Industry Background:
Compliance Management Systems (CMS) is a software intended to centralize, consolidate, automate and streamline business processes. The processes involved are regarding the applicable government and professional standards and regulations. The activities include internal or third-party audits, preparing reports and providing supporting documents among others. The deployment of this system allows risk management, optimize workflow and provide staff with knowledge on compliance requirements. An effective CMS is commonly comprised of three interdependent elements that include board and management oversight, compliance program, compliance audit. Organizations are adopting this system in order to ensure compliance with rules as well as, any internal or external standards and in turn avoid penalties or shut down.This growth is primarily driven by Increasing Need to Automate and Streamline Business Processes and Growing Need to Remain Profitable In the Highly Competitive Environment.
Globally, a noticeable market trend is evident Growing Need for Internal Audit Features
. Major Players, such as KPA, LLC (United States), Reciprocity, Inc (United States), Tallyfy, Inc. (United States), AssurX Inc. (United States), Zoho Corp (India), Diligent Corporation (United States), LogicManager (United States), Corporater (Norway), MasterControl (United States), Zenefits (United States) and Nintex (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In August 2019, ReposiTrak added Artificial Intelligence (AI) to its compliance management system for improved automated document review accuracy. These new features enable a higher level of automation that will deliver even more time savings in reviewing and accepting documents for compliance. and In September 2019, Continuity acquired TraceRisk. Continuity is one of the leaders in regulatory technology and compliance management systems (CMS) for financial services organizations. TraceRisk is a provider of cloud-based enterprise risk management (ERM) solutions. The acquisition was aimed to connect the strategic aspects of enterprise risk management to the tactical oversight of compliance management on a singular, unified platform.
In June 2019, Ncontracts launched its Compliance Management System (CMS), Ncomply. The software leverages an effective risk management workflow in the regulatory compliance side of financial institutions. Ncomply is a full-fledged compliance management system designed to streamline regulatory compliance by Interpreting regulations and keeping up with changes; Offering cross-departmental collaboration; Maintaining organized records needed to produce reports for examiners and board meetings; And keeping track of policy changes, approvals, and training activity.
Market Drivers
- Increasing Need to Automate and Streamline Business Processes
- Growing Need to Remain Profitable In the Highly Competitive Environment
Market Trend
- Growing Need for Internal Audit Features
- CRM with Business Intelligence (BI) Tools and Machine Learning (ML) Technology Are Trending
Restraints
Opportunities
Growing Need to Analyze Regulatory Requirements, Policies, and Obligations and Increasing Need to Integrate Decision Processes within the Organizations
Challenges
Data Breaching and Hacking
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Compliance Management Systems Study Sheds Light on
The Compliance Management Systems Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Compliance Management Systems industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Compliance Management Systems industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.