deviations from default control settings in real-time.
Key features
- Issue tracking and remediation: Get instant alerts and notifications about compliance deviations and leverage automated remediation workflows to contain the risk
- Policy management: Ensure employee awareness of compliance policies by managing creation and distribution from one centralized place
- IT risk quantification: Understand the business impact of IT risks by quantifying and converting them into financial metrics
- Automated evidence collection: Reduce the manual burden of collecting compliance evidence by automating the process and making audits easier
Pros
- You can incorporate any file format, such as pdf, spreadsheet, etc. in the tool
- You can add comments and tag users to simplify task management
Cons
- There is a steep learning curve attached to the product
- The resource planning module lacks customization and flexibility
Complinity
Complinity is a compliance management software that aims to replace spreadsheets and manual compliance processes with automation-powered workflows. The tool helps organizations monitor central, state, and industry-specific frameworks while tracking policies, risks, contracts, litigation, audits, and more.
Key features
- Automated legal updates: Leverage the platform’s compliance repository to get automated updates across 2000+ laws
- Reporting dashboard: Use comprehensive reporting dashboards to track entities and compliance status and prioritize the required improvements.
- Compliance reminders and escalations: Get real-time alerts and notifications for any compliance-related activities and escalations
- Centralized document management: Manage document classification, access, distribution, search etc, from one place and facilitate seamless collaboration
Pros
- The support team of the tool goes out of the way to address queries
- Users find it easy to fetch any kind of data anytime, especially as the compliances are mapped department-wise.
Cons
- The legal updates are less comprehensive
- Compliance frameworks that are marked as not applicable still ask for attachments, and there is no procedure to bypass the same
Resolver
Resolver is a risk intelligence and compliance management software that quantifies compliance, audit, incident, vendor risks etc. and helps initiate data-driven decisions to save organizational costs. It helps with compliance and regulatory monitoring to minimize non-compliance repercussions and supports frameworks such as CCPA, FINRA etc.
Key Features
- Automated workflow management: Unlock efficiency by replacing slow manual processes with automated workflows and alerts for managing compliance tasks
- Regulatory environment monitoring: Get instant notifications for any changes in the regulatory environment and learn about their impact on business
- Key Risk Indicators Tracking: Track KRIs related to various compliance areas and prioritize proactive action accordingly
- Regulator-centric reports: Generate specific reports to satisfy regulators and share details related to compliance implementation, mitigation measurement, etc.
Pros
- The implementation guidance from the support staff is fantastic
- The UI is clean and intuitive, making it easy to navigate
Cons
- The integration options with third-party applications are limited
- Some users complain about search issues and bugs
Onspring
OnSpring is compliance automation software that helps organizations manage monitoring, reporting, analytics, collaboration and more. The cloud-based software offers real-time visibility into enterprise risks, compliance misses, and cyber threats to enable organizations to meet their objectives and obligations effectively.
Key features
- Streamlined workflows: Automatically map and manage applicable regulatory requirements and speed up compliance tasks with streamlined workflows
- Real-time control assessment: Assess controls in real-time to understand your current compliance status and kickstart corrective actions
- Compliance reporting: Share comprehensive reports with key stakeholders, providing visibility across metrics, analysis, and insights.
- Multi-channel alerts: Get automated alerts for any deviations or updates on Slack, email, and SMS
Pros
- The tool can be easily customized as per industries and use cases
- There is a lot of training material for admins, which is super helpful
Cons
- Getting comfortable with the product may take some effort
- Limited out-of-the-box integrations
How to select the right compliance tracking software?
To finalize a compliance monitoring tool start by identifying your business needs and objectives and choose a vendor with the required feature-set. Research the market reputation of the vendor and take trials and demos to finalize.
Here are 7 essentials to look for in a compliance monitoring tool:
User-friendly interface
Consider the intuitiveness of the tool’s dashboard to ensure that the product is easy to adopt without a lengthy learning curve. This ensures high engagement rates of employees and reduces the need for external or internal support.
Integration support
It is imperative that the tool integrates with your existing infrastructure and supports a range of services such as HRMS, cloud service providers, CMS, etc. This will enable the software to gather data from a range of sources with enhanced accuracy and provide a comprehensive view of regulatory compliance.
Reporting capabilities
The tool’s reporting capabilities will drive the organization’s compliance decisions and are, therefore, crucial. The dashboard must be comprehensive and provide a quick snapshot of compliance essentials. This is additionally useful at the time of investigations and audits.
Feature set
Some key features to consider when choosing a compliance monitoring tool are policy management, access management, risk assessments, activity logs, and audit support. The tool must also be flexible, so you customize it to align with your organization’s compliance needs and overall objectives.
Training and support
Evaluate if the tool provides guided implementation of the product and support services. There must be enough resources for smooth onboarding and user education, FAQs for common queries, and quick response from the team in case of troubleshooting or compliance assistance.
Cost considerations
Check whether the product pricing is bundled or there are add-on costs for additional features. Consider the total cost of ownership of the product and build an ROI case to compare long-term costs and returns.
Customer reviews
Vendor reputation is another crucial factor to be considered. Investigate the market reviews of the software, look for customer testimonials and case studies, and check credibility on platforms like G2 and Capterra.
Benefits of compliance monitoring software
Improved efficiency
Compliance tracking software streamlines workflows and puts repetitive tasks on autopilot. The structured guidance on compliance activities, reduced risk of human errors, and completion of tasks on time helps organizations improve overall efficiency in managing compliance obligations
Risk minimization
Compliance monitoring tools help businesses proactively identify compliance risks, assign risk owners on time, and take the necessary action to reduce risk. It saves the organization from non-compliance fines and penalties, operational disruptions, and negative public perception.
Cost savings
The tools help save costs of labour by automating tasks and allow for better optimization of resources. Any unnecessary spending on low-risk areas and financial repercussions of non-adherence is reduced.
Scalability
Compliance monitoring tools are a scalable option when businesses consider expansion, as they can handle large volumes of data without the need to start from scratch. The organization can quickly set up the monitoring mechanism to accommodate the new data and operate with continued efficiency.
Better compliance reporting
Compliance monitoring software provides real-time updates, has visualization tools for better understanding, and offers comprehensive reporting insights. Detailed compliance reports can be used to make well-informed decisions and foster a culture of continuous improvement.
Ensure granular level compliance monitoring and more with Sprinto
Automating compliance monitoring has made it easier to ensure accuracy, implement consistent practices across the organization, and analyze large volumes of data. Tools like Sprinto have offered all-round control over compliance operations by monitoring and managing controls 24/7.
Sprinto is more than just a compliance monitoring tool—it helps you launch out-of-the-box compliance programs and manage them end-to-end without breaking the stride. Once you integrate your cloud stack and enable a framework, it activates controls, checks, and puts compliance management on autopilot. Sprinto replaces hundreds of hours of manual work and helps businesses get audit-ready in weeks rather than months.
Case Study:
Read how Happay boosted compliance efficiency and got SOC 2 audit-ready in 5 weeks.
Ready to take your first step towards continuous compliance? See Sprinto in action.
FAQs
What are the techniques for monitoring compliance?
The techniques for monitoring compliance are:
- A pre-planned-upon scope and strategy.
- Periodic reviews of all policies and procedures.
- Standard tools as well as reporting templates.
- Systems designed for reporting.
- Employee training and education.
- Consequences in cases of non-compliance.
What are the 4 types of compliance monitoring?
There are several components in a compliance monitoring system where each one of them is means of monitoring compliance, and jointly, they form an effective, unified system:
- External audits
- Policy reviews
- Policy and compliance management
- Internal monitoring
What is meant by compliance management?
Compliance management is the system of making sure that your overall company operations and all of your employees’ activities are carried out in line with applicable regulations, laws, and requirements. A large range of institutions set these policies and requirements, such as governments, industry agencies, regulatory bodies, and labour unions.
What is a compliance monitoring framework?
This is a forward-looking and proactive plan to target current emerging risks systematically. This targeted approach assures that priority risk areas are being identified and managed in the sector.