Despite a general shift towards regulatory convergence and industrial standardisation, a recent flurry of sweeping legislative acts and updates has created a series of new hurdles for organisations operating in a range of key jurisdictions. From GDPR and MiFID II to Volcker 2.0 and FRTB, regulatory compliance has never been trickier or more crucial. Compliance is no longer a simple box-ticking exercise – it has the power to make or break any organisation.
That’s why companies are investing more time and resource than ever before in order to mitigate the risks associated with noncompliance. According to the Thomson Reuters Cost of Compliance 2017 Report, over half of all firms surveyed said they would definitely be increasing their total compliance budget over the course of 2018 – with one in four organisations reporting they planned to outsource some or all of their compliance functionality.
As a result of that increasing demand for innovative compliance systems and widely accessible and professional compliance services providers, firms across all industries are now spoilt for choice when it comes to finding the means to implement adequate solutions. Offerings are diverse in nature, ranging from SaaS and cloud-based systems to unique eLearning and consulting services.
In order to help you sift through this increasingly bustling marketplace, we’ve compiled a list of 10 superior compliance services providers you may want to consider.
Founded in 2011, CPDone is a relatively new compliance services provider based out of Singapore. Yet the organisation’s flagship compliance management platform is an exceptionally powerful tool designed to provide enterprises with an all-in-one, cloud-based management products.
CPDone’s intuitive and mobile-friendly dashboard enables managers to explore historical data, forecast upcoming compliance issues and actively track and monitor predefined, recurring business goals – such as annual certificate renewals or any relevant Continuous Professional Development (CPD) requirements for team members. CPDone also offers a single-point system from which to record, measure and broadcast business critical deadlines to wider teams.
In fact, CPDone’s primary unique selling point (USP) as a compliance services provider is its dynamic and fairly advanced e-learning services capability. In order to establish and nurture a culture of compliance, CPDone works alongside companies to create fully customisable and engaging online courses outlining the critical compliance information relevant to each team.
Servicing over a million licensed users in 200 countries and some major multinationals, integrum is one of the globe’s most formidable all-in-one providers of integrated management solutions. Yet its cloud-based compliance management offering is a totally accessible and affordable option for SMEs and provides incredible value in terms of its capabilities.
The integrum QHSE Risk & Compliance Software system is a cloud-based product that offers all the key functionality expected from a leading compliance services provider. It includes dynamic incident and investigation management tools, controlled document management, action management and reporting and analysis tools to track and forecast future compliance burdens.
That being said, the reason integrum’s solution stands apart from the competition is its all-in-one structure. Rather than manage each function as a separate module, clients are able to control all aspects of their compliance management strategy as part of one configurable application. integrum’s software is simple to integrate with any other existing systems and can be managed via iOS or Android apps.
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MetricStream offers a dizzying selection of industry-specific solutions and molecular risk management and compliance apps. It stands out for its diverse offerings and also for its exceptional client support. In the Q1 2018 Forrester Wave report, MetricSteam’s customer-centric attitude earned the organisation acclaim as a current market leader. It’s not hard to see why.
The MetricStream Compliance Management App claims to reduce the amount of time clients must spend managing compliance activities by up to 90%. Its streamlined processes, standardised workflows and self-assessment capabilities help managers improve visibility to establish real-time insights to strengthen and better-inform decision-making.
Beyond the provision of accessible cloud-based apps and MetricStream’s slightly more comprehensive Regulatory Compliance Management software solution, the organisation also offers all-encompassing compliance systems training through its MetricStream University programme.
Unlike many of its competitors, Norwegian-based Corporater doesn’t offer a huge range of management apps or business systems. Instead, Corporater is a proverbial pick-and-mix offering one comprehensive system that can be configured to include anything from portfolio or strategy management to compliance, employee performance and investments.
For clients who are perfectly happy with operating multiple systems, Corporater’s cloud-based compliance solution can be implemented as a standalone system across a variety of industries. Corporater Compliance offers a crisp and clean dashboard from which to review and produce complex compliance reports, create and carry out audits and establish notifications to alert your organisation of any incoming deviations or exceptions.
Another reason Corporater stands out as a compliance services provider in particular is for its constant and timely provision of high-demand products. For example, the new Corporater GDPR offers a unique all-in-one solution to assist clients in mapping out any and all responsibilities, needed policy change and organisational risk associated with the EU’s sweeping new data privacy regulations.
Smaller but ambitious organisations in need of compliance services would do well to look into VComply. VComply offers a simple, cloud-based governance, risk and compliance (GRC) SaaS solution with exceptional scaling capabilities.
VComply’s compliance services are based out of a virtual Compliance Workroom in which your company’s team can collaborate, engage and easily and securely upload via encrypted integrations with tools like Google Drive, SAP, Microsoft Dynamics, Oracle and more. Meanwhile, VComply’s smart reports offer easy-to-understand and shareable non-compliance trends, performance analysis and horizon scanning.
Another one of VComply’s USPs is its knowledge support. An extensive compliance library offers clients a comprehensive snapshot into the regulatory burdens of every market across the globe, making it incredibly simple to plan ahead for future development and expansion.
Best of all, organisations can take advantage of a basic plan with VComply that is free. Monthly and annual subscriptions are available in order to unlock more advanced compliance services.
Workiva was named ‘Most Innovative Company of the Year’ at 2018’s American Business Awards – and after exploring the organisation’s flagship Wdesk platform, that result speaks for itself.
Wdesk is a cloud-based compliance management and reporting solution that’s designed specifically with midsize and large companies in mind. Wdesk is ideal for larger companies needing to connect small teams through cross-departmental projects – offering finite control over permissions, document sharing and security. Its task and document management capabilities are fairly advanced when stacked against other compliance service providers that focus less on workflows.
That makes Workiva the ideal compliance services provider for companies needing to combine workbooks, data and dashboards onto a single platform to be more confident in their outputs and compliance reporting processes.
More important still, Wdesk enables large teams to collaborate on a range of audit-risk assessments, scoping, planning and reporting on compliance. As an added bonus, Wdesk can also be integrated with Business Wire to bolster an organisation’s reporting and marketing efforts.
Formerly known as Interneer, the freshly branded Intellect is a digital transformation and compliance services provider that offers a range of accessible SaaS solutions. Although Intellect positions itself primarily as a Business Process Management systems provider, the company’s incredibly flexible Enterprise Quality Management System (eQMS) no-code software is built specifically around helping organisations to meet complicated compliance obligations.
Intellect’s eQMS solution offers a centralised regulatory compliance management portal with which managers can control, analyse and strategize to improve quality safety and compliance of all critical business processes. The wider system’s compliance module works to automate and streamline manual entries to both minimise human error and reduce workloads – subsequently supporting improved, fact-based decision-making capabilities.
Intellect is particularly suitable for organisations operating in the construction, education, healthcare or manufacturing sectors.
Temenos is a global leader in the provision of mission critical banking and financial software. The organisation’s offerings go well beyond payment products and front office management solutions for financial institutions. Temenos also stands out as a top provider of compliance advisory services.
The Temenos risk and compliance product family not only includes an integrated due diligence module, but also includes a GDPR system, a social media compliance integration and a whole host of modules designed to apply all necessary modelling and testing measures in line with various pieces of legislature like IFRS 9.
Temenos’ other standout provision is its Compliance Advisory Services suite. This includes admission to the Temenos KnowledgeBase, which includes over 100,000 compliance reference materials – as well as unrivalled access to Temenos webinars, seminars, workshops and weekly compliance updates from the Compliance Advisory Services team.
Clients are also allowed access to the Temenos Compliance Forum, which enables financial directors and managers to engage as part of a secure network with over 6,000 peers to share and collaborate. Meanwhile, Temenos also offers advertisement and disclosure review to ensure all collateral and promotional materials are fully compliant with applicable regulation.
Cordium is a skilled compliance services provider that offers several essential GRC tools alongside a range of comprehensive compliance consulting services in order to provide a unified approach to help companies overcome new and existing regulatory hurdles.
Cordium’s consulting services encompass everything from business monitoring and ad hoc regulatory advice to compliance policy review, staff training and annual mock inspections. By offering these services alongside flagship products Pilot and Compliance ELF, Cordium is able to provide clients with a holistic approach towards compliance management.
Cordium’s Compliance Employee Level Filing tool enables organisations to build and develop a bespoke compliance intranet tool that acts as a central repository for employees to document personal trades, deals, affirmations and reports. Meanwhile, Pilot is a sleek and simple workflow management tool that features an interactive compliance management calendar and easy-to-understand compliance monitoring programs.
When it comes to the global provision of compliance systems, NAVEX Global easily stands apart. More than 13,000 customers and 95 of the Fortune 100 rely on NAVEX’s suite of compliance management tools – which works to consolidate a company’s entire GRC system and transform it into one cloud-based solution. In turn, organisations are able to anticipate and navigate global regulatory compliance with wider visibility.
The NAXEX PolicyTech tool offers a platform with which to oversee automated tracking to gauge employee compliance and comprehension, while RiskRate performs around-the-clock third-party risk monitoring and due diligence. Meanwhile, NAVEXEngage provides clients with bespoke ethics and compliance training designed to cultivate a new company culture of compliance.