5 Steps to Selecting a Regulatory Compliance Software Solution

1)      Understanding and Accepting the Need – Regulatory compliance is a very important part of any business in a regulated industry. Failure to comply with regulations can result in many different consequences:

• Financial Penalties (Government Fines)
• Negative Reputation
• Lack of Safety (sometimes resulting in injury or loss of life)
• Criminal Charges
• Degradation of Corporate Ethics

On top of being required by law, regulatory compliance is an often confusing and convoluted space. Deciding to settle on a regulatory compliance software solution shouldn’t even be a question.

2)      Determining Requirements – The second step in selecting a regulatory compliance software solution is determining what the requirements of your organization are. What are the biggest pain points at your company?

•  Regulatory Change Management
• Policy and Procedure Management
• Risk Management
• Incident Management
• Learning Management

These are all aspects of regulatory compliance to consider heavily but the priority of each will fluctuate from business to business. Ultimately, the compliance software that aligns most with your requirement priorities is the best option.

3)      Budget Analysis – Budget is an important part of most decisions in any business. Larger companies may not be as concerned with cost but for most companies, finding a cost-effective way to comply with regulations is crucial in order to stay profitable. Always discuss the budget for a software solution up front so both parties are on the same page and nobody is shocked once the pricing stage begins. Robust solutions at reasonable prices are available, so don’t be afraid to ask.

4)      Vendor Identification – Shopping around for the right solution is not only OK, it is recommended. There are many options available on the market and finding the right fit for your company is important. Do some research and find at least three vendors that could potentially be a good fit. Regulatory compliance is a significant, long-term investment, which is why it is important to not to go with your first option before looking at others. Remember that “Determining Requirements” is step 2 in the process. This is because knowing your company’s priorities is imperative when narrowing down your options.

5)      Vendor Selection – The fifth and final stage of the process is selecting a vendor. It is important to keep in mind that, rather than buying a regulatory compliance software solution, you are really buying the services of a vendor. Obviously, the software is of great importance. But it is even more important that the vendor knows what you expect of them and is able to meet those demands. Once you have made a final decision, embrace the software and let it serve its purpose. Some employees may be hesitant to change their old ways. Getting everyone on board is crucial to making the solution work as intended. Once the solution is working as intended, the benefits will heavily outweigh the time and money invested in finding the right solution.