We get it – keeping up with new, ever-changing compliance requirements can be a nightmare, often resulting in a mild headache at best. There’s, however, no easy way around it as maintaining an effective corporate compliance program in today’s dynamic business world is essential not only for building trust with your key stakeholders but also for ensuring an effective and smooth risk management strategy.
Fortunately, this is where compliance audit software comes in – making all the difference when it comes to managing your security and compliance tasks efficiently. Among the countless decisions you’ll make on your business journey, choosing the right compliance audit management software is a biggie. But why? The answer is simple: going full steam ahead with the right solution gives you the tools necessary to tackle compliance frameworks… wait, wait, wait – there’s more! It also helps boost your organization’s productivity and ultimately, enables your business to get serious and level up your security and privacy compliance, without sucking up hundreds of hours.
Now that we know why compliance audit software deserves some serious attention, let’s dive into everything you need to know about it, including the top 7 options for 2024 and how to choose the best fit for your business.
What is Compliance Audit Software?
Let’s break it down. Compliance audit software is an automation tool that helps your organization to easily manage, track, and ensure adherence to internal policies, industry regulations, and audit requirements.
Instead of relying on time-consuming manual audits (yawn, we know!) to attack compliance hurdles like SOC 2 , compliance audit management software automates much of the process, reducing whoopsies along the way and saving you valuable time (that, quite frankly, should be spent elsewhere).
From data privacy regulations to key security frameworks, compliance audit software is specifically designed to manage audits across various areas. Whether it’s voluntary or regulatory compliance audit software, these platforms help you streamline the audit process, stay organized and minimize non-compliance risks – by risks, we mean the kind that often lead to hefty fines or worse, reputational damage (ouch!).
So, that’s nice, but what does this mean for your business?
Think of compliance audit software as your compliance watchdog, keeping your business on track within all the necessary compliance requirements. It helps ensure you’re always audit-ready by providing the tools to:
- create audit trails
- leverage auditor-approved policy templates
- perform risk assessments
- track your compliance status
- track regulatory changes
- generate real-time reports
Why Compliance Audit Software is a Non-Negotiable
Whether we like it or not, the days of relying on manual processes to manage compliance hurdles are quickly fading – and for good reason, given the time-consuming, resource-intensive and often costly nature of the task. As regulatory landscapes keep us spinning with increasingly unforgiving rules and regulations, the only solution is a streamlined approach.
Let’s take a quick look at why compliance audit software has become more essential than ever for your business.
Evolving Regulatory Requirements
First off, regulatory requirements aren’t static – rules change, sometimes multiple times a year – and it’s hard to keep up with evolving policies without automated systems in place. Compliance audit software continuously monitors key changes in regulatory frameworks that you need to be aware of, helping your business stay compliant without constantly sifting through mountains of paperwork.
Streamlined Automated Processes
With rising data breaches and data protection regulations like GDPR and CCPA, your compliance efforts need to be documented to instill confidence in your stakeholders and enhance your business’s credibility. The good news? The right software offers automatic tracking and proof of compliance that manual processes simply can’t match.
Supporting Company Growth
As your company grows, so does the need to have a solid platform in place to manage audits and protect you from fines and legal issues. Fortunately, with the right software, you can do exactly that while streamlining internal processes, improving communication, and reducing human error – something we all know happens more often than we’d like to admit. Now why wouldn’t you want to boost overall efficiency?
GET COMPLIANT 90% FASTER
Key Features to Look For in Compliance Audit Software
You already have a lot on your plate. Analyzing different compliance audit software and identifying essential features shouldn’t add to your stress, which is why we’re here to help. Here’s a rundown of some key features to look out for:
Automation
Automated evidence collection instead of manually collecting spreadsheets and screenshots is the ultimate game changer when it comes to compliance software.
Audit Trail
A strong audit trail demonstrates your transparency. Look for software that tracks every action taken during the audit process – from risk assessments to final reports – as this ensures you can prove compliance if needed.
Real-time Monitoring
Compliance issues can arise at any moment. With real-time alerts for potential risks, your team can be notified immediately and take action ASAP.
Regulatory Updates
You’ll want to be kept up to date regarding any updates to regulations. The best compliance audit management software provides automatic updates on these changes, helping you stay ahead of the curve.
Customizable Templates
Your business might have unique compliance needs, so having audit templates that can be customized is a game-changer.
Document Management
Like a moth to a flame, compliance audits are often accompanied by way too much paperwork. Choosing software with built-in document management can help speed up the audit process as it makes it easy to store, organize, and retrieve critical documents.
Easy Compliance Management
With detailed reports, you can easily check your compliance status and spot any areas that need improvement. We’re big fans of a one-stop shop for compliance!
Scalability
As your company grows, so do your compliance needs. Make sure the compliance audit management software you opt for can scale with your business and handle growing audit demands efficiently.
7 Top Compliance Audit Software for 2024
When it comes to compliance audit management software, there’s certainly no shortage of options out there. Now that we’ve covered the essentials, let’s explore the best compliance audit software for 2024 – each offering something unique to help streamline your compliance journey.
1. Scytale
Scytale offers a comprehensive compliance hub that helps you streamline your compliance processes and get you compliant with key security and privacy frameworks. Whether your business needs SOC 2, ISO 27001, GDPR, DORA, NIST, or a combination of the lot, Scytale’s compliance automation platform is for you if your business handles sensitive customer data. By ensuring you’re up to date with data security requirements and providing guidance from our dedicated team of compliance experts, its all-in-one platform automates tedious tasks like evidence collection, centralizes control management, and simplifies the process from start to finish. This ensures you’re always audit-ready, making it a top choice for tech companies of all sizes.
(Screenshot from Scytale’s website)
2. LexComply
LexComply offers robust legal compliance audit software, making compliance management a breeze for businesses operating in highly regulated industries such as finance and healthcare. Its Compliance Management Solution (CMS) platform makes sure you don’t skip a beat with its central digital repository, real-time tracking of legal and regulatory updates, and automated reminders. It also offers industry-specific compliance templates, making it an ideal choice for your business if you have complex legal obligations.
(Screenshot from LexComply’s website)
3. ADAudit Plus
ADAudit Plus, developed by ManageEngine, focuses on compliance auditing in IT environments. It’s perfect for businesses that need to ensure network security and manage compliance with tough data protection regulations. This innovative software monitors Active Directory changes as they occur and provides comprehensive reports, which helps you strengthen your organization’s security posture and stay on top of IT regulatory frameworks like GDPR, HIPAA, and PCI-DSS.
(Screenshot from ADAudit Plus’s website)
4. VComply
VComply is a cloud-based governance, risk, and compliance (GRC) platform suitable for businesses of all sizes. It simplifies compliance audit management into bite-sized steps using a single system of record. Automated workflows, evidence management, and customized dashboards are only a few of this solution’s favored features. With its user-friendly interface and powerful reporting tools, VComply is a great option if you’re wanting to stay organized and demonstrate compliance without much hassle.
(Screenshot from VComply’s website)
5. MasterControl
Need to make a trade-off between speed and safety? With MasterControl, you don’t have to. Specializing in compliance audit management for regulated industries like life sciences, pharmaceuticals, and manufacturing, MasterControl offers end-to-end solutions that simplify your GxP workflows. Its software integrates audit management, document control, and training, so that you never have to sacrifice quality for cost or innovation for regulation. Finally, MasterControl is an excellent option as it makes overcoming stringent regulatory requirements a walk in the park by generating audit-ready reports for FDA and ISO compliance.
(Screenshot from MasterControl’s website)
6. Symbiant
Symbiant provides an intuitive Governance, Risk, Compliance (GRC), and Audit management software platform. Its fully customizable compliance audit management software focuses on improving collaboration across your team and simplifying the audit process, making it easier to achieve and maintain compliance with standards like ISO 27001 and ISO 31000. Symbiant also offers key features, including automated emails and reminders, along with a central dashboard that makes managing multiple audits a lot less daunting. This makes it a flexible solution for businesses across a range of industries.
(Screenshot from Symbiant’s website)
7. Filestage
Filestage stands out by providing compliance audit software with a unique focus on content review and approval processes. If your business deals with marketing, media, or creative content, this tool can help ensure that your team adheres to compliance guidelines while streamlining the review process. With features like task management and strong collaboration tools, Filestage is perfect for businesses that require tailored compliance solutions and need to meet changing regulatory guidelines across every project.
(Screenshot from Filestage’s website)
Choosing the Best Compliance Audit Software for Your Business
With so many options out there, selecting the right compliance audit management software can feel overwhelming. Ultimately, it comes down to your business’s specific needs and goals but focusing on a few key factors can definitely help. Let’s recap the essentials.
First, identify your specific compliance needs – are you looking for an automation compliance software or a comprehensive compliance hub for data security audits? Or both?
Next, consider industry-specific features that align with your unique sector’s regulations, whether you’re in healthcare, finance, or IT. User-friendliness is also not something that should be overlooked; the software should have an interface that feels intuitive and strong customer support to walk your team through implementation.
Additionally, ensure the software is both scalable and flexible to meet your evolving compliance needs as your business grows. This flexibility will also make it easier for you to expand into new markets.
Finally, keep your budget in mind. While it’s tempting to go for the most feature-rich option, you’ll want to make sure you’re getting the best value without stretching your budget too thin… all while ensuring the solution you choose covers all your compliance needs.
Streamlining Your Compliance Journey
In a nutshell, it should be pretty clear by now that in today’s tech-driven world, having the right compliance audit software is essential for tackling compliance and protecting your business from potential risks. With these insights, you’re now equipped to find the perfect solution to streamline your compliance efforts and set your company up to kick total A#*!
