Blog: Best 10 Regulatory Change Management Software of 2024

According to a recent KPMG report, 43% of Chief Ethics and Compliance Officers (CCOs) find new regulatory requirements their greatest challenge. To manage these changes effectively, 45% will focus on automating compliance processes over the next two years. 

The Current Landscape

Regulatory change management solutions have become a standard component of corporate governance. Today’s regulatory environment is characterized by a rapid pace of change. This is true across various jurisdictions, geographical regions, and industry sectors. 

KPMG’s findings underscore the pressure on organizations to adapt quickly. Here’s another statistic from the same report to back this up:  73% of CCOs expect increased scrutiny and a focus on compliance soon.

The complexity of regulatory compliance has grown significantly, driven by factors such as:

• Increasing Regulatory Volume: The sheer number of regulations and frequent updates make it challenging for organizations to keep up.
• Globalization: Companies operating across multiple jurisdictions must manage regulations from different countries and regions.
• Sector-Specific Regulations: Industries like healthcare are experiencing a surge of new entrants, each subject to stringent and often complex regulatory frameworks.

Regulatory Trends in 2024

A Glossary of leading trends in the 2024 Cyber Regulatory space, organized alphabetically.

A is for Accountability

Regulatory trends are increasingly emphasizing accountability, requiring organizations to demonstrate clear processes for managing and reporting cybersecurity incidents. This includes stringent requirements for incident reporting, evidence of security practices, and accountability measures for lapses in security.

C is for Cybersecurity Labeling

Voluntary and mandatory cybersecurity labeling schemes are becoming more prevalent. These labels help consumers identify products that meet certain security standards and provide assurance about the safety of their connected devices.

E is for Emerging Technologies

Regulatory frameworks are evolving to address the security challenges posed by emerging technologies such as AI, blockchain, and 5G. New guidelines and standards are being developed to ensure these technologies are securely integrated into the digital ecosystem.

G is for Global Standards

Efforts are increasing to harmonize cybersecurity regulations across different regions. This trend aims to simplify compliance for global manufacturers by aligning standards and requirements across various markets.

I is for IoT Security

Regulatory bodies are placing greater emphasis on securing Internet of Things (IoT) devices due to their widespread use and vulnerability to cyberattacks. This includes requirements for manufacturers to demonstrate robust security measures and provide clear compliance certifications.

L is for Lifecycle Responsibility

There is a growing regulatory trend requiring manufacturers to maintain responsibility for the cybersecurity of their products throughout their entire lifecycle. This includes ensuring ongoing updates and security patches are provided.

P is for Proactive Cybersecurity

There is a shift from reactive to proactive cybersecurity measures. Regulations encourage or require companies to implement preventive security controls, conduct regular risk assessments, and adopt advanced threat detection technologies.

Top Tools to Navigate Regulatory Compliance Challenges

Having the right tools to manage regulatory change is important for any organization. Regulatory management software helps businesses stay compliant, track regulatory updates, and implement necessary changes effectively. 

Let’s dive into the best regulatory change management solutions of 2024.

1. Centraleyes

Overview: Centraleyes is a leading regulatory change management tool designed to streamline and simplify compliance processes for organizations across various industries. It offers a comprehensive solution that integrates regulatory change management processes with risk management, providing businesses with the tools to stay ahead of evolving regulatory landscapes. Centraleyes focuses on enhancing visibility, reducing manual tasks, and ensuring compliance through advanced automation and real-time monitoring.

Key Features:

• Real-time Regulatory Tracking: Centraleyes continuously monitors and tracks regulatory changes across multiple jurisdictions, providing real-time alerts and updates to ensure organizations remain compliant.
• Impact Assessment and Risk Analysis: The platform assesses the impact of regulatory changes on an organization’s operations and compliance obligations, helping businesses prioritize and address risks effectively.
• Automated Policy Updates: Centraleyes automates updating internal policies and procedures to align with new regulatory requirements, reducing the burden of manual compliance tasks.
• Comprehensive Reporting: The platform offers automated reporting capabilities, generating compliance reports and maintaining audit trails to demonstrate adherence to regulatory standards.
• Seamless Integration: Centraleyes integrates smoothly with existing systems and processes, ensuring a streamlined approach to compliance management without disrupting current workflows.

Centraleyes’ focus on real-time tracking, automation, and risk analysis makes it an ideal choice for organizations seeking a robust and user-friendly solution to manage regulatory changes and maintain compliance in a rapidly evolving environment.

2. Diligent

Overview: Diligent provides a powerful governance, risk, and compliance (GRC) platform that includes advanced regulatory change management features. It offers a unified approach to managing compliance across global regulations.

Key Features:

• Centralized Dashboard: Provides a comprehensive view of regulatory updates and compliance status.
• Real-time Alerts: Notifies users of critical regulatory changes and deadlines.
• Risk Management: Integrates risk assessment tools to evaluate the impact of regulatory changes.

Diligent’s ability to consolidate multiple aspects of GRC into one platform makes it a go-to solution for complex regulatory environments.

3. Navex Global

Overview: Navex Global’s regulatory change management is designed to help organizations navigate and comply with evolving regulations through a robust and intuitive platform.

Key Features:

• Regulatory Intelligence: Offers insights and analysis on regulatory trends and impacts.
• Compliance Tracking: Monitors compliance status and provides actionable insights.
• Automated Reporting: Facilitates the generation of compliance reports and documentation.

Navex Global’s focus on regulatory intelligence and automated reporting ensures that organizations stay informed and compliant with minimal manual effort.

4. Athennian

Overview: Athennian offers a comprehensive entity management solution integrating regulatory change management capabilities. Its platform supports tracking and managing regulatory changes across various jurisdictions, enhancing transparency and efficiency in compliance processes.

Key Features:

• Regulatory Tracking: Monitors updates and changes in regulations in real time.
• Data Governance: Ensures accurate and up-to-date data for compliance.
• Integration: Connects with existing systems via API for seamless compliance management.

Athennian’s focus on providing a single source of truth for regulatory data makes it an excellent choice for organizations needing robust tracking and management capabilities.

5. MetricStream

Overview: MetricStream offers a comprehensive GRC platform with robust regulatory change management capabilities. Its software helps organizations manage compliance efficiently through integrated solutions.

Key Features:

• Integrated Risk Management: Combines risk management with regulatory change tracking.
• Dynamic Dashboards: Provides real-time visibility into compliance status and regulatory changes.
• Audit Management: Streamlines audit processes and tracks compliance performance.

MetricStream’s integration of risk management with regulatory change tracking provides a holistic approach to compliance.

6. Qualys

Overview: Qualys delivers a suite of cloud-based security and compliance solutions, including regulatory change management. It helps organizations address security and compliance challenges through its comprehensive platform.

Key Features:

• Vulnerability Management: Tracks vulnerabilities related to regulatory compliance.
• Continuous Monitoring: Provides real-time updates on regulatory changes and compliance status.
• Automated Remediation: Facilitates the automatic implementation of compliance measures.

Qualys’ emphasis on continuous monitoring and automated remediation enhances its value for organizations focused on both security and compliance.

7. Governance, Risk & Compliance (GRC) Software by SAI Global

Overview: SAI Global’s GRC software offers robust regulatory tracking software to help organizations manage compliance across various regulations and industries.

Key Features:

• Regulatory Tracking: Monitors global regulatory changes and updates.
• Risk Assessment: Evaluates the impact of regulatory changes on organizational risk.
• Policy Management: Facilitates the creation and management of compliance policies.

SAI Global’s focus on policy management and risk assessment provides a comprehensive approach to regulatory change management.

8. Convercent

Overview: Convercent provides a dynamic Ethics & Compliance (E&C) portal as a central hub for employee engagement with your compliance program. It offers an interactive and customizable digital experience. With Convercent, it’s easier for companies to update their code of conduct and communicate effectively.

Key Features:

• Interactive Code of Conduct: Offers both templated and fully customizable interactive codes of conduct to drive employee awareness and engagement.
• Engagement Analytics: Provides deep insights into employee interactions, helping organizations uncover legal and ethical issues before they escalate.
• 24/7 Guidance: Leverages a chat interface to offer anonymous, around-the-clock compliance support.

Convercent’s emphasis on creating a compelling, interactive home for your compliance content ensures that employees are continuously informed and engaged, exceeding regulatory requirements while promoting a strong ethical culture.

9. OneTrust

Overview: OneTrust provides a comprehensive platform for privacy, security, and regulatory compliance, including change management features tailored to evolving regulations.

Key Features:

• Privacy Management: Tracks and manages compliance with global privacy regulations.
• Regulatory Change Alerts: Provides notifications about changes in privacy laws and regulations.
• Data Mapping: Assists in mapping and managing data for compliance purposes.

OneTrust’s focus on privacy management and regulatory change alerts enhances its value for organizations dealing with data protection regulations.

10. Enablon

Overview: Enablon offers integrated GRC solutions, including regulatory change management tools designed to help organizations manage compliance efficiently.

Key Features:

• Integrated Compliance Management: Combines regulatory change management with overall compliance management.
• Dashboard and Reporting: Provides comprehensive dashboards and reporting tools.
• Regulatory Change Tracking: Monitors changes in regulations and their impact on organizational compliance.

Enablon’s integration of compliance management with regulatory change tracking offers a streamlined approach to managing regulatory requirements.

Next Steps

The numbers don’t lie—regulatory change is inevitable and increasingly complex. As organizations face mounting pressures to stay compliant, the choice of regulatory change management software becomes critical. The statistics show that proactive management minimizes compliance risks and reduces costs.

By choosing the right solution from the top tools available today, your organization can stay ahead of regulatory shifts, ensure compliance, and streamline operations. The future of regulatory tracking software is clear: it’s about leveraging the best technology to navigate an ever-evolving landscape. 

The question is, where will these statistics take your organization next?

The post Best 10 Regulatory Change Management Software of 2024 appeared first on Centraleyes.

*** This is a Security Bloggers Network syndicated blog from Centraleyes authored by Rebecca Kappel. Read the original post at: https://www.centraleyes.com/best-regulatory-change-management-software/