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Compliance procedures are quite time-consuming, and without automation, hours and hours of manual work can build up quickly. For teams operating in today’s highly sophisticated and evolving compliance landscape it is vital that they are equipped with the right tools. Compliance automation tools can reduce manual work, ensure data protection and adherence to applicable regulations. They help collect, control, and analyze data throughout the business lifecycle, alerting users to potential compliance violations and tracking procedures on a single platform.
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What is a Compliance Automation Tool?
A compliance automation tool is a comprehensive software application that helps organizations streamline their compliance processes. Typically, these compliance automation tools will includes tasks such as self-assessment, planning and monitoring controls, testing, and reporting. Compliance automation tools can reduce non-compliance risk, improve efficiency, and provide better visibility into compliance.
How Do Compliance Software Tools Work?
- Gathering Data: The tool gathers data from various sources such as regulations, policies, procedures, and systems.
- Analyzing Data: It analyzes the data to identify compliance risks and gaps.
- Generating Reports: The tool generates reports highlighting compliance risks and gaps.
- Providing Recommendations: It offers recommendations for addressing compliance risks and gaps.
- Automating Tasks: The tool automates tasks like self-assessment, planning and monitoring controls, testing, and reporting.
Benefits of Compliance Automation Tools
- Reduced Compliance Risks: Minimizes the chances of non-compliance and associated fines.
- Time Efficiency: Significantly less time-consuming than manual processes.
- Consolidated Information: Tracks multiple applications and consolidates compliance information into a single platform.
How Much Does Compliance Management Software Cost?
The cost varies depending on features, functionality, organization size, and number of users, ranging from a few hundred to several thousand dollars annually.
Top 15 Compliance Automation Tools in 2024
1. PlanetVerify
The PlanetVerify platform brings together powerful features around automation, document collection, verification, and personal data management to help companies meet evolving compliance requirements in both a scalable and efficient way. In addition, our API-driven approach means we offer companies the flexibility needed to develop tailored AML and onboarding solutions powered by the PlanetVerify platform.
2. Secureframe
Secureframe helps businesses achieve SOC 2, ISO 27001, and HIPAA compliance quickly with automation capabilities for continuous monitoring and risk management.
3. Vanta
Vanta automates security monitoring and compliance, supporting frameworks like SOC 2, ISO 27001, and HIPAA with automated evidence collection and continuous monitoring.
4. Drata
Drata automates compliance processes from monitoring security controls to managing workflows for SOC 2, ISO 27001, and GDPR.
5. LogicGate
LogicGate’s Risk Cloud offers automated compliance management solutions including risk assessment, policy management, and incident tracking.
6. Compliance.ai
Compliance.ai provides real-time regulatory updates and automated compliance workflows to help financial institutions stay ahead of regulatory changes.
7. Hyperproof
Hyperproof offers compliance operations platform features such as evidence collection automation, compliance monitoring, and streamlined audit management.
8. OneTrust
OneTrust manages privacy, security, and compliance tasks, tracking regulatory changes and ensuring continuous compliance across multiple frameworks.
9. A-LIGN
A-LIGN automates audit and certification processes with automated evidence collection, continuous monitoring, and detailed compliance reporting.
10. AuditBoard
AuditBoard simplifies audit, risk, and compliance management with integrated platforms offering automated workflows, real-time monitoring, and comprehensive reporting.
11. Reciprocity ZenGRC
ZenGRC by Reciprocity automates workflows, evidence collection, and reporting, supporting multiple compliance frameworks efficiently.
12. RiskWatch
RiskWatch offers automated compliance solutions including risk assessment, policy management, and continuous monitoring for regulatory requirements.
13. LogicManager
LogicManager provides integrated risk management and compliance solutions, offering automation for risk assessments, policy management, and compliance monitoring.
14. MetricStream
MetricStream offers a comprehensive suite of GRC (Governance, Risk, and Compliance) solutions, including automated compliance management, risk assessment, and audit management.
15. Qualys
Qualys provides automated IT security and compliance solutions, including continuous monitoring, vulnerability management, and policy compliance, helping organizations maintain a secure and compliant environment.
Conclusion
Compliance automation tools are essential for efficiently managing and maintaining regulatory compliance. These tools automate tedious compliance tasks, ensure continuous monitoring, and help organizations stay ahead of regulatory changes. Investing in the right compliance automation tool can significantly enhance your organization’s ability to manage compliance effectively and securely.
By leveraging these tools, businesses can protect sensitive information, reduce the risk of non-compliance, and focus on their core activities with greater peace of mind.
To learn more about PlanetVerify’s bespoke KYC and AML compliance solutions, please reach out today!
