What is Regulatory Reporting Software?
Regulatory reporting software is a digital tool designed specifically for streamlining the various workflows related to legal, financial, and operational compliance. These include data collection during safety inspections, quality assurance checks, and accounting audits, comprehensive analysis and validation of information gathered, and submission of reports and relevant documents to regulatory authorities. With this software, manual paperwork and all the problems that come with it are eradicated, assuring companies and their stakeholders of complete adherence to industry standards and government mandates.
Benefits
Despite the millions spent on various compliance efforts, many companies fail to root out problems, prevent misconduct, or align their policies with current regulations. There are numerous reasons why this still happens, but one thing is for sure. A digital platform for regulatory reporting would greatly benefit businesses.
Guarantees accuracy in data collection – When the initial information gathered is erroneous, the results of assessments, calculations, and evaluations will also be flawed. With the help of standardized and industry-approved templates used during inspections or audits, companies can feel confident that they follow good documentation practices and arrive at factual and verifiable data.
Facilitates timely submissions – Manually preparing reports is incredibly time-consuming. The most strenuous part is reviewing a stack of documents and recognizing the most relevant. That issue is eliminated by digital record keeping. Instant report generation, automated scheduling, and pre-programmed notifications prevent delays in submitting compliance documentation.
Keeps up with evolving standards and regulations – Regulations constantly change because there is always a new occupational hazard discovered or financial risk that emerges. Aside from the due diligence of being in the know, the software helps managers realign current policies and reconfigure documentation practices to match new ISO, SEC, or OSHA standards.
Key Features
Facilitating efficient data collection, validation, and reporting is possible with regulatory compliance and reporting software. Listed below are the most essential features that you should take note of:
Templates and Forms
Data Integration
Data Validation
Data Security
Audit Trail
Version Control
Real-time Monitoring
Regulatory Updates
Workflow Builder and Automation
Reporting
Customization and Scalability
Mobile Accessibility
Choosing the Right Regulatory Reporting Software
Any of the platforms described above can provide businesses with a crucial advantage in maintaining legal and operational adherence. Take another look at the top selections in the table provided:
Regulatory Reporting Software | Free Version | Paid Plan | Mobile App |
SafetyCulture | Yes | $24/user/month* | Yes |
ComplianceQuest | No | $30/month | Yes |
OneTrust | Yes | $30/month | Yes |
Workiva | No | Contact for pricing | Yes |
RegEd | No | Contact for pricing | No |
Adenza | No | Contact for pricing | No |
AbleDocs | No | Contact for pricing | No |
SAS | No | Custom quote | No |
* billed annually