Three Compliance Management Solutions for Technology Decision-Makers

With growth comes more compliance responsibilities. Larger user bases attract the risk of data breaches, with malicious actors paying more attention to companies that are on the rise. Regulatory frameworks like GDPR, Quebec Law 25, and the India Data Protection Act have compelled enterprises to prioritize their compliance strategies since the penalties for violating them are significant.

A platform that simplifies the landscape for non-legal users, automates tasks, and enables business agility is critical to a solid cyber and data privacy compliance posture.

Let’s look at three compliance management software platforms that help companies establish and monitor their adherence to compliance frameworks. But first, what should companies look for in a compliance management platform?

How To Choose the Right Compliance Management Platform

Shortlisting a reliable compliance platform is challenging since companies have several options. The right tool should help businesses automate compliance processes and bring consistency to operations while reducing legal risks. 

Here are a few tips to help teams zero in on the best tool for their needs. 

1. Evaluate business requirements and match them to appropriate regulatory frameworks. This makes it easier to ensure that their compliance tools support the frameworks they need. 
2. Research the key functionalities of any platforms you’re considering. Features like risk assessment, automated management capabilities, mitigation tools, real-time compliance alerts, and evidence collection are crucial.
3. Evaluate each platform’s scaling and integration capabilities. You’ll want to make integrating with existing software, business applications, code repositories, cloud infrastructure, and security tools easy. The solution must align with the organization’s goals and have the ability to scale with them.
4. Assess each platform’s own security features, data recovery capabilities, and compliance with data privacy regulations such as CCPA and GDPR. Also, check out your finalists’ market reputation, customer feedback, and industry recognition.
5. Evaluate deployment options (cloud vs on-site), implementation time, and user adoption timelines.

Here are three cyber GRC tools that help companies automate compliance and keep them on the right side of regulations.

Cypago: AI-Powered Risk Management for Continuous Compliance

Cypago is an AI-powered cyber GRC platform. The platform reduces the manual work needed when monitoring and executing GRC initiatives. 

Cypago’s centralized control provides a bird’s eye view of all compliance activities, simplifying reporting, monitoring, and auditing. Its natural language command prompt interface also allows teams to ask questions about their current compliance statuses and execute changes that help mitigate gaps.

Moreover, the platform continuously monitors compliance postures and flags gaps to appropriate personnel. Cypago also simplifies user access reviews by integrating with different company systems to offer CISOs an in-depth view of employee lists, status, and current access.

It comes with in-built dynamic templates to help companies adopt compliance frameworks quickly. Given its capabilities, Cypago is suitable for large-scale compliance challenges that CISOs are poised to face in 2024. 

In addition, companies can define and implement custom security frameworks and display proficiency per unique customer audit needs. The result is a robust GRC framework that reduces the manual workload on security teams.

Security teams can rely on Cypago to identify, mitigate, and flag risks in their compliance framework, freeing up time to dive deeper into complex issues.

Drata: Optimizing Compliance, Streamlining Evidence Collection

Like Cypago, Drata is a compliance automation platform. It caters to companies of all sizes. Drata has a library of pre-built compliance templates that work easily with SOC 2, HIPAA, and other popular compliance frameworks. 

It has a real-time reporting dashboard that produces on-demand insights into an organization’s compliance standings. Drata also offers considerable resources to startups, dedicating its platform to those companies’ unique compliance needs. 

For instance, it offers a templated compliance framework for startups to embrace, removing any guesswork on the company’s part. Company executives adopt Drata’s startup product offering and receive the right frameworks they must follow.

For larger organizations, Drata offers a third-party risk module that offers insights into company vendor security postures. This feature simplifies third-party risk management, as Drata identifies vendor information via SSO and offers companies a library of each vendor’s security posture. It also offers a reporting dashboard to standardize vendor risk reporting.

The result is a well-rounded look at a company’s compliance posture, ensuring no gaps or regulation violations.

LogicGate: Enabling Compliance Through User-Friendly Customization

While the other GRC solutions in this list cater to companies of many sizes, LogicGate aims at enterprise risk management squarely. The company offers a feature-laden platform to aid companies in this regard.

While LogicGate offers risk management and automation capabilities similar to Cypago and Drata, it also offers a risk quantification model. This model translates existing cyber GRC gaps into financial numbers that are more likely to appeal to executives.

This translation also gives security teams an easy way to quantify the impact of any security compliance gaps, aiding reporting. LogicGate simplifies the quantification of operational risk and other company processes. When combined with existing automation capabilities, the platform presents enterprises with a compelling case for adoption.

Companies should note that generating reports on quantified risks takes work on their part. LogicGate suggests companies collect data from small processes and then expand them once proven. It also offers benchmark financial risk data from industry reports like Verizon’s annual Data Breach Investigations report.

Overall, LogicGate is an excellent choice for well-established companies with deep compliance needs. Its feature suite offers excellent automation and monitoring capabilities well-suited to almost every enterprise.

Compliance Is Now a Product Feature

In 2024, compliance obligations will become more stringent, and organizations will receive advance notices and penalties wherever applicable. 

Companies can ensure sustainable success by using the right tools to stay compliant. Therefore, businesses must utilize any of the above platforms instead of ignoring the impact of compliance regulations and embracing transparency in operations.