The advent of digital transformation brings new compliances that your business must observe. Businesses from all industries must strive to meet these requirements or else they will face serious consequences and punishing fines. But with thousands of regulations being introduced, managing compliances can be tough. According to Statista, 59% of businesses struggled to meet compliances like HIPAA, GDPR, and PCI DSS in the past year. Invest in IT compliance management software to ensure that your business can keep track of these compliances.
Compliance management software solutions are programs that can automate different processes in compliance requirements. This includes data collection, tracking changes, communication and knowledge sharing, and decision-making. It ensures that your business meets all the legal, environmental, financial, and social standards to maintain its accountability, integrity, and overall reputation.
Each software has unique features to offer to your business. Nonetheless, there are some essential features to look for in your IT compliance management tools. So read on to find out.
Manual status tracking can be time-consuming and tedious. Your compliance team spends multiple hours going through your IT audit checklist one by one to make sure that everything is in order. As a result, this makes them less productive and inefficient. Worse, manual tracking can lead to more human errors in the long run.
Hence, one of the most essential features in your IT compliance management software is a real-time status tracking tool. The software automatically tracks all the necessary compliances that your business must adhere to. This frees up your compliance team’s workload, giving them more time to focus on other responsibilities. Likewise, it can save you time, money, and effort during IT audits.
Dashboards and reports
Another top feature for your IT compliance management software is dashboards and reporting. Real-time tracking is not enough. You need a software that can also analyze and summarize raw data into digestible reports to fully maximize the information you get from it.
Having a dashboard in your software allows you to view reports about how compliant your business is with various regulatory standards. The software automatically transforms data from its real-time tracking tool into optimized reports so that you can gain valuable insights in just a glance. By simply logging into the software, the dashboard can give you a complete overview of your company’s compliances. You can then use this information to create a robust cybersecurity strategy and policies for your business.
Centralized data repository
IT compliance teams tend to review data from multiple and disparate sources. As a result, this makes it harder for them to track down little but important details about your compliances. Streamline your compliance management process by putting all your data in one place.
Fortunately, your IT compliance management software can provide a centralized data repository for your compliance team. It stores anything and everything related to compliance, including:
- Evidence and files
- Engagement status
- Project management
This feature makes it easier to handle and track documents for your compliances. Moreover, it allows you to easily back up all your compliance files in just a few clicks. You can also integrate your IT compliance management software with backup software. This lets you access the different features of backup software directly via your compliance management software.
While IT compliance management software checks if your IT infrastructure is safe and secure, you must also make sure that the software itself is reliable. Compliance software vendors have different approaches to how they handle data security. So it’s important that you explore what measures and protocols they offer to your business.
Choose a software that has capabilities for securing data integrity, processing backup data, and cross-network data and system integration.
Businesses deal with different regulatory compliances depending on where they are, what type of business they are running, and what industry they are in. Some IT compliance management platforms cater only to specific industries like healthcare and financial services. Make sure to choose a software that suits your business needs.
You can also invest in a software that allows you to customize the platform to align with your business. This lets you choose what regulations to monitor, what types of reports to generate, and the overall flow of your dashboards.
Customization also comes in the form of integrations. This ensures that all your business apps and programs can seamlessly connect with one another. For instance, you can integrate your IT compliance management software with your asset management software to tighten your assets’ security. And COMPLYment has an in-built asset management feature.
Choosing the right Software
Finding the best compliance management software for your business can be overwhelming especially if you don’t know what to look for in the first place. So keep these top features in mind as you explore your options in the market.