Why You Need Regulatory Compliance Software

myCOI brings certificate of insurance compliance management to a whole new level. We protect your company against the risk of underinsured claims, costly litigation and failed audits.

Automate Your COI Tracking

There’s no more need to worry about stacks of certificates cluttering up your office or hours of frustrating phone calls and emails to chase down certificates. myCOI Central provides your company with a solution to automate your insurance certificate requests, collection, and compliance resolution, while also giving your team a single, centralized repository to view compliance. 

Protect Your Business From Costly Claims

Ask your CFO or Risk Manager just how much claims and lawsuits can cost your business. If you are collecting certificates just to confirm they were received, you have no guarantee that your requirements are being met. myCOI Central is built on a foundation of insurance industry logic to ensure you remain protected with the appropriate coverage.

For Agents & Brokers

Win business and boost retention by providing agency branded, industry leading insurance tracking software to your insureds.  Offer software only or add on your own compliance review services.

"As a result of switching providers and partnering with myCOI, myself and our 11 Contract Administrators are spending about 1 hour of our time each week on insurance compliance versus 1 hour each day."
Victoria Pearson
Contract Administrator Manager
Alston Construction

Regulatory Compliance Software

Risk, governance, and compliance software is necessary to securely manage the flow and accessibility of information within an organization. Regulatory compliance software solutions facilitate how institutions comply with regulatory mandates and manage them in an efficient manner. For example, financial compliance software allows teams to operate within a framework that helps avoid compliance breaches by maintaining up-to-date regulatory compliance requirements. Regulatory and legal compliance software serve much of the same function helping companies and institutions follow state, federal and international laws and regulations as required by their sectors of business and operations. Specific requirements may vary based on industry and type of business.

There are many laws governing financial institutions. Compliance software for financial services helps financial services companies and banks adhere to all local laws and regulations wherever they operate and across jurisdictions. Risk management and compliance go hand in hand. A well-established compliance program can help minimize risk. However, the risk is always a factor. When selecting compliance or risk management software, proprietary options and open source risk management software options are available.

Compliance operations involve getting the right information to the right people at the right time. Often this involves small details as well as extensive details that must be updated in many areas and made available to multiple people, departments, and governing authorities. Finding the right compliance software companies and tools can help reduce the risks of falling out of compliance and bring many benefits to a company’s legal and financial operations. Compliance software and risk management work together as regulatory compliance software can help manage and reduce risk by streamlining workflows and processes securely and efficiently. The right software solution will increase efficiency, reduce costs and enhance security and flexibility in overall processes and operations. Intelligent software for compliance and risk management operations can help track small details and improve compliance performance.

Compliance Tools

Companies today require intelligent compliance tools to operate efficiently and effectively in the areas of risk management and regulatory compliance. Regulatory compliance management software is any web-based, virtual platform that helps companies understand and remain aware of the rules and regulations that apply to them. Company compliance software will also help companies know how they can implement policies to comply with rules and the steps to take to avoid non-compliance. 

There are many regulatory compliance software vendors to choose from when searching for compliance tools. Compliance software vendors may promise many things; however, choosing a vendor that can deliver on those promises is imperative. Open source compliance management software or proprietary software should have:

  • Optimal automation and data integration capabilities
  • Superior configurability and flexibility
  • Efficient monitoring and investigation capabilities
  • User-friendly data extracts
  • User-friendly reporting features
  • Superior data security 

Other features, such as stress-free implementation, effective risk assessment, and when needed global capabilities, are minimum requirements when searching for the right software for your organization. Another integral part of any company compliance software is a highly customizable product that can adapt to your organization’s needs. A customizable dashboard feature can be critical for compliance managers as they manage data for department-specific needs as well as the needs of the company at large.

Compliance Software Example

Software compliance standards matter across industries and business sectors. Compliance software examples address industries such as healthcare, financial services, consumer products, and even creative teams producing content across industries and sectors. With so many areas to remain in compliance, it is crucial to consider compliance tracking software. A compliance tracker is a cloud-based system that automates tracking resources such as people and equipment. It also keeps track of processes such as actions, skill sets, and information flow. For example, consider software compliance standards and utilize a software compliance checklist when searching for the right compliance tool. 

The checklist may include questions such as:

  • Is the technology user-friendly?
  • What are the security capabilities of the software?
  • What processes can be automated?
  • Is the software customizable?
  • How adaptable is the software when changes are needed?
  • Is the software reliable?

Another regulatory compliance software many companies need involves insurance compliance. Software compliance standards should include certificates of insurance, particularly when working with third-party vendors. Tracking and verifying COI compliance is a way to protect an organization and another level of risk management providing long-term benefits. Insurance compliance software is much different from services providing insurance policies or forms. Insurance compliance software verifies that companies in business together are carrying the correct insurance in an active, up-to-date established policy.

Product Compliance Software

Products must meet essential legal requirements. Product compliance refers to the evidence that the products meet the legal requirements necessary in manufacturing and selling. Traditionally, this was to ensure consumer product safety. Today safety is still a compliance requirement, but there are also many other aspects included in product compliance, such as energy consumption, recyclability, and more compliance factors. In order to keep up with the details pertaining to compliance, companies need product compliance software tools. For example, product compliance software help companies assess standards and regulations, manage substances, create labels files and certificates, verify lab testing, and other aspects of industry-specific product compliance. Companies that manufacture products, as well as those that resell products, must comply with legal requirements; therefore, supply chain compliance software tools are crucial industry tools.

The product industry involves various materials and purposes. As a result, many types of software solutions are required, such as chemical compliance software and material compliance database solutions. Most products involve chemicals. For that purpose, REACH compliance software is essential in the product industry. REACH stands for Registration, Evaluation, Authorization, and Restriction of chemicals. REACH compliance software helps companies understand and maintain compliance in all areas pertaining to chemicals. Product compliance requires safety management software because products involve safety due to hazards and quality assurance.

The business of creating and selling products is multifaceted. In addition to safety, chemical, and material compliance, companies must implement master data solutions. Master data solutions manage and organize all the data about a particular product, including its function, features, usage, and configuration. Product compliance software solutions help an organization monitor its internal systems and controls to comply with standards and regulations. Product compliance is a process in constant evolution. Both manufacturers and sellers are responsible for following all standards and legal requirements regarding compliance. Product compliance software tools help companies fulfill their legal obligations and stay up to date with all compliance requirements.

 

What Is Compliance Software

Compliance is critical for any organization and especially for businesses in industries that impact public health and welfare. Policies, legal frameworks, and environmental and health standards are a few of the aspects of compliance that companies must adhere to. Manufacturers and sellers of products are required to comply with all standards and legal requirements. This necessary burden is positive for businesses and consumers. It helps businesses maintain operational excellence and consistently use best practices. This benefits consumers by providing a level of assurance products purchased will meet health and safety standards as well as quality standards. Compliance standards are evolutionary. Therefore, constant monitoring of standards, legal requirements, and business practices and compliance is critical for businesses. Compliance management software is a system that automates many compliance standard tasks.

With all the many different compliance requirements across industries and business sectors, it is not surprising to ask, what is compliance software? Is there one answer? There are many types of compliance software meaning different tools that perform different software compliance jobs. Compliance software tools are also known as compliance management software solutions or compliance document software. Regulatory compliance software enables manufacturers, financial institutions, healthcare companies, and many other businesses to have standardized, secure processes for communicating, monitoring, and documenting diverse compliance activities. Therefore, companies must remain in compliance individually. Compliance is also important to maintain accountability with other companies.

Compliance software today is typically a cloud-based platform accessible 24/7 from anywhere, allowing those in remote locations to access information as needed. Most companies operate globally, making a cloud-based platform essential for streamlining and securing communications. Compliance software is a critical tool for businesses today. Companies use compliance software to ensure all processes conform to applicable regulations, including legal requirements and industry quality standards. Standards and regulations vary based on industry and business sector. However, all companies, regardless of industry or sector, must have compliance management software that provides the right information at the right time in the manner needed. 

Top-rated compliance software integrates user administration enabling reliable role and function allocations for each individual user. Good compliance software enables automated collection and storage of certificates and compliance verifications. In addition, compliance management can continually track, monitor, and audit business practices to help maintain compliance with applicable laws, organizational policies, and standards set by consumers and business partners. To meet organizational compliance needs, compliance software solutions provide a highly configurable and scalable solution. For example, adopting different compliance tools, meaning tools such as document compliance software must support various document types and workflows. Compliance software solutions are an invaluable tool for companies today and these solutions work hand in hand with risk management solutions.