Best compliance management software

All of us would like to know which is the best compliance management software in India. Naturally, the answer depends on the maturity of compliance management at your organisation and what is the expectation from a software.

But if we have to identify the best compliance software, then we can measure it on the following rating parameters.

1. Ability to automatically generate compliances.
Gone are the days when the compliance management system is populated by a manual compliance checklist by uploading the compliance task. Today, compliance management software are smart enough to build their own compliance calendar. This is done by asking the user a series of questions and events that occurred during the year. Based on the responses of the questions, the system generates the relevant compliances from an inventory of compliance tasks.
This automated compliance calendar means that we really don’t need any offline checklist. As the events occur, the system is updated with latest compliances on a real time basis.

2. Managing Event based compliances
Experience has shown that non compliance penalties are not for the compliances that are routine and are in the nature of quarterly or monthly reporting to the regulators. Instead, non compliances arise because a certain event has taken place, and the user did not know the implication of such an event. The non routine compliances are known as event based compliances.
These are the killer compliances. For example, an Indian company makes an overseas investment. For a layman finance user, it is impossible for him to really know what compliances will be triggered in Companies Act or FEMA or FDI acts. But by building these compliances as a set of probable compliance tasks whenever a user answers that an investment is made, it is much easier.

3. Notifications and alerts to multiple users in the company.
While compliances is usually done by one person, it is in the interest of the company when more than one users are aware of the progress of the compliance. So, a CFO, Chief Compliance Officer, CEO are the appropriate persons to know if the company’s financial have not been filed with the Regulators. This way major non compliances can be avoided since there is monitoring by multiple persons. Automated reminders and notifications keeps people updated of upcoming compliance tasks

4. Compliance Content is KING
When searching for best compliance management software, it is not enough if you get to see a demo of an empty tool. Any software that does not have a compliance library is like buying a cheap workflow tool. In compliance management, content is KING. The better and more exhaustive compliance checklist, the more powerful is the compliance management software.

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