Compliance management software. Key features to look for in 2022
Contributor: Maria Ilina
Today regulations and federal policies can change overnight, and it is crucial for businesses to keep up with this change. The reputation damage and significant amount of possible penalties make companies view the compliance more as an investment than a cost.
Regulations change as companies grow, there are lots of obligations to comply with that companies may get missed on occasion. There are a large number of federal, local, or global compliance obligations related to Corporate, Secretarial, HR, Fiscal, IT, HSE and Industry laws. It’s difficult for organizations to comply with all of them consistently for a sustained period.
What we will cover
- What is Compliance software
- When companies need Compliance management software
- Key features to look for in Compliance software in 2022
- What makes low-code effective solution for compliance management
- 5 tips to choose the low-code platform for compliance management
What is Compliance management software
Compliance management software helps automate compliance activities and increase the efficiency and transparency in compliance processes. In essence, compliance software enables companies to track, monitor, and audit business processes to ensure that they are aligned with federal laws, company policies, and customer and business partner standards. An effective compliance program includes policy development, aggregation and normalization, control monitoring, workflow management, and case management.
When companies need Compliance management software
Companies use compliance management software tools to ensure that employees are compliant with whatever corporate standards, rules, and regulations are required. This software can be applied to companies in nearly any industry. Depending on local regulations, different industries are more likely to be involved than others, but standards like GDPR and ISO are common for everyone in Europe.
Compliance software can include functionality like business process management, risk scoring, reporting, customer engagement and much more.
It also means that Compliance management software can be used by companies of any size.
Key features to look for in Compliance software in 2022
The regulation is changing every year. New corporate standards are applied in order to increase customer satisfaction and engagement.
Compliance management software features can be divided into several groups
- Basic features: audit management, compliance tracking, process workflow automation, risk management
- Advanced features: version control, framework support (pre-built processes, knowledge base)
- Features for scalability: ability to engage the customer into the workflow within the software, generating documents from templates, e-signature integration, integration with core systems (ERP, CRM and etc)
2022 brings more issues to the new normal. Forbes advises that “ to remain competitive in this rapidly changing landscape, organizations must quickly adapt their strategies and embrace the changes that are most likely to impact the customer experience significantly.”
Compliance issues interfere with the customer journey. Picking up the wrong compliance strategy or focusing on your internal compliance processes you may withdraw your customer from using your services.
In 2022 we are experiencing a significant shift from compliance team-centric-solution to creating a comfortable environment for customers.
The core values of a compliance management solution is no longer only about efficiency and transparency, it's more and more about being seamless to the customer.
When selecting compliance management software, analyze your requirements to make sure that they are customer-centric.
The customer-centric compliance management software should include the following features:
- engaging your customer in the workflow
- user-friendly customer interface for compliance issues
- getting all information related to compliance requests in a single interface
- collaboration tools
- automation of routine tasks, like filling out document templates
- e-signature integration
Paying attention to these features in 2022 will help you to focus on the right strategy and follow market trends and customer expectations.
What makes low-code an effective solution for compliance management
Low-code is a software development approach that allows delivering enterprise-grade apps without or with minimum coding. The greatest benefits of this approach are development speed, scalability and ability to apply changes without help from the IT team.
Gartner predicts that half of all new low-code clients will come from business buyers that are outside the IT organization by year-end 2025. It’s about compliance management software too.
The Low-code approach allows automating compliance management processes and get first results in average of three-six months.
There are some clear advantages of using low-code for compliance management solutions like
5 tips to choose an excellent low-code platform for compliance management
Involve employees from different departments
Compliance management process is always related to several departments or customers. If you want to choose the best compliance system you should get the requirements from all sides. Some of them might be contradictory like extensive document requests for the compliance officer and seamless processes for sales and customers. The low-code platform features should help you to bring balance into them.
Ask to create free Proof of Concept
"Try before you buy" not only works for clothes and other merchandise, but is also true for digital products.
Ask the low-code vendor to create a Proof of Concept for your compliance processes, and show it to all involved departments. Once you understand that requirements are fully met or heard, you are on the right path.
Invest time into low-code training
All low-code platforms offer training. Some of them are free, others are not. The terms of learning also vary a lot. You don’t need to complete the training before the purchase of the compliance management system, but it helps you to understand how you can deal with the platform in future and if it might be helpful for automation of other processes.
Let the business users make the changes
As the regulations and standards change every year, it’s very budget-consuming to update the compliance software with the help of developers. The low-code platform should provide you with no-code tools for your business users.
Consider the automation of other processes
The great benefit of Low-code platforms is flexibility. You are able to create very custom workspaces for any purpose. Be sure that along with compliance issues the platform will help you to automate other departments and processes.