Business needs to be governed by certain factors to protect its integrity.
These factors could be legal, organizational policies, consumer interests, security requirements, etc.
Manually taking care of all of such factors is a time-consuming and tedious process.
That is why compliance software is needed to pace up such tasks.
Compliance software is a tool that assists an organization in the compliance strategy as well as its implementation in an organization.
It is further used to track, monitor as well as audit business processes to make sure that they are being properly implemented as well as aligned with applicable industry.
Let us discuss some of the questions related to compliance Software
Some of the key features that a user should look for while selecting a compliance software are as under:
• Policy Management
Since its main job is going to be a guardian of active policies, it should be able to store such information at a centralized location, from where staff personals are updated timely about the latest policies as well as procedures.
• Easy Interface
An efficient compliance software should have a user-friendly interface.
Good compliance software should be easy to use.
It should be able to enhance the user experience for users.
• Scam Management
An efficient compliance software would be able to record any of the suspicious activities like payment fraud, anomalies in the financial accounts and make sure that such acts are resolved and reported.
• Event Management
Through a well-designed algorithm that is used mainly for notification purposes, compliance software should easily streamline as well as simplify the process of escalating issues.
• Data Security
Compliance software should be able to uphold the integrity of data at all levels. It should be able to protect the data through encryption, advanced security systems, etc.
Also Read: Top 7 Open Source Cloud Management Tools
Some of the key advantages of compliance software are as under:
• One-Stop Compliance Management
A compliance software acts as a one-stop solution for every compliance requirement under one integrated framework.
With this, it becomes easy for users to track all compliance-related details as well as tasks associated with it.
• Automation
Compliance software automates all of the compliance-related tasks like compliance reports, managing compliance issues, alerts etc.
• Reduced Costs
An efficient compliance tool will reduce your overall cost as most of the workflows will be automated without investing more in human resources for the same.
Moreover, it will also minimize the errors thereby enhancing the goodwill of the business.
• Customer Satisfaction
An efficient compliance management tool not only reduces the burden of taking care of compliance issues but also develops a strong customer base for you.
Having a compliance tool present in the business model shows the commitment and professionalism of a business owner toward his work.
With a compliance tool, your system improves and processes in accordance with set rules that benefit your customers.
• Easy Audit
With compliance tools, it is easy to audit the policies and if there are any policies that need to be amended, can be done easily.
Some of the best open-source compliance software’s are discussed below:
ADAudit Plus assists users by providing an end-to-end solution for window platforms.
It assists in file integrity management, crucial data identification, compliance management, etc.
It also provides reports to users from the 150+ pre-configured audit reports and keeps them updated with alerts too.
Key Features:
- Receive reports based on the domain of your choice.
- Receive alerts on any changed event.
- Easily track your file with reading/write/access/modifications with any authorized or unauthorized changes.
Opcenter Quality was formerly known as a QMS professional.
It assists users in upholding compliance standards, minimizing errors, and maintaining quality.
Key Features:
- Supports closed-loop quality product life cycle.
- Assists users in improving international quality standards.
- Receive ISO standard management.
Internal audit management software by Gensuite assists users in streamlining inspection processes, increasing compliances etc.
Key Features:
- Tracks and integrate regulatory documents.
- Manage audit checklist from multiple locations.
- Develop customized checklists.
Black Duck audit assists users by providing security and mitigating any legal exposures by auditing unknown open-source software and third-party codes.
It provides users with a complete assessment of any open source license or application code risks so that a user is able to make an informed decision.
Key Features:
- Assists users with open-source and third-party audits.
- Performs open-source risk assessments.
- Perform audit of web services and API’S.
Compliance management tool SanerNow by Secpod assist users in real-time compliance.
It assists users in detecting faulty system configurations with faster compliance scans.
Moreover, it follows regulations like HIPAA, NIST 800-53, NIST 800-171, ISO, and PCI that assist users in achieving better cybersecurity.
Key Features:
- Assists users with faster compliance scans.
- Generate compliance reports useful for audit reports.
- Easily customize compliance policy based on system configuration.
Eramba is an open-source Governance, Risk, and Compliance (GRC) solution.
Key Features:
- Keep track of every document and policy related to it.
- Easily record and manage any incident responses.
- Automatically review your accounts on regular basis.
Qualityze EQM solution assists users in ensuring product safety, better product quality, and achieve regulatory compliances regardless of any industry.
Qualityze is built on the Salesforce platform.
Key Features:
- Being a cloud drive software it ensures flexibility as well as scalability to meet any growing demand of any industry.
- Can be used easily because of its easy user interface.
- Audit trail capability in qualityze assists users by improving traceability so that a user is able to have control over the process as well as cost.
Netwrix is an open-source software audit tool.
It assists users in enhancing the audits related to compliances, networks, internal as well as external audits.
Key Features:
- Automatically categorize your sensitive data.
- Receive alerts on any data breach or system failures.
- Easily locate any information by just searching in it with few clicks.
iauditor by safety culture is an inspection application that assists users by providing visibility as well as the insight to uplift safety and maintains standards.
Key Features:
- Create customized forms for easy checkouts.
- Quicker inspection by adding and hiding field depending on the answers provided by team members.
- Quick report generation after nay inspection.
Fossology is an open-source license compliance tool.
It acts as a framework and web server application for examining software packages within a multi-user environment.
Key Features
- Assists users in license identification by using license keywords and the hierarchical structure of regular expressions to identify a specific lessee.
- Assists users in searching for copyrights based on text fragments. The results are then displayed on tables for the user’s review
- Handle different teams working on different servers.
Conclusion
To perform better businesses are protected by certain regulations that need to be in accordance with the latest industry updates. Above mentioned open-source tools will assist users in upholding their compliance security on a regular basis.
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