Checklist for Choosing a GRC Compliance Software Provider

Good compliance management reduces organizational risk, defines employee expectations, and safeguards reputation. Compliance isn’t about avoiding penalties; it’s about ensuring business continuity and upholding ethical standards.

The ICO’s call to public authorities to stop using spreadsheets in FOI responses has led to many organizations recognizing that they need to invest in software but are unsure of what they need. The choice is made more difficult as it can fall between the IT department and the data protection department, sometimes without understanding what the other needs. To help make choosing a GRC software provider easier we’ve compiled a checklist of what you need to keep in mind when evaluating compliance software options.

Types of Compliance Management Tools

Not all compliance management software is created. Understanding the diverse types of tools can help you make an informed choice:

All-Purpose Compliance Management Platforms

Typically, out-of-the-box software is suitable for a wide range of industries but may offer limited customization.

Industry-Specific Compliance Management Tools

Tailored to specific sectors, these tools align with regulations offering specialized compliance frameworks. May or may not be customizable.

GRC (Governance, Risk, and Compliance) Software

GRC software refers to an integrated suite of software capabilities for managing a Governance, Risk and Compliance process. It combines general compliance features with risk management, governance, and seamless integration with other tools to streamline compliance workflows.

Do You Need Compliance Management Software?

Government organizations, large corporations, and financial institutions are commonly associated with compliance management. Businesses of all sizes and industries can benefit from such tools. GRC Compliance Software enables organizations to manage compliance and supply an audit trail when necessary.

In our experience, two of the biggest determining factors are return on investment and peace of mind.  Automated workflow reduces the amount of time required from employees.  It also ensures that the correct process is followed correctly every time.  The availability of an audit trail offers peace of mind.

What is Compliance Management Software?

Compliance management software such as ComplyKEY is a crucial tool for organizations looking to comply with regulatory requirements, and external and internal requests, including DSAR, FOI, HIPPA, and more.  It automates compliance-related tasks, manages risk, and ensures that policies and procedures align with applicable laws. Standard compliance management software typically includes features such as risk management, policy and procedure management, audit trails, and reporting.

Key Features to Look for:

When choosing GRC compliance management software, keep an eye out for the following features:

Supported Platforms

Do you need software that can combine data from, both on-premises and in the cloud? Or just one?

Data Classification

The software should have the ability to organize and classify data according to requirements such as GDPR, CCPA, POPI and VCDPA.

Detailed and Customized Reporting

The ability to generate the reports you need quickly and easily. Check if the reports are standard templates or if it can create customized reports.

Alerting

Does it send alerts when responses are delayed? Does it create an automated workflow for different request types?

Redaction

Does it have the facility to redact information within the platform or do you have to do redaction manually or use an external program such as Adobe Redaction?

User settings

Can you set different user levels such as Manager and Delegate?

User Interface

Choose software with a user-friendly interface to simplify integration and employee training.

Workflow Visibility

Can users easily track the status of requests with configurable workflows and notifications?

Branding

Does the software allow you to customize the portal with your branding?

Benefits of GRC Compliance Management Software

Using a suitable GRC compliance management software tool can bring many efficiencies to your organization, including:

Reducing Human Error

Automation minimizes the risk of human errors and simplifies task management and documentation.

Increased Human/Time Resources

Automating compliance tasks and workflow frees up employees to work on other tasks.

Streamlining Workflow

Templates and frameworks to streamline the workflow management process.

Simplified Monitoring and Reporting

Software can provide real-time dashboards, alerting you to compliance issues and red flags and bottlenecks, helping informed decision-making.

Audit Trail and/or RoPA

A good system will include an audit trail. According to Article 30 of the UK GDPR RoPA (Record of Processing Activities) is required in certain situations.  Click here to read Article 30

How to Pick the GRC Compliance Software for Your Needs

Security and Compliance

Data Security: Ensure the software supplies robust data encryption at rest, regular backups, disaster recovery, and rigorous security testing.

Compliance: Check for certifications like ISO and compatibility with industry and area standards e.g., HIPAA and GDPR).

Pricing and Licensing

Transparency: Does the vendor offer transparent pricing with no hidden fees?  It can be difficult to compare prices from different vendors don’t be afraid to ask the vendor to explain what terms mean.

Value: Consider pricing structures, volume discounts, ongoing support from an Account Manager, and Technical Support.

Deployment

Deployment Options: Does the software offer flexible deployment choices like cloud and on-premise to align with your scalability needs?

Onboarding: Is onboarding provided? If so, is it included in the cost or does it incur an added charge? How long is the onboarding process? Is a consultation supplied or are you buying an out of box solution?

Vendor Track Record

Ensure that the software vendor has a track record of stability and continued investment in product improvements. Take some time to read testimonials and case studies

Resources and Support

Documentation: Does the software come with/need comprehensive documentation, how-to articles, and best practice guides?

Training: Is training provided?

Consultation: Does the vendor offer a consultancy to understand your requirements and ensure the software they offer is a good fit?

Support: What support is offered by the vendor? Is it included in the price? Will support be available for updates, regulatory changes, and unforeseen requirements?

Automation: Prioritize tools with automation capabilities to reduce errors and enhance monitoring.

Management Capabilities: Ensure the software can effectively manage tasks, risk, and compliance activities.

Regulatory Needs: Select a tool that can address the specific regulations and industry standards relevant to your organization.

Choosing the right GRC compliance software provider is an important decision for your organization. With the right software, you can ensure legal compliance, minimize risks, and keep your reputation. We hope that by using this checklist, you’ll be better equipped to select the software that aligns with your unique needs and industry-specific regulations.

Below are links to ComplyKEY GRC Software Platforms

ComplyKEY Control – Navigate compliance effortlessly

ComplyKEY Content – Seamless data retention and compliance