Top Compliance Management Software

Software BY DataCore Technologies Pvt. Ltd.
Alp Consulting Ltd is the leading payroll outsourcing software in India. Design advanced and intelligent features very accurately to manage entire oversee's process

Paysquare

Leading payroll outsourcing company of India
Paysquare will take care of the entire payroll management, right from consolidating HR/Finance & employee inputs, to processing of payroll, providing the respective outputs and managing statutory filing, Paysquare helps you manage it all.

EAMbrace Compliance Management

Online Compliance management software
EAMbrace(R) allows you to automate your compliance processes for all types of compliances, including, but not limited to legal, regulatory, safety, licensing, taxation, employment, etc.

HRAPP

Cloud based HRMS and Payroll automation
HRAPP is SaaS-based HR software and complete choice for any organization to manage all time consume and tedious task of HR and Payroll. You can get a range of services that includes attendance management, statutory compliances, back-office assistance, and many other notable features.

Horizon HR

Cloud based HR Payroll Services
Horizon HR is a Cloud based HR Payroll Service which provides unmatchable services with customer centric approach. This software offers benefits such as efficient management of staff data, secure financial transactions, and detailed reports on employee payroll. It also offers accurate and on-time compliance, a well-designed user interface and easy to go search functionality.

Comindware Tracker

Non-coding workflow management software
Comindware provides non-coding workflow software for business process modeling and management, workflow automation and productivity boost. Minimize dependency on IT and empower non-technical users to design, run and modify Workflows with drag-and-drop simplicity.

Quikchex

Payroll built for the modern Indian SME
Quikchex is payroll built for the modern Indian SME. Through our beautiful, simple cloud interface, Business Owners, HR Managers or Accountants can run payroll in minutes. Moreover, our ground support team ensures last mile compliance, by filing and paying all PF, ESIC, PT and TDS related liabilities.

V-Comply

Compliance. Simplified.
V-Comply is a Governance, Risk and Compliance Management platform on the cloud that allows you to manage and track your business compliances effortlessly on the go.

Komrisk

Enabling Compliance
Lexplosion is a market leader in legal and compliance management. Born out of personal experiences of its promoters, all former in-house counsels, Lexplosion's innovative products, and solutions have caught the attention of in-house legal & compliance teams across India.

Valgenesis

Paperless Valdiation Software for Life Sciences
ValGenesis is fully configurable giving you the most flexibility in terms of tailoring the application to meet your corporate needs specifically. The system administrator at your site is capable of carrying out required changes to mirror your current process flow without any special programming skills required.

GRC Envelop

A risk management, audit workflow, and document ma
GRC Envelop is a web-based work flow and document storage tool specific for the risk, audit and control environments. Mainly used for internal and external audits focused on financial, IT, HR and sales processes within large corporations.

LexComply

Compliance - for a cause
LexComply enable client's to know, delegate, report, monitor & manage their regulatory compliance & internal controls with most comprehensive & integrated GRC solutions. India's Leading Compliance Management Software offering 13 SaaS based risk & compliance management solutions for Enterprises, Advisory Firms, and Consultants.

ECAT - Electronic Compliance Audit Tool

Audit Management Tool
A unique validation solution to help organizations monitor, review, improve and embed their precise processes. Organisations with significant auditing needs are using ECAT to cut costs, improve compliance, strengthen operations.

eVAULT

Web based document management system
eVAULT is a web base solution through which the administrator can provide access to all documents online to all their clients

ricago - Compliance Management System

GRC -Regulatory Contractual & Internal Compliances
Ricago Compliance Management System (CMS) is an enterprise-class compliance management system capable of effectively tracking & managing compliance items, notices, and critical action items related to regulatory & internal compliance requirements of an organization.

Page Last Updated On 10/05/2018 07:06


What is a Compliance Management Software?

A compliance Management software will make sure that organization complies with regulatory and legal compliances. There are certain rules which every organization should adhere too. A compliance software will help you gather all these compliance knowledge on one platform and will help the organizations regulate and maintain it.

The activities that are included in compliance Management solutions are:

  • Internal Audits
  • Third Party Audits
  • Security Procedures and control
  • Reports Preparation with appropriate documentation
  • Developing and implementing new policies and procedures to ensure compliance

Classification of Compliances

Many of the organization suffer due to lack of knowledge about compliance. Majority of times they are not aware of the compliance that is applicable to them. Based on the size of the organization the number of applicable compliances may vary from 100 to 10,000. Therefore, a large number of organizations go with compliance management system realizing their efficiency and robustness. With a mouse click it is possible to create compliance reports to provide it to regulators, auditors or legal team. If you have a compliance Management software all relevant documents can be stored in one place and everything is backed up on a server which is operated and maintained by compliance Software provider.

The compliance software can be divided into the following category:

  1. Due-date based compliances: There are various statutory compliances for Income tax return, TDS return that every business entity has to follow on a timely basis i.e. weekly, monthly, quarterly, half-yearly etc.
  2. Ongoing compliance: Every Act has a certain set of compliances that should be followed no matter what at every and any given point of time by an organization. For E.g. maintenance of books and accounts, complying with HR rules and regulations, hourly and monthly wages of employees etc.
  3. Event-Based Compliances: These compliances are rare that gets triggered on the occurrence of an event such as moving to a new location, changing the name etc.

Functions of Compliance Management Software

  • A complete registry which stores and manages all the regulations, citations, permits and policies.
  • An entire list of regulatory requirements and interpretations.
  • An Applicability matrix to apprehend which Regulations and Obligations each facility is subject to.
  • Determining the person responsible for an independent regulation, policy, and permit.
  • Report Generation on owners who are responsible for the regulation, policy, and permit.
  • Automatic triggering on non-compliance Requirements.
  • Follow-ups on activities designed to address non-compliance.
  • Identifying new and updated regulatory obligations to streamline compliance efforts.
  • Update future tasks related to regulatory changes.

Features to look for while buying a Compliance Management Software

  1. Regulatory Intelligence: The software should integrate, capture, store and monitor regulations from reliable and authoritative regulatory content sources. The software should also automatically map regulatory updates to risk, controls, and policies and help the business stay informed on such updates through automated notification and alerts.
  2. Compliance Environment and Process Design: It should create a structured and logical control hierarchy that is internal to the organization. This should also include processes, assets and risk control with proper linkages between data elements. In addition to these, the software should also maintain associated policies and procedures, filing templates, reporting requirements and schedules for various regulations.
  3. Compliance Assessments and Survey: The software should design control tests or self -assessment plans by forming surveys and questionnaires. The collected samples should be then assigned to control owners, testers, and assessors. Document the result of the control tests and self-assessments, capture non-compliance issues etc.
  4. Reporting and metrics: Should give complete visibility about the compliance Management processes through graphical representation in form of dashboards that are equipped with drill-down capabilities. It should support configurable that can monitor key control attributes, process ownership, and similar other factors.

Some other things that your legal compliance Software should do to protect your business:

  1. Keep employee updated about the Compliance Responsibility always.
  2. Includes Compliance Requirements plus improves business processes.
  3. Keeps an eye on the processes to make sure they are compliant.
  4. Corrects and updates the documentation as and when required.

Advantages of using a Compliance Management software

  1. Stays up to date: Using a compliance Management solutions can help you save time and money, especially while tracking and implementing new rules, legislation and standards. In absence of a compliance software, it used to take one dedicated resource who would read all new regulations and determine if the organization was affected. If it does then necessary changes need to be implemented. On the other hand, compliance Management software can automatically track both internal and external changes and identifies processes and operations that are not compliant with new standards. This means you can also track what is happening while simultaneously focusing on other big things happening in the organization.
  2. Risk Management: Compliance Management System allows risk management and assessment to be optimized. Since it is a software that is tracking the changes, potential issues can be identified in early stages before they become big problems. With a better understanding about the risks, better decisions can be made by the organizations about how and when things need to be changed.
  3. Improves Business Processes: Compliance software solutions are not just about concentrating on the negatives like what are the consequences if the organization is non-compliant with new regulations or what are the risks associated when a process is revised, the software will also help in refining and improving business processes. The data mined after running a hypothetical change can help a business determine what are the best changes the organization can incorporate and how this will affect their productivity and profits. So, having a Legal compliance software will not only help you comply with the new regulations but will also help you increase your business productivity.
  4. Reduces Cost and saves time: Compliance Software automatically tracks the changes that are made to the legislation, regulations and identifying potential issues thus making the entire process faster, easier than before. It also reduces human errors that could lead to fines, legal nightmares, or unnecessary or costly changes to business operations. Thus, OCM helps you target the most cost-effective solution for your business while taking into consideration both operations and compliance.
  5. Build trust with your customer base: If you are unsuccessful in protecting your customer credit card information and if fraudulent purchases are made you will lose your potential customers and their trust. But complying with federal laws means that you are giving your best to keep the customers safe. A compliance record creates an impression that you are running a trustworthy operation.