Top 20 Must-Have Financial Compliance Software to Make Regulators Happy

In the ever-evolving financial industry, staying compliant with regulations is paramount. As industries navigate intricate webs of rules, financial compliance software emerges as the unsung hero, streamlining operations and safeguarding against potential pitfalls. 

This listicle explores the top-tier solutions reshaping the compliance game. From robust risk assessment tools to real-time monitoring systems, these software options not only ensure adherence to ever-changing regulations but also empower businesses with data-driven insights. 

Join us on a journey through the cutting edge of financial compliance, where technology meets regulation to fortify the foundations of fiscal responsibility and integrity. We’ll cover:

• Top 20 financial compliance software
• Definition of financial compliance software
• Importance of financial compliance in the financial industry
• Types of financial compliance processes

Top 20 financial compliance software

Process Street

Process Street streamlines financial compliance by offering customizable checklists, facilitating the identification and mitigating potential hazards. Its user-friendly interface allows for easy collaboration, ensuring thorough risk assessment and control implementation. With automation features and integration capabilities, it enhances efficiency and provides a comprehensive approach to risk management processes.

Key features:

• Checklist automation: Create and automate dynamic checklists for recurring processes.
• Conditional logic: Customize workflows with conditional logic based on responses.
• Collaborative workflows: Facilitate team collaboration on tasks and processes.
• Integration capabilities: Seamlessly integrate with tons of apps and tools.
• Task assignment: Assign and track responsibilities within processes.
• Data collection: Gather and store data through forms within checklists.
• Reporting and analytics: Generate insights with analytics on process performance.
• Version control: Maintain and track versions of checklists for auditing.
• API access: Connect with other applications through APIs.
• Document storage: Attach and manage documents relevant to processes.

Pros:

• SOC 2, Type 2 compliant.
• Intuitive interface makes it user-friendly.
• Offers secure data handling and storage.
• It has a mobile application.
• Custom automated workflows can be made with AI.
• It has lots of premade finance templates to choose from.

Cons:

• There is no free plan.

SAP Concur

SAP Concur is a leading provider of integrated travel, expense, and invoice management solutions. Their cloud-based platform automates and optimizes business processes, providing organizations with visibility, control, and insights to efficiently manage expenses, streamline workflows, and enhance overall financial operations.

Key features:

• Expense management: Streamlines and automates the entire expense reporting process.
• Travel booking: Integrated platform for booking and managing business travel.
• Policy enforcement: Ensures compliance with spending policies and regulations.
• Card integration: Integrates corporate card transactions for seamless tracking.
• Global support: Handles international travel and expenses with multi-currency support.

Pros:

• Predicts future spending based on historical data.
• Stays up-to-date with evolving financial regulations.
• Automates and optimizes invoice workflows for efficiency.
• Visualizes spending and travel data for actionable insights.

Cons:

• It sometimes freezes when uploading receipt images.
• The UI is very unattractive.

Oracle

Oracle EPM is a comprehensive suite of cloud-based applications designed to enhance business performance. It integrates planning, budgeting, forecasting, and financial consolidation, providing organizations with insights and analytics to optimize decision-making and achieve strategic goals efficiently.

Key features:

• Financial consolidation: Consolidates financial data for accurate reporting.
• Planning and budgeting: Comprehensive tools for strategic planning and budgeting.
• Forecasting: Predicts future trends and outcomes with advanced forecasting.
• Profitability and cost management: Analyzes and optimizes profitability and costs.
• Scenario modeling: Tests and analyzes different business scenarios for planning.

Pros:

• Offers robust security protocols for data protection.
• Seamlessly connects with enterprise resource planning systems.
• Leverages AI for continuous improvement and efficiency gains.

Cons:

• There is no mobile version.

Workiva

Workiva stands tall as a versatile cloud-based solution, revolutionizing collaborative work processes. Renowned for its intuitive interface and comprehensive capabilities, it empowers teams to streamline data, reports, policy and compliance tasks effortlessly. 

Key features:

• Cloud-based platform: Provides a centralized cloud platform for collaborative work.
• Document management: Streamlines document creation, editing, and sharing.
• Data integration: Allows integration and management of diverse data sources.
• Collaborative editing: Enables real-time collaboration on documents and spreadsheets.
• Workflow automation: Automates processes for efficiency and consistency.

Pros:

• Facilitates compliance with regulatory requirements.
• Tracks document versions for accuracy and auditing.
• Ensures data security with customizable access controls.

Cons:

• Because it’s not dedicated policy management software, it is missing certain features others have.

SAI360

SAI360 is a GRC platform, emphasizing proactive risk management and compliance. Renowned for its adaptive approach, it navigates intricate regulatory landscapes effortlessly. By prioritizing comprehensive risk strategies and insights, SAI360 empowers organizations to ensure robust governance and compliance, fostering resilient operations.

Key features:

• Risk assessment: Identifies, assesses, and manages organizational risks.
• Compliance management: Tracks and ensures compliance with regulations and standards.
• Incident management: Allows reporting and tracking of incidents for compliance.
• Policy management: Manages and tracks compliance policies and procedures.
• Document management: Stores and organizes compliance-related documents securely.

Pros:

• Facilitates audits and tracks findings for compliance purposes.
• Automates GRC processes for efficiency.
• Provides insights into risk and compliance performance.
• Organizes and manages compliance-related tasks and deadlines.

Cons:

• There is no free trial or free version.
• Creating customized workflows can be tedious for some users.

Parapet

Parapet is a comprehensive cybersecurity and compliance management tool. It helps organizations assess and enhance their cybersecurity posture by identifying vulnerabilities and ensuring compliance with industry regulations and standards. Parapet streamlines risk management and security measures, providing a holistic approach to safeguarding sensitive data and minimizing security risks.

Key features:

• Incident management: Allows reporting and tracking of incidents for compliance.
• Predictive analytics: Analyzes data to predict future issues or trends.
• Customizable templates and reports: Offers customizable templates and reporting for a more bespoke service.
• Monitors potential risks: Keeps an eye on potential risks so they can be mitigated before they present themselves.

Pros:

• Super budget-friendly.
• Risks are color-coded.
• It comes with different options for training.

Cons:

• It doesn’t send out alerts.

Netwrix

Netwrix Corporation is a cybersecurity and data risk management software company. Its solutions focus on data security, audit, and compliance by providing visibility into critical IT infrastructure components. Netwrix software assists organizations in identifying and mitigating security risks, ensuring data integrity, and complying with various regulations and standards.

Best for: Data security.

Key features:

• Access controls and permissions: Allows adminds to set permissions for sensitive data.
• Sensitive data identification:Protects and identifies sensitive data.
• Data visualization: Puts data into charts and graphs for better visualization.
• Customizable reporting: Allows users to create reports for specific data.

Pros:

• Works on a broad range of IT systems.
• Detects unauthorized actions with alerts.
• Comes with automation tools.

Cons:

• Shows errors without explaining what they are.

Libryo

Libryo is a compliance management software platform that simplifies regulatory and legal compliance for organizations. It provides real-time access to legal registers and regulations applicable to a company’s operations, helping businesses understand and comply with legal requirements. Libryo streamlines compliance management, reduces risks, and supports legal and environmental responsibilities.

Key features:

• OSHA recordkeeping: Keeps records for OSHA compliance.
• Hazardous materials management: Tracks the inventory of hazardous materials.
• Secure data storage: Secures all types of data.
• Environmental compliance: Keeps companies compliant with environmental regulations.

Pros:

• It’s a scalable solution.
• Delivers regulations each individual business needs.
• There are regulatory updates whenever laws are changed.

Cons:

• It’s not a useful tool for freelancers.

Skillcast

Skillcast is a leading e-learning and compliance training platform. It offers a wide range of courses designed to help organizations meet regulatory and compliance requirements, covering topics such as ethics, data protection, and health and safety. Skillcast’s platform simplifies employee training, tracking, and reporting, ensuring organizations remain compliant and informed.

Key features:

• Certifications and licensing: Offers users ways to learn certifications and licenses.
• Course library: Includes a library of courses.
• Progress tracking: Tracks the progress of courses.
• Performance metrics: Tracks metrics related to users’ performance in courses.

Pros:

• Good for asynchronous learning.
• Courses are available in different languages.
• It can be used on mobile devices.

Cons:

• The content isn’t interactive, so not suitable for all types of learners.

Qooling

Qooling is a comprehensive quality management software designed to enhance organizational performance. With features like risk assessment, incident reporting, and compliance tracking, Qooling empowers businesses to streamline processes, foster a culture of continuous improvement, and ensure regulatory compliance for sustainable growth.

Key features:

• Risk assessment: Evaluates potential risks to proactively address challenges.
• Incident reporting: Streamlines reporting for timely issue resolution.
• Compliance tracking: Ensures adherence to industry regulations and standards.
• Document control: Manages and organize crucial documents efficiently.
• Audit management: Facilitates systematic audits for process improvement.

Pros:

• Implements corrective measures to enhance performance.
• Tracks employee training and ensure skill development.
• Tailors forms to capture specific data and feedback.
• Encourage a culture of ongoing enhancement and continuous improvement.

Cons:

• There is no free trial or free plan.
• Users cannot store large files.

Satori

Satori Cyber is a cybersecurity platform offering comprehensive data protection solutions. With a focus on data visibility, classification, and privacy compliance, Satori empowers organizations to safeguard sensitive information, mitigate risks, and maintain regulatory compliance in an ever-evolving digital landscape.

Key features:

• Audit management: Plans, schedules, and conducts audits.
• Compliance tracking: Tracks compliance across all areas of a business, including finance.
• Configurable workflows: Offers premade workflows that are customizable.
• Role-based permissions: Admins can control access to sensitive information.

Pros:

• Offers tools for risk mitigation.
• Monitors business operations to ensure compliance.
• Provides ample training materials.

Cons:

• It doesn’t send alerts.

AuditBoard

AuditBoard revolutionizes processes, fostering comprehensive risk assessments, compliance, and streamlined governance. Renowned for its intuitive tools, it empowers businesses to navigate complexities, fortify resilience, and drive sustainable growth through informed decision-making.

Key features:

• Regulatory change management: Track and address regulatory changes.
• Training management: Manage and track employee compliance training programs.
• Compliance management: Ensure adherence to regulations and standards.
• Audit management: Plan, execute, and track internal and external audits.
• Control testing: Assess the effectiveness of internal controls.

Pros:

• Develops, tracks, and manages company policies.
• Assesses and mitigates risks associated with vendors.
• Captures and manages incidents for investigation.

Cons:

• Software updates sometimes cause operational disruptions.

Modulo

Modulo stands as a robust governance, risk, and compliance (GRC) solution, prioritizing holistic risk management. It allows organizations to navigate complex regulatory environments seamlessly. By emphasizing comprehensive risk strategies and actionable insights, Modulo ensures resilient, compliant, and secure operations.

Key features:

• Risk assessment: Identifies, assesses, and manages organizational risks.
• Compliance management: Tracks and ensures compliance with regulations and standards.
• Incident management: Allows reporting and tracking of incidents for compliance.
• Policy management: Manages and tracks compliance policies and procedures.
• Audit management: Facilitates audits and tracks findings for compliance purposes.

Pros:

• Stores and organizes compliance-related documents securely.
• Provides insights into risk and compliance performance.
• Organizes and manages compliance-related tasks and deadlines.
• Manages permissions for access to sensitive compliance data.

Cons:

• There is no pricing information on the website.

Compliance.ai

Compliance.ai is a regulatory change management platform leveraging artificial intelligence to track and analyze financial regulatory content. Offering real-time updates, it helps businesses stay compliant with evolving regulations, manage risks, and adapt to the dynamic landscape of financial compliance seamlessly.

Key features:

• Regulatory intelligence: Stays up to date with different industry regulations.
• Change management: Supports change management initiatives.
• Policy management: Maintains policy documentation.
• Audit reports: Created audit reports.

Pros:

• It’s designed for financial services.
• Uses machine learning to keep companies compliant.
• Offers continuous improvement models.

Cons:

• It offers more intelligence than action (i.e. no workflows).

Apiax

Apiax is a regulatory technology (RegTech) platform that simplifies and digitizes compliance processes. Offering real-time legal updates, Apiax helps businesses ensure regulatory compliance by translating complex regulations into actionable rules, providing clarity, and facilitating seamless adherence to financial and legal standards.

Key features:

• Regulatory library: Keeps track of information regarding specific industry regulations.
• Compliance tracking: Monitors company compliance.
• Rule editor: Build regulatory rules for easier compliance.

Pros:

• Offers real-time analytics.
• Creates a centralized knowledge base.
• Offers AI chatbots that can answer specific questions about regulatory requirements.

Cons:

• There are no public reviews, which makes it difficult to understand its shortcomings.

Fenergo

Fenergo is a leading provider of digital transformation solutions for financial institutions. Specializing in client lifecycle management, Fenergo enables seamless onboarding, compliance, and data management, helping banks and other organizations enhance operational efficiency, regulatory compliance, and customer experience in the evolving financial landscape.

Key features:

• Data management: Manage data to ensure accuracy, consistency, and security.
• Document management: Digitizes documents securely for easy access and compliance.
• KYC (Know Your Customer): Implements KYC processes for customer identity verification.
• AML (Anti-Money Laundering): Detects and prevents money laundering activities.
• Risk management: Assess and mitigate risks associated with financial transactions.

Pros:

• Implements robust security measures to protect sensitive financial data.
• Maintains detailed logs of system activities for compliance and audit purposes.
• Enhances security through biometric identification methods.
• Explores blockchain technology for secure and transparent transactions.

Cons:

• It is more difficult than it should be to make changes to form fields. 

Star Compliance

Star Compliance is a leading regulatory compliance technology provider. Specializing in employee conflicts of interest and compliance solutions, Star Compliance helps financial firms automate, monitor, and enforce regulatory policies, ensuring adherence to industry regulations and promoting a culture of compliance and integrity.

Key features:

• Policy management: Centralizes the creation, distribution, and tracking of compliance policies.
• Risk assessment: Evaluates regulatory risks associated with business operations.
• Automated monitoring: Continuously tracks regulatory changes affecting the company.
• Incident response: Establishes protocols for responding to compliance incidents and breaches.
• Vendor risk management: Evaluates compliance risks associated with third-party vendors.

Pros:

• Provides insights and guidance on navigating complex regulatory landscapes.
• Tailors the system to meet the specific compliance needs of the organization.
• Maintains a detailed record of compliance activities and changes for auditing purposes.

Cons:

• It’s not as flexible as other similar tools.

360Factors

360Factors is a leading provider of integrated risk and compliance management solutions. Their innovative software empowers businesses with automated tools for regulatory compliance, risk assessment, and performance optimization, ensuring a comprehensive approach to governance in today’s dynamic and complex business environment.

Key features:

• Regulatory compliance: Ensures adherence to industry regulations.
• Risk assessment: Risk management capabilities for proactive identification and mitigation.
• Performance optimization: Streamlined processes to enhance overall business performance.
• Automated alerts: Real-time notifications for critical compliance and risk issues.
• Document management: Centralized repository for efficient document storage and retrieval.

Pros:

• Facilitates smooth auditing processes with detailed tracking and reporting.
• Tools to report and manage incidents promptly and effectively.
• Tracks employee training and certifications for compliance purposes.
• Integrated features for cybersecurity compliance and controls.

Cons:

• It’s not as robust as other similar products.

ComplianceBridge

ComplianceBridge is a compliance and policy management software offering a comprehensive solution for organizations. With a focus on automating compliance processes, it helps streamline policy creation, distribution, and tracking, ensuring regulatory adherence and risk mitigation in dynamic business environments.

Key features:

• Policy creation: Efficiently authors and creates compliance policies.
• Document management: Centralizes the storage and organization of policy documents.
• Version control: Tracks and manages different versions of policies over time.
• Automated distribution: Easily distributes policies to relevant stakeholders.
• Read and acknowledge: Monitors and records employee acknowledgment of policies.

Pros:

• Keeps tabs on adherence to policies and regulations.
• Monitors and tracks employee training on compliance policies.
• Automates routine compliance tasks and workflows.
• Generates reports on compliance status and performance.

Cons:

• The UI is pretty old-fashioned and not very intuitive.
• They don’t always have support available.

COMPLY

COMPLY is a compliance management platform designed to streamline regulatory compliance processes for businesses. With features like policy management, risk assessment, and audit tracking, it helps organizations navigate complex regulatory landscapes, ensuring adherence and mitigating compliance risks effectively.

Key features:

• Continuous monitoring: Monitors compliance on an ongoing basis for proactive risk management.
• Data encryption: Ensures secure storage and transmission of sensitive compliance data.
• Scalability: Adapts to the evolving needs and growth of the organization.
• Automated distribution: Efficiently distributes policies to relevant stakeholders.
• Read and acknowledge: Monitors employee acknowledgment and understanding of policies.

Pros:

• Streamlines the creation, distribution, and tracking of compliance policies.
• Centralizes storage and organization of compliance-related documents.
• Tracks and manages different versions of policies and documents.
• Monitors and assesses adherence to compliance standards and regulations.

Cons:

• There are no public reviews available to determine the platform’s shortcomings.

Definition of financial compliance software

Financial compliance software refers to a type of software that helps organizations ensure that they are adhering to all relevant financial regulations and standards. This can include regulations set forth by government agencies, industry-specific standards, and internal company policies.

The main purpose of financial compliance software is to automate and streamline the process of ensuring that financial organizations are in compliance with all applicable financial rules and regulations. This can include tasks such as tracking and reporting on financial transactions, monitoring for fraudulent activity, and generating the necessary documentation to demonstrate compliance to regulatory agencies.

Financial compliance software can also help organizations stay ahead of any new or changing regulations by providing updates and alerts when changes occur. This can help to ensure that financial services organizations are always up to date with the latest requirements and can avoid potential penalties or fines for non-compliance.

In addition, to regulatory compliance software can also help organizations to improve their overall financial management by providing valuable insights and analytics into their financial data along with automating manual processes. This can help to identify areas of risk, improve financial decision making, and ensure the overall health and stability of the organization’s financial operations and regulatory obligations.

Importance of financial compliance in the financial industry

Financial compliance is essential in the financial industry for a multitude of reasons. At its core, financial compliance ensures that companies are adhering to laws, regulations, and industry standards, which are put in place to protect consumers, investors, and the overall financial system.

One of the primary reasons for the importance of financial compliance is to maintain the integrity and stability of the financial industry. By following compliance regulations by using compliance management solutions, companies can help prevent fraud, money laundering, and other illicit activities that can have a detrimental impact on the industry as a whole. This, in turn, helps to maintain trust and confidence in the financial system, which is crucial for its functioning and success.

Moreover, financial compliance also plays a critical role in protecting consumers and investors. By complying with regulations, financial institutions are required to provide transparent and accurate information to their clients, enabling them to make informed decisions about their financial activities. It also ensures that consumers are treated fairly and are not subject to predatory or fraudulent practices.

From a broader perspective, financial compliance is also crucial for the overall economy. By promoting stability and transparency, compliance regulations help to mitigate the risk of financial crises and market disruptions. In this way, financial compliance contributes to the overall health and resilience of the economy.

In today’s globalized and interconnected financial landscape, the importance of financial compliance cannot be overstated. With the potential for financial misconduct and malpractice, regulatory authorities have stepped up their efforts to enforce compliance standards. Consequently, it is imperative for financial institutions to prioritize compliance initiatives and ensure that they are in line with the latest regulations and best practices.

Types of financial compliance processes

1. Regulatory compliance: This process involves adhering to laws and regulations set by government authorities, such as the SEC, FINRA, and IRS. It includes filing necessary reports, maintaining accurate records, and ensuring transparency in financial operations for compliance teams.

2. Internal controls: This process focuses on establishing and maintaining internal controls to prevent fraud, errors, and mismanagement of financial resources. It involves regular audits, segregation of duties, and the implementation of policies and procedures.

3. Anti-money laundering compliance: AML is one of the aspects of compliance that aims to prevent the illegal use of financial systems for money laundering and terrorist financing. It involves customer due diligence, monitoring transactions, and reporting suspicious activities to regulatory authorities.

4. Tax compliance: This process involves meeting tax obligations and requirements set by the government, such as timely filing of tax returns, accurate reporting of income and expenses, and payment of taxes owed.

5. Data security and privacy compliance: This process involves protecting sensitive financial information and ensuring compliance with data protection laws, such as GDPR and CCPA.