What to look for from your compliance management software in 2024

In 2024, the importance of cybersecurity, risk management, and compliance has never been more critical. As new regulations (e.g., EU AI Act) emerge and compliance regulations (PCI DSS, GDPR, etc.) evolve, staying on top of changes can be a daunting task for organizations. 

Moreover, like many other departments, IT and compliance teams face increasing internal pressure to operate more efficiently while mitigating the growing risks associated with non-compliance. This leads more mature compliance teams to seek advanced tools and solutions (which may be AI-powered) to optimize compliance workflows and ensure adherence to ever-changing regulations.

Key takeaways

• Compliance management software enhances risk management, streamlines compliance-related tasks, and improves data security through automation, real-time monitoring, and customizable workflows.
• Beyond the software functionality, organizations should seek access to, and availability of proven subject matter experts from their compliance software provider.
• Future trends in compliance management software include increasing use of AI for predictive analytics, stricter regulations for SaaS applications, and a focus on sustainability and environmental compliance.

Ten key features of compliance management software

When evaluating a compliance management tool, it’s essential to focus on features your organization really needs. These features should enhance your organization’s ability to manage risk, streamline processes, and maintain robust data security. Below are some of the key features to look for in an effective compliance management tool:

1. Real-time monitoring

For real-time detection of compliance issues and timely intervention, continuous monitoring is indispensable. This feature can help identify potential cybersecurity breaches and service disruptions in a timely manner, allowing your team to respond quickly to minimize risks and fortify your security.

A compliance management system can provide continuous monitoring and real-time insights, enabling organizations to detect and address compliance issues promptly. This proactive approach helps businesses stay ahead of potential risks.

Real-time alerts can help address issues instantly, rather than waiting for periodic audits. This means that your organization can quickly identify and address potential problems before they escalate by using real-time monitoring and reporting on compliance issues. Such software thereby allows for timely intervention and prevents the issues from becoming more serious.

Thoropass offers a comprehensive solution that keeps organizations informed of potential compliance risks. Organizations can seamlessly manage compliance tasks and receive instant alerts on any potential issues. Experts guide you throughout your journey so you’re always aware of next steps and how to adapt to regulatory changes. This proactive approach allows organizations to address compliance risks promptly, ensuring they remain compliant with evolving regulations and maintain robust data security.

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2. Automated compliance review

Modern compliance software includes automated compliance review features. These help automate various compliance tasks, monitor regulatory changes, and stay up-to-date with industry best practices. Automation reduces the risk of non-compliance and minimizes the manual effort required to keep up with regulatory changes.

Thoropass offers robust automated compliance review capabilities that streamline the entire compliance process. By leveraging advanced algorithms and AI, our solution continuously ensures your organization remains up to speed with regulatory updates, integrating these changes into your compliance framework. This ensures that your organization is always aligned with the latest industry standards and legal requirements. 

Additionally, Thoropass’s in-house experts generate compliance reports with some help from automation, providing critical insights and actionable data to help you quickly address any areas of concern. The platform’s intuitive dashboard allows for easy tracking and management of compliance obligations, further reducing the administrative burden on your team and allowing them to focus on more strategic initiatives. 

3. Audit management

Compliance management software helps with the efficient handling of audits, inspections, and adherence to reporting requirements by simplifying audit management. Its end-to-end workflow management functionalities promote responsibility at every stage of the audit process, spanning from initial preparation to subsequent follow-ups.

Ensuring a smooth certification journey requires robust audit trail functions that facilitate evidence gathering. By consolidating documentation and optimizing workflows, such software bolsters effectiveness and compliance with regulations. Solutions like Thoropass take this a step further by offering advanced document management capabilities that centralize all compliance-related files and records. This simplifies the evidence-gathering process and ensures that all documentation is easily accessible and securely stored.

Look for a comprehensive audit management solution that integrates seamlessly into your existing compliance framework. With Thoropass, for example, organizations can automate the entire audit process, from scheduling and preparation to execution and follow-up. The platform’s intuitive interface allows users to easily manage audit tasks, assign responsibilities, and track progress in real time, ensuring that every audit step is meticulously documented and executed.

Additionally, look for real-time analytics and reporting tools that offer valuable insights into audit performance and compliance status. Thoropass’s automated notifications and alerts keep stakeholders informed of audit timelines and any emerging compliance concerns, ensuring that audits are completed on time and in accordance with regulatory requirements. This comprehensive approach not only simplifies the complexities of audit management but also fosters a culture of continuous improvement and compliance excellence within your organization.

4. Issue remediation and corrective action

Key components of compliance management include the resolution of issues (like compliance violations) and the implementation of corrective measures. Compliance management software streamlines processes by: 

• Automatically monitoring updates to regulations
• Facilitating the assignment of tasks
• Setting timelines
• Overseeing completion. 

This automation diminishes the likelihood of human mistakes while accelerating the process of resolving compliance-related matters.

Such software assists in:

• Detecting and rectifying instances where there are breaches in compliance
• Promptly gathering, recording, and refreshing records related to consumer grievances
• Swiftly enacting remedial steps
• Upholding the robustness of a company’s overall compliance program

Thoropass excels in issue remediation and corrective action by providing a comprehensive suite of tools designed to address compliance breaches swiftly and effectively. With Thoropass, organizations can automate the detection of compliance issues through continuous monitoring and real-time alerts, ensuring that any potential breaches are identified and addressed promptly. 

The platform’s intuitive task management features allow for the seamless assignment of remediation tasks to the appropriate team members, complete with set deadlines and progress tracking to ensure timely resolution. The platform’s automated workflows streamline the entire corrective action process, from initial detection to final resolution, reducing the risk of human error and enhancing overall efficiency.

5. Advanced technology *and* proven subject matter experts

Any software is only as good as the expertise behind it. Therefore, a key decision criterion for any compliance software should be the access to and availability of proven subject matter experts from your software provider. These experts can provide valuable insights and guidance tailored to your industry’s specific regulatory landscape. Having access to seasoned professionals to partner with your in-house experts ensures that your organization can navigate complex compliance requirements with confidence and accuracy.

Subject matter experts contribute to:

• Offering specialized advice on regulatory changes and compliance strategies
• Conducting thorough reviews of compliance policies and procedures
• Providing training and support to ensure that all team members are well-versed in compliance standards
• Assisting in the development and implementation of customized compliance plans

Thoropass marries advanced technology with best-in-class compliance experts to provide a holistic compliance management solution. Our experts work closely with your organization to interpret complex regulations, offering actionable insights and strategic advice. 

This combination ensures that your compliance efforts are not only automated and efficient, but also deeply informed by industry-specific knowledge and best practices. Thoropass’s advanced technology allows for monitoring and predictive analytics, while experts ensure your compliance strategies are robust and up-to-date with the latest regulatory changes.

6. Advanced AI you can trust

Advanced AI capabilities are revolutionizing compliance management by providing robust, secure, and intelligent solutions. AI-driven compliance management software can analyze vast amounts of data, predict potential compliance issues, and automate routine tasks, all while ensuring the highest levels of data security.

Key benefits of advanced AI in compliance management include:

• Predictive analytics to identify and mitigate risks before they become issues
• Automated data collection and analysis to streamline compliance processes
• Real-time monitoring and alerts to keep organizations informed of compliance status
• Enhanced data security measures to protect sensitive information from breaches
• Continuous learning algorithms that adapt to new regulations and industry trends, ensuring that the software remains up-to-date and effective

Thoropass is constantly exploring how to leverage advanced AI capabilities to provide a comprehensive compliance management solution. The platform’s AI-infused features include GenAI Due Diligence Questionnaires. Thoropass also offers reliable ways to protect your organization against emerging risks and attack vectors posed by AI. For example, Thoropass offers AI pentests and will soon offer support for frameworks like ISO 42001.  

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In addition to predictive analytics, Thoropass automates data collection and analysis, significantly reducing the manual effort required to maintain compliance.

7. Robust reporting

Essential elements of a strong compliance management software tool include capabilities for audit management and reporting. The ability to perform real-time analytics, generate reports, and maintain an audit trail is vital for effective compliance monitoring.

With Thoropass, organizations can seamlessly track and document every aspect of their compliance activities, ensuring that all necessary data and compliance documents are captured and easily accessible for audits. The platform’s analytics feature allows compliance teams to generate detailed reports instantly, providing valuable insights into compliance status and potential areas of concern. 

Our software further enhances this process by offering an intuitive, user-friendly interface that simplifies data extraction and report generation. Users can effortlessly create and customize reports using pre-built templates. The platform’s flexibility ensures that organizations can produce a wide range of report types without relying on external support, thereby saving time and resources.

8. Customizable workflows

Customizable workflows allow your organization to tailor its compliance processes to your own specific needs. This flexibility makes it easy to adapt rules, reviews, and alerts without incurring high costs. By tailoring workflows, compliance management tools can fit seamlessly into various organizational structures and needs.

Thoropass excels in providing highly customizable workflows that empower organizations to design and implement compliance processes that align perfectly with their unique requirements. Your organization can modify existing workflows or create new ones from scratch, ensuring that every compliance task, rule, and alert is configured to meet their specific operational and regulatory needs. The platform offers intuitive drag-and-drop functionality, making it simple for users to adjust workflows without requiring extensive technical expertise.

Organizations can also set up automated triggers for compliance tasks, ensuring that critical activities are initiated at the right time and that relevant stakeholders are promptly notified. This level of customization enhances efficiency and ensures that compliance processes are consistently followed, reducing the risk of non-compliance. 

9. A user-friendly compliance management system

Your organization’s IT and compliance teams will constantly use your compliance management software, so a user-friendly interface is key to ensuring the swift and efficient completion of mandatory tasks. A friendly user experience will also mean they can get up and running faster, facilitating easy adoption of the software by employees. This feature is crucial for ensuring that all team members can efficiently use the software, thereby enhancing overall compliance management.

Thoropass exemplifies this user-friendliness through its intuitive design and easy-to-navigate dashboard. The interface is structured to minimize the learning curve for new users, allowing them to quickly become proficient in managing compliance tasks. With clear visual cues and straightforward access to key features, our compliance management software ensures that compliance management is effective and accessible to all team members, regardless of their technical expertise. 

10. Integrations with existing systems

When integrated with current systems, compliance management software elevates functionality and guarantees smooth data exchange and synchronization. Tools such as ERP, CRM, and HR systems can be seamlessly integrated to enhance the compliance management system’s compatibility with a business’s existing infrastructure.

The ability for real-time data exchange and synchronization among systems promotes effortless report creation while improving the precision of data. A custom-fitted CMS should conform to an organization’s distinctive framework and aims for compliance, embedding these requirements within business processes so that employees are cognizant of their duties regarding adherence to regulations.

Thoropass excels at integrating with existing systems, ensuring a seamless and efficient compliance management experience. The platform supports integration with a wide range of enterprise systems, such as ERP, CRM, and HR tools, enabling organizations to unify their compliance efforts with their broader business operations.

By integrating Thoropass with your existing infrastructure, you can automate the flow of compliance-related information across different departments, reducing manual data entry and minimizing errors. This integration enhances the precision of compliance reporting and streamlines the creation of comprehensive reports. Additionally, Thoropass’s flexible integration options mean that it can be tailored to fit the unique compliance framework of your organization, embedding compliance requirements within everyday business processes.

With Thoropass, employees are continually aware of their compliance responsibilities, as the system can automatically trigger compliance tasks and reminders based on real-time data from integrated systems. This ensures that compliance activities are consistently aligned with the latest regulatory requirements and organizational policies. 

Making the case: The benefits of using compliance management software

Organizations that adopt compliance management software stand to gain significantly from increased efficiency and effectiveness in their compliance program. The benefits of such an implementation are multiple, encompassing better risk management, the simplification of processes, and heightened data security. Those benefits include:

Enhanced risk management

The utilization of compliance management software significantly elevates the effectiveness of risk management strategies. Through consistent risk assessment execution, organizations are able to pinpoint vulnerabilities and possible areas for non-compliance. In turn, this allows for the informed creation and refinement of procedures and policies. By proactively managing these elements, organizations can better prioritize their compliance initiatives and minimize chances for non-compliance.

Automation plays a pivotal role in bolstering risk management as well. Features like alerts and notifications ensure that relevant parties remain aware of compliance statuses, impending deadlines, or emerging issues requiring attention. IT compliance management software empowers security teams by streamlining incident response processes—diminishing overall IT risks—and optimizing returns on existing security investments.

Streamlined processes

Compliance management software offers the notable benefit of simplifying compliance processes. By having a centralized system, your organization can more effectively monitor and manage its compliance activities with greater uniformity, thereby upholding stringent standards for privacy and security through refined procedures that govern how data is gathered, stored, and handled.

The efficiency of streamlined compliance management processes also relies heavily on adaptable workflows. These assist in several crucial areas including:

• Allocating tasks and overseeing their completion
• Prioritizing various assignments
• Designating responsibilities to appropriate parties
• Setting deadlines for task accomplishment
• Tracking progression towards goals

Automating routine tasks related to compliance minimizes human involvement along with potential errors. This enables companies to refine their focus on core business functions by making the entire process of maintaining compliance more efficient.

Improved data security

Safeguarding data is critical. Compliance management software assists in establishing strong privacy protections for data and ensures compliance with standards such as GDPR, SOC 1 and SOC 2, etc. By focusing on securing endpoints and cloud systems, organizations can enhance their cyber defense mechanisms and protect confidential data against intrusions and unapproved access.

Final considerations to make an informed decision

When selecting appropriate compliance management software for your organization, you must also consider elements like cost, customer service quality, and user-friendliness. Special attention should be given to industry focus, such as compliance software for organizations working within HealthTech, SaaS, or FinTech.

As we’ve seen, compliance management software tools offer a range of features and benefits that help organizations navigate the complexities of regulatory compliance. From real-time monitoring and automated compliance reviews to enhanced risk management and streamlined processes, these tools are indispensable in today’s regulatory landscape.

By understanding the key features, benefits, and future trends of compliance management software, organizations can make informed decisions to improve their compliance programs and stay ahead of regulatory changes. Embrace these technologies to ensure your organization remains compliant and thrives in 2024 and beyond.

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