Risk ManagementStrategy & Operations

Category Compare: Compliance vs. Risk Management Software

Ashish Upadhyay profile picture
By Ashish Upadhyay

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3 min read
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In this report, we define and compare compliance software and risk management software so you can decide which tool is better suited for your business requirements.

Compliance and risk management software are closely aligned, but knowing when to use which software solution can make all the difference for administration teams. This report will identify the similarities and differences between the two software categories and help you select the right one for your business requirements.

What is compliance software?

Compliance software enables an organization to monitor internal controls to ensure that all standards and compliance obligations are met. Compliance management solutions that focus on financial and accounting compliance standards, such as the Sarbanes-Oxley Act of 2002, help organizations streamline financial documentation, audit trails, and reporting. The ones that focus on environmental compliance requirements help organizations monitor and report emissions, hazmat procedures, and regulatory policies.

What is risk management software?

Risk management software helps organizations reduce exposure to enterprise and operational risk, improving quality and minimizing losses through better data management and internal audit. Such solutions track incidents and potential risks, support evaluation of corrective actions, monitor enterprise-level performance, and promote compliance.

What do they have in common?

Both compliance and risk management software types help organizations comply with and meet standards and regulations to maintain their business integrity and reputation and avoid any threats to their ability to operate (both tangibly and financially).

Both software prevent legal liabilities and other risks to their assets and/or operations. Risk management software can include functionality to assure an organization has regulations or compliances in place to avoid or respond to risks, and to comply with standards of operations. Likewise, compliance software can be used to make sure rules are followed to avoid risks.

Compliance software features

Risk management software features

Which tool is right for you?

Selecting between compliance and risk management software can get tricky. Ideally, you should have both software as part of your organization. However, if you have internal policies and protocols that you need to adhere to, compliance software can help you box-check every rule and ensure maximum adherence.

However, if your business is part of a sensitive industry with lots of regulations and protocols in place, getting your hands on an enterprise risk management solution would make more sense as the software can keep a lookout for old and new regulations and save your business from lawsuits and reputational damage.

The question now is: Which specific tool is right for your business? To start your search, head over to our compliance software or risk management software pages. There you’ll find a sortable list of products, software reviews from verified users, and comprehensive buyers guides.

With so many software options to choose from, it might be helpful to narrow your search to only the most popular and highest-rated solutions. In that case, check out our Capterra Shortlist reports for the top compliance software and risk management software, based on an analysis of thousands of user reviews.

4 top-rated compliance and risk management software

These four products, listed in alphabetical order, are among the top rated in both software categories.

Trial/Free Version

  • Free Trial
  • Free Version

Device compatibility

* Analysis accurate as of date of publication

Trial/Free Version

  • Free Trial
  • Free Version

Device compatibility

* Analysis accurate as of date of publication

Trial/Free Version

  • Free Trial
  • Free Version

Device compatibility

* Analysis accurate as of date of publication

Trial/Free Version

  • Free Trial
  • Free Version

Device compatibility

* Analysis accurate as of date of publication

Note: Reviews and ratings data in the product cards are as of April 19, 2022. New reviews may have been added since the publication of this article, so the data in this piece may not reflect current conditions.

The products in the category comparison images are examples to show a feature in context and are not intended as endorsements or recommendations by Capterra. They have been obtained from sources believed to be reliable at the time of publication.



Methodology

To be included in the list, the products must:

  1. Be listed under Capterra’s 2022 Shortlist report for compliance and risk management software. Learn more about the Capterra Shortlist methodology here.

  2. Meet our software market definition for compliance and risk management software:

  • Compliance: “Compliance software enables an organization to monitor internal controls to ensure that standards and regulations are met. Compliance solutions that focus on financial and accounting compliance standards, such as the Sarbanes-Oxley Act of 2002, help organizations streamline financial documentation, audit trails, and reporting. Solutions that focus on environmental compliance standards help organizations monitor and report on emissions, hazmat procedures, and regulatory policies.”

  • Risk management: “Risk management software helps organizations reduce exposure to enterprise and operational risks, improving quality and minimizing losses through better management of data. These solutions track incidents, facilitate evaluation of corrective actions, monitor enterprise-level performance, and promote compliance.”


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About the Author

Ashish Upadhyay profile picture

Ashish Upadhyay is a content writer at Capterra, helping small businesses identify the right software for their business needs by analyzing user reviews data for the highest rated products in relevant software categories. Prior to joining Capterra, he worked in insurtech, fintech, and real estate. Specializing in marketing, project, and IT management, Ashish’s works have been featured in MAST magazine and Medium. In his free time, he enjoys working out and playing video games.

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