Everyone wants the best compliance management software for their Organization. A good compliance management software would simplify the task of managing Risk & Governance. Naturally, the right compliance management software will help you manage compliances efficiently and cost-effectively.  But how would you identify which Compliance Management Software is best for your Organisation?

Identifying Best Compliance Management Software for your Organisation

Here are a few parameters to keep in mind, which will help you identify the best and suitable Compliance Management Software for your organization.

1. The software should be able to generate Compliance automatically.

In earlier times, compliance management was conducted by listing all compliance tasks in Excel spreadsheets. These Excel spreadsheet checklists did very little to improve the compliance process. In the new age, there is compliance management software that is smart enough to build their own automated compliance calendar depending on the regulations applicable to the company. Nowadays the software automatically generates the relevant compliances from an inventory of compliance tasks. An automated compliance software will update the compliance checklist on a real-time basis and generate the reports at the click of a button. Automated compliance software reduces manual dependency which will reduce the chance of human error and ensure you meet strict regulation deadlines. 

2. Your Software should be able to manage Event-based compliances

We all know that non-compliance penalties have been increased by regulators who are now becoming stricter with the enforcement of compliances. Most of the time, non-compliances fail because the users fail to understand the implications of an event. Such non-routine compliances are known as Event-Based Compliance. These could be the most important compliances to be done. For example, if an Indian company makes an investment outside India, it is impossible for them to really know what all compliances will be triggered in the Companies Act or FEMA or FDI acts. But by having these Event-Based compliances as a set of probable compliance tasks, it becomes much easier.

3. Compliance Software should send automated alerts to multiple users in the company.

Usually, Compliances is done by only one person, but it is best when more than one users are aware of the progress of the compliance. So, it is said the senior person or the appropriate persons should know if the companies finances have been filed with the Regulators or not. In this way, major non-compliances can be avoided since there is monitoring by multiple persons. Automated reminders and notifications will also keep people updated of upcoming compliance tasks.

4. "Content is KING" Even for Compliance

When looking for the best compliance management software, it is necessary to check if the Software has a Compliance Library. Compliance Software without Compliance Library is just a workflow tool. Like everywhere in the world, even in compliance management, Content is KING. The more & detailed the compliance checklist in the library, the better is the compliance management software. What’s more important is that the library should get updated on a real-time or daily basis if possible. That is where the true value of the compliance tool lies.

5. Compliance Software Should Cover the Laws of the land

When you look for the Compliance Software for your Organisation, make sure it covers every law of your nation. Labour, Finance & Taxation, Secretarial, Commercial & General Categories. Depending on which compliances are applicable to you, those need to be configured within the software and should be triggered as and when the due date is approaching. Any updates to these laws also need to be updated within the compliance tool so that your company does not bear the brunt of filing out-dated compliances or missing out on new compliances/ regulations applicable to your company.

6. The software should be able to manage workflow & task

Compliance Management Software should be able to assign tasks to individual persons & allow approvers to track progress in real-time. It creates accountability among the staff, enables a maker checker process, and further gives management oversight of the compliances through customizable dashboards.