What is Internal Controls Software ? How to Choose one

In today’s day and age, a company’s security posture is defined by the effectiveness of its internal controls. Every malicious act or security incident is a direct result of either inefficient implementation or the improper functioning of internal controls. Sure, organizations can piece together a great number of preventive measures but that doesn’t address the problem at its root. 

That’s precisely the role an internal control software plays. Internal control software allows organizations to identify weaknesses in internal control structures, set up remediation plans, and realign controls to maximize efficiency to ensure continuous compliance. 

As with any category, there is never a one-size-fits-all. Every organization comes with its risk profile and desired end state regarding security. And so you may find it difficult to pick a solution that fits the needs of your compliance environment. 

With that in mind, we’ve narrowed it down to a list of 7 internal control management software so you don’t have to. In the end, we hope you gain some insight into the choices available and pick one that best fits your needs. 

But before we get into it, let’s round off a few edges and understand certain concepts better. 

What is an internal control software? 

An internal control software is a platform that aids an organization in implementing new internal controls, amend existing ones, and track their performance to identify instances of non-compliance and rectify them. 

A typical internal control software system works on two fronts. Over the long run, it helps chart a course to the ideal state in terms of compliance and security. For example, if the organization aims to get a new compliance certification, an internal control software system helps the security teams make the required amendments, create new policies, and align organizational controls with the requirements of the framework.

On a day-to-day basis, internal control software acts as a gatekeeper. It helps keep track of the status of each control and runs periodical scans to ensure controls are passing threshold scores at any given point in time and alerts audit teams and control owners when a control fails to deliver desired efficiency. This ensures that the organization takes timely and sufficient corrective action. It also recognizes when controls are not working. An example of this would be an instance where access control is not applied correctly or if a particular employee has not updated his access credentials even after change notifications were sent.

Top 7 Internal Control Software 

Given the rising importance of compliance over the years, there are solutions for every type of company. And considering the impact such solutions have on the way you operate, it’s vital to ensure you pick the right solution for your business. Here’s our list of internal control management software recommendations.

Sprinto 

Sprinto is a powerful internal control management and compliance automation solution that helps organizations streamline their efforts and significantly reduces the time and effort needed to get audit-ready. The platform serves as a single source of truth for companies looking to map internal controls with compliance frameworks such as ISO 27001 and SOC 2 while enabling the seamless rollout of new policies with replicable policy templates. 

The platform seamlessly integrates with your tech stack and tracks controls at an entity level. It automates periodical checks and alerts the SOC (Security Operations Center) and stakeholders when controls are about to fail. This helps them take preventive or corrective action, fix or implement them correctly, and ensure the minimum threshold score is met. All of this, evidence of compliance, can be gathered and compiled into an easy to comprehend format for external auditors to process during compliance audits. 

Sprinto supports 15+ compliance standards and integrates with over 130 SaaS platforms for increased compliance scope.  

Here are some features that make Sprinto stand out:   

• Robust compliance workflows pertaining to control implementation and monitoring
• Compliance health dashboard that displays in real-time how many controls are passing checks
• Control alignment to help align internal controls with various compliance and regulatory requirements
• Comprehensive incident logs and reports to help deduce the cause and actions that led up to security incidents
• Anomaly detector that identifies suspicious activity and flags it to security teams
• Custom internal audit and compliance reports to track historic control performance
• Real-time notifications when internal controls fail threshold scores
• Trust center to allow stakeholders and customers to view select compliance parameters

Pros:

• Sprinto boasts a 100% audit success rate—do away with the back-and-forth during compliance audits and ensure continuous compliance
• Common control mapping helps map controls that are common across frameworks and eliminates duplication of work
• Sprinto is extremely easy to set up. You can integrate the platform with your existing tech stack and get started in record time
• Evidence collection is automated. Gather crucial evidence and gain auditor approval in rapid fashion
• An incredibly easy user interface to help navigate the complexities of compliance
• World-class technical support to help guide, implement, and monitor the entire internal control environment 

Cons:

• Minor UI glitches
• Occasional and temporary data inconsistency issues that get fixed automatically 
• Has a learning curve owing to new features being introduced

Want to know what our customers have to say? Read our reviews on G2.

AuditBoard

AuditBoard is an operational risk management and compliance platform that consolidates risk and compliance data into a single integrated interface. The platform is a great solution for teams looking to automate compliance workflows, centralize risk and control management functionality, and enable more efficient collaboration. AuditBoard’s reporting functionality is one of its biggest upsides, affording companies better visibility and ownership over their risk environment. 

Features:

• Robust compliance workflow engine that runs automated tests and compliance tasks
• Evidence compilation module that helps simplify the audit process
• Risk assessment module for easier risk identification, classification and response 
• Automated control testing for assessing the effectiveness of internal controls  

Pros:

• Integrates well with the organization’s tech stack
• The reporting feature is great
• The dashboard brings risk, compliance, and audit functionality into a single fold
• The platform offers excellent document support

Cons:

• Customizing and designing workflows can be a complex and time-consuming process
• The audit functionality is not fully developed so some processes may still require manual effort
• The interface can feel obsolete in certain situations
• The risk management functionality has room for improvement

Resolver

Resolver is a cloud-based internal controls management software that helps organizations align their controls with compliance requirements. The platform is a great solution for companies looking to strengthen their risk and compliance management mechanisms while also becoming audit-ready. It gives them greater visibility into the risk landscape while allowing them to implement controls that offset vulnerabilities and take proactive action. Resolver has use cases across major industries such as tech, manufacturing, hospitality, healthcare, and retail. 

Features:

• Incident logs and reports that help provide a holistic picture of security events  
• Automated evidence collection to help simplify compliance audits
• Customizable workflows that help streamline compliance tasks
• Strong analytics module to help monitor crucial control metrics and track performance 

Pros:

• The workflow builder is very flexible—creating forms and building workflows is very easy
• The intuitive dashboard provides an insightful view of the control environment
• Entering and tracking events is quite easy
• The platform is geared to enable a collaborative environment

Cons:

• Back-end configurations can be quite tedious to get through
• Control tests can be time-consuming and may require extensive navigation
• The reporting capabilities are lacklustre and may not function properly without updates
• Some modules may require extensive upkeep

Thoropass

Thoropass is a compliance and audit management system that provides a centralized interface to implement, manage, and track internal controls. The platform also helps organizations gain a clear picture of their security posture and keep track of their compliance status in real-time. It serves as a great solution for companies looking to automate evidence collection and get to audit readiness in a short time. The solution also allows companies to create internal policies while enabling stakeholders to review and approve them with ease.

Features:

• Intuitive workflows that streamline compliance and audit process
• Internal control and policy module that helps stakeholders review, implement, and roll out new data security policies
• Vendor portal that allows external partners to maintain and publish their compliance credentials
• Automated evidence collection for streamlined external audits

Pros:

• Policy templates are extremely customizable and cover most use cases
• Integrates well with the tech stack and evaluates vendor risk effectively
• Documentation is thorough and allows for visibility on compliance issues and status
• Intuitive notifications that alert teams on evidence requirements and preparatory action during audits

Cons:

• Evidence collection still contains manual components and some features are not completely built out
• Fetching historic data is an issue
• Some workflows are redundant
• Navigating to different controls can be difficult
• Collaboration feels rudimentary and may require constant follow-ups

A-Scend

A-scend is a compliance automation platform that helps organizations cover the whole audit process—from audit readiness to obtaining the compliance certification report. The platform helps you understand the requirements of the auditor and gather said evidence enabling smooth, frictionless compliance audits. It also provides security teams with a bird’s eye view of the compliance status while keeping track of risks and potential threats in real time as a result of improper implementation of internal controls.  

Features:

• A policy center that helps replicate, create, and review new policies and align them to compliance requirements
• Intuitive readiness assessment to evaluate how audit-ready the organization is
• A centralized hub that tracks and visualizes the overall health and compliance posture
• Automated evidence collection that pulls data from integrated systems and detects areas of non-compliance

Pros:

• The tool streamlines audit readiness and collecting evidence is an effective process
• Evidence once uploaded can be viewed and vetted by multiple teams
• A great solution for tracking audit requests and collaboration 
• Tracks evidence progress along the audit cycle effectively 

Cons:

• The task delegation functionality may malfunction
• The lack of a tagging or linking system causes considerable difficulty in referencing uploaded evidence 
• May require external collaboration between teams and auditors
• Submission portal can be slow

Audit Runner

Audit Runner is an internal control, audit management, and risk control software that is designed to help organizations adopt a risk-first approach to security. The platform also focuses on quality management, allowing companies to continually improve their processes while staying compliant with security standards. Audit Runner has several applications outside tech such as manufacturing and energy—sectors that require frequent assessments of the processes and the overall risk environment.

Features:

• Intelligent audit lifecycle management workflows—covering everything from planning to execution and reporting
• A centralized documentation module for users to access compliance, audit, and regulatory documentation
• A detailed risk matrix that details potential vulnerabilities and threats that are cataloged against internal controls
• Automated control testing and report management

Pros:

• Audit-friendly evidence collection, testing, and report format
• A truly flexible and customizable product interface
• The risk module is well-designed
• The product enables seamless collaboration 

Cons: 

• The user interface is dated and navigation may be ambiguous  
• The number of templates for frameworks is limited
• Workflow creation is not straightforward and does not contain embedded controls
• Tracking changes in the audit plan and documentation is not possible 

V-Comply

VComply, is a low-code GRC software that simplifies compliance for enterprises by expediting implementation, tracking compliance, and providing them with a comprehensive view of the risk landscape. It helps companies build their internal control infrastructure, strengthen their security posture, and collaborate on compliance tasks with ease. It also helps security teams monitor the progress of their compliance tasks while streamlining policy implementation and approval.

Features:

• Smart and customizable workflows that allow SOC teams to assign tasks and track progress
• A centralized dashboard that consolidates compliance process across functions
• Control mapping with multiple frameworks for increased operational efficiency
• A collaborative risk management workplace that covers risk identification, assessment, and mitigation of business risks

Pros:

• Intuitive notifications to alert security teams on areas of non-compliance
• The risk dashboard allows users to gain a clearer picture of the risk landscape and make better decisions
• A standardized system that streamlines compliance processes, due diligence, and risk profiling
• The reporting module is robust allowing users to access real-time and historic compliance data and trends

Cons:

• Initial set-up and onboarding is a cumbersome process
• The portal may not have the latest regulatory updates
• Attaching files and accessing them through certain workflows and instances can be confusing
• Integrations are limited—users may not be able to store logs or plug-and-play controls of their choosing

Selecting the right internal control software for your business

Every tool you add to your arsenal has the potential to either transform your business or derail your operations entirely. Choosing an internal controls software that doesn’t suit your business can not only turn out to be a bad investment in the short term but can have devastating impacts on security posture as a whole. As with every SaaS solution, picking the right software is a science—one that CTOs and CISOs have aced by paying attention to elements of functionality and mapping them to operational needs. 

Here’s a quick rundown of the steps you need to follow to choose the right solution for your business:

Step 1: Setting compliance goals

Let’s face it. Internal controls don’t work in isolation. They’re part of a larger system that maintains the balance between operational flexibility and security acumen. So, the first step to selecting a system that governs them is to define your long-term compliance goals and break them down into shorter checkpoints. 

For example, if the objective is to reach Stage 4 or the ‘adaptive’ NIST CSF maturity level, then the right way to go about it would be to set timelines for your organization to obtain the ‘risk-informed’ and ‘repeatable’ levels first. Setting goals is also a great way to visualize the desired state of the internal control environment and chart out the tasks needed to get there.  

Step 2: Dive deep

Now that you’ve identified your goals, the next step is to select the right parameters and define metrics that govern these goals. Setting KPIs will help you keep track of progress along the way. Next, define the scope of your audit program—describe which auditable entities are covered within it and what is the timeframe of assessment. Including more systems within the scope of compliance means a more thorough assessment. But this also means more controls are under scrutiny resulting in more effort. 

Step 3: Identifying areas that need automation

Now that you’ve set the parameters for your compliance program, it’s vital you narrow down on the exact problem you’re trying to solve with internal controls management software. Assess your internal control environment and assess which areas require constant monitoring. Think about which internal controls have a pattern of failure, the frequency of these failures, and what mechanisms need to be implemented to monitor and correct them. This can paint a clear picture of what you’re looking for in a solution. (while assessing your internal controls also understand the inherent limitations of internal control)

Step 4: Assessing options  

The internal control management software market is a crowded one. Interestingly, the market has numerous solutions that have overlapping functions. What’s important to understand is that every solution, as stated above, is to assess them based on your nuanced requirements. Here are some questions that you can use as a cornerstone:

• Is the solution easy to set up and deploy?
• Does the tool fit my tech/compliance budget?
• Does the tool support the compliance/regulatory frameworks I’m looking to align with?
• Does it integrate with the existing tech stack? And does it help me increase the scope of compliance?
• Is the UI intuitive? Can I find what I’m looking for without too much navigation?
• Are admin controls sound?  
• Does it help me understand, assess, and mitigate risk effectively?
• Does the tool automate internal control tests and audits?
• Does the tool help me simplify compliance certifications and gain attestations? If so, how?
• Does the platform help me monitor internal control status and compliance health in real-time?
• Does the tool help me improve my compliance stature and security posture?
• Does the tool help me track and report on control performance?
• Can the tool help me meet the set checkpoints and timelines?
• Does the vendor offer round-the-clock technical support?

The only way to gain clarity and answer these questions is by setting up free trials or product demos. While you’re looking for how the solution fits your operational needs, it’s also important to look out for limiting factors that tell you why the solution is not the right one. 

Sprinto ticks every one of these boxes. We’ve helped numerous clients across industries put their compliance audits on autopilot by providing them with out-of-the-box policy support, expediting audit readiness, and helping them monitor their controls in real-time. All of this and more within record time. And we’d love to do the same for you. See a free demo.

Not convinced? Read about how HubEngage transformed its compliance program with a fraction of the effort.

Stronger internal control management with Sprinto

Internal controls are the fundamental gears of the larger security machinery. A single failure can have a cascading impact on how your customers view you, whether they trust you to safeguard your data, and even determine future business prospects. Therefore, CISOs and CTOs recognize that compliance isn’t just a one-time exercise but an endeavor to ensure controls are functioning properly and align with a constantly evolving landscape. 

Sprinto keeps continuous compliance at the helm of its philosophy. We understand the nuance that goes into creating an effective compliance program that goes beyond the certification process. Learn how you can gain compliance in record time, keep track of your posture every step of the way, and stay compliant across multiple frameworks without the hassle or manual effort. 

Frequently Asked Questions:

What are the components of internal controls?

The internal control environment spans five crucial areas. They are:

• Granular controls: The policies governing auditable entities, organizational procedures, and standards
• Risk: The processes involving the identification and assessment of vulnerabilities and threats to business continuity 
• Mitigation: The actions enforced by controls and policies to eliminate risk or mitigate impact
• Reporting: The mechanisms involved in documenting risk and logging actions taken when incidents occur
• Monitoring: The structures in place to monitor control status, flag failing controls, and assess effectiveness 

What are the benefits of internal control software?

Employing internal control software can bring a number of benefits to the table. These include but are not limited to:

• Faster alignment with regulatory/ compliance frameworks
• Accurate implementation of new controls or amendments to existing ones
• Clear definition of roles and responsibilities within the security system
• Expedited response to security incidents
• Comprehensive audit reports and documentation on performance
• Shorter time to audit readiness
• Minimized business disruption

What are the most important features of internal control management software?

There are a number of crucial functions that internal control management software fulfills. While every organization comes with their own unique set of requirements, here are a few crucial features that every internal control software should come with:

• Control mapping to help align the organization with compliance requirements
• Compliance workflows pertaining to control implementation
• A compliance health dashboard that tracks if controls are passing checks
• The ability to conduct internal and external audits 
• Reporting and analytics to help assess control performance