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07.16.2020 Jacqueline Maduneme

The 5 Best Regulatory Compliance Software for Growing Enterprises

Unfortunately, finding the right regulatory compliance software for your growing enterprise can be complicated. With so many software solutions out there, how do you know which tool is right for your unique business? The regulatory success of your business depends on investing in the right software.

Choosing the wrong software comes with several risks. For example, you could end up purchasing an expensive software solution that doesn't have all the features and functions that you truly need.

The question must be asked – is there a software solution out there that fits your organization's unique regulatory compliance needs?

5 Best Regulatory Compliance Software Providers

At Compliance Core, we understand that there are no “one size fits all” solutions. That’s why our experts hand-picked the providers on this list, so you can rest easy knowing that no matter who you choose, the company will treat you right.

You’re going to need much more than the right software to protect your company, however. You need to know exactly what steps to take to help protect your company from potential risks.

Sign up for our free risk management training program before deciding on a provider to meet your software needs.

#1: AuditBoard

Auditboard (formally known as SOXHUB), was founded in 2014 by two EY, Ernst & Young, auditors. It was born from the simple idea that compliance management does not have to be administrative or manual.

Some of the companies you might have heard of that use AuditBoard are Columbia, Public Storage, and Dunkin’ Donuts.

Pros

  • Easy to communicate with Auditors
  • Easy to ask questions to AuditBoard
  • Ease of Use
  • Easy to find documentation
  • Simple Management of PBC requests, then simple to link them to control testing

Cons

  • Sometimes difficult to run reporting for exactly what you want to see
  • Difficult to follow issue tracking within the application
  • Some parts of the application do seem to be as advanced as other parts
  • Some inefficient ways to do things based on how we want to use the tool

“AuditBoard helps with the overall efficiency of both reducing the cost of compliance, and at the same time, increasing the value to the organization, which is ultimately what we’re trying to do.” - Nirav Patel, Vice President of Internal Audit, UL

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#2: The Logic Gate Risk Cloud

LogicGate was founded in 2015 by three former risk & compliance tech consultants. Their mission is to empower organizations to implement and self-service processes using their software to solve complex governance, risk, and compliance issues. They use an end-to-end suite of Integrated Risk Management applications.

Pros

  • Their Customer service team is excellent.
  • The workflow platform has great modules included
  • Ease of use
  • Can be customized

Cons

  • It takes some time to learn
  • Features aren’t very intuitive

“The challenge was to make that situation scalable...We didn't have a tool to maintain the situation in one searchable place.” - Amy Hoffmann, Director of Strategy and Analytics at TeamSelect Homecare

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#3: Onspring Compliance Software

Onspring was created in 2010 with the simple idea to give businesses the power to solve issues on their own. They claim to be a no-code platform for GRC for business operations.

With a strong focus on performance and usability, you can stay focused on action, analysis, and value-creation.

Pros

  • Intuitive and easy to use interface
  • The platform is flexible and can be built to your specifications
  • Great customer support

Cons

  • Pricing information isn’t listed on their website. You have to request pricing to get a quote.

“The usability of it is just so easy to get around, from day one. We can do so many things beyond just your typical GRC, and we can branch out to things like our insurance management — even HR related.” - Chris Redner, Enterprise Risk Management Operations Analyst at HomeStreet Bank

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#4: Highbond

Highbond is an end-to-end GRC platform designed to create stronger IT security, risk management, assurance, and compliance.

The software is made up of several different products that integrate to bring you all the functionality and features their company has to offer.

Pros

  • Clean and intuitive interface that’s simple to use
  • Streamline processes with automation
  • Great for managing large sets of data

Cons

  • Other visualization tools offer better graphics, and the storyboard and design need improving
  • The licensing and pricing model is complex and challenging to understand

“For certain scenarios or uses, you might find yourself wanting to go back to SQL, coding, Excel, or any other tools; it all depends on the specific needs. I think the Highbond tools work better to integrate multiple sources and large sets of data in a single place.” - Marcio D, Audit St. Advisor

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#5: Compliance Core

Compliance Core is a trusted advisory and managed service designed to simplify compliance while ensuring effectiveness and efficiency.

We offer data-driven, end-to-end compliance that is easily scalable. You’ll have the software you need to mitigate infractions and monitor and manage regulatory change.

When you’re frustrated with ineffective counseling services and costly technology that never works, Compliance Core is the perfect solution for you.

“As a securities Trading Company, compliance is of utmost importance and in our experience, the value of working with Compliance Core is immeasurable. When you work with them, they don’t simply give you a cookie-cutter approach. They step into your company and explore your processes. They invest wholeheartedly in the process and strategize with clear vision that is operationally sound and effectively designed to reduce your risk to an acceptable level.” - Clem M., CEO of CGM Trading, LLC

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Risk Management in the 21st Century

Don’t expect to purchase a software solution and call the job done when it comes to compliance and risk management. Failure to take actionable steps to manage and mitigate compliance and risk can have your company in some serious hot water without any notice.

For example, the former chief compliance officer of Merit Medical filed a lawsuit that claimed the company ran a scheme that resulted in physician kickbacks.

Allegedly, Merit Medical ran up expenditures for Medicaid, Medicare, and other public healthcare providers and engaged in unlawful kickbacks to get physicians to use more of their medical devices for embolization and occlusion.

Don’t let something similar happen to your company. You need to take actionable steps to ensure nothing slips through the cracks that could result in a lawsuit — or worse. When you sign up for our free risk mitigation training, you’ll learn:

  • How C-Level Executives elevate risk posture
  • How to identify potential threats
  • The best ways to remediate threats before they happen
  • And the key ingredients to creating a culture of compliance

Sign up for the free training you need to help you decide what regulatory compliance software best suits your needs.

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Published by Jacqueline Maduneme July 16, 2020