Home > Risk Management Software > Riskonnect > Riskonnect vs ComplyWorks

Riskonnect vs ComplyWorks

Last Updated: November 18th, 2024

Our analysts compared Riskonnect vs ComplyWorks based on data from our 400+ point analysis of Risk Management Software, user reviews and our own crowdsourced data from our free software selection platform.

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Product Basics

Riskonnect is a cloud-based solution to manage enterprise risk, improve efficiency and boost performance. Its reporting and analytics modules integrate insurable and non-insurable risks to correlate their associations and prevent future occurrences. Users can automate routine processes, break down information silos, drive cross-platform collaboration and coordinate risk mitigation. Provides intuitive data visualizations to propel data-driven decisions and transformation.

It compiles all data securely under one roof and provides detection, analysis and response modules against third-party risk, enterprise risk and health and safety risk. Users can monitor the administration of claims, handle legal and corporate compliance, and manage audits and healthcare from one interface.

ComplyWorks offers a comprehensive software solution designed to streamline risk management and compliance tasks. This platform is particularly well-suited for industries with stringent regulatory requirements, such as construction, energy, and manufacturing, due to its robust capabilities in managing contractor compliance, safety protocols, and workforce qualifications. Users appreciate the software's intuitive interface, which simplifies the tracking of compliance documents and the monitoring of risk factors in real-time.

One of the standout features is its ability to automate compliance workflows, reducing administrative burdens and minimizing human error. Additionally, the software provides detailed analytics and reporting tools, enabling organizations to make informed decisions based on accurate data. Pricing for ComplyWorks typically varies based on the number of users and the specific modules required, with options for monthly or annual payments, making it flexible for different budgetary needs.

Compared to similar products, users often highlight ComplyWorks' user-friendly design and the efficiency it brings to compliance management. The platform's ability to integrate seamlessly with existing systems further enhances its appeal, ensuring a smooth transition and ongoing operation. Overall, ComplyWorks stands out for its reliability and effectiveness in mitigating risks and ensuring compliance.

$283,000 Annually

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$489 Annually

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Product Insights

Enhanced Decision Making: Riskonnect provides real-time data and analytics, enabling businesses to make informed decisions quickly. This leads to better risk management strategies and operational efficiency.
Comprehensive Risk Visibility: The software offers a 360-degree view of risk across the organization, identifying hidden exposures and interdependencies. This holistic perspective helps in mitigating risks more effectively.
Streamlined Compliance: With Riskonnect, organizations can easily adhere to regulatory requirements and standards. The software automates compliance tasks, reducing the likelihood of errors and penalties.
Improved Risk Response Time: The platform's proactive alerts and notifications system ensures that potential risks are identified and addressed promptly, minimizing their impact on the business.
Cost Reduction: By identifying and mitigating risks early, Riskonnect helps in avoiding costly incidents. This proactive approach results in significant savings on potential losses and insurance premiums.
Enhanced Collaboration: Riskonnect fosters collaboration among teams by providing a centralized platform for sharing information and strategies related to risk management. This improves coordination and the execution of risk mitigation plans.
Customizable Reporting: The software offers flexible reporting tools that allow businesses to create tailored reports. These insights can be used to track progress, identify trends, and make strategic adjustments.
Increased Operational Resilience: By managing risks effectively, Riskonnect helps businesses to become more resilient. This resilience enables organizations to withstand shocks and adapt to changes in the business environment.
Strategic Risk Management: Riskonnect not only helps in operational risk management but also aligns risk management with strategic objectives. This alignment ensures that risks are managed in a way that supports long-term goals.
Scalability: The platform is designed to grow with your business, accommodating new risks and compliance requirements as your organization expands. This scalability ensures that Riskonnect remains a valuable tool over time.

Enhanced Compliance: ComplyWorks ensures that your organization adheres to industry regulations and standards, reducing the risk of non-compliance penalties.
Streamlined Processes: By automating compliance tasks, the software minimizes manual effort, allowing your team to focus on core business activities.
Improved Risk Management: The platform provides tools to identify, assess, and mitigate risks, enhancing overall organizational safety and security.
Centralized Data Management: ComplyWorks consolidates all compliance-related data in one place, making it easier to access and manage information.
Real-Time Monitoring: The software offers real-time tracking of compliance status, enabling prompt action on any issues that arise.
Customizable Reporting: Generate tailored reports to meet specific regulatory requirements or internal needs, facilitating better decision-making.
Cost Efficiency: By reducing the need for manual compliance checks and minimizing the risk of fines, ComplyWorks can lead to significant cost savings.
Enhanced Accountability: Assign and track compliance tasks to specific team members, ensuring clear responsibility and accountability.
Scalability: The platform can grow with your organization, accommodating increasing compliance needs as your business expands.
Audit Readiness: Maintain a comprehensive audit trail with detailed records of compliance activities, simplifying the audit process.
Vendor Management: Efficiently manage and monitor third-party vendors to ensure they meet your compliance standards.
Training and Certification Tracking: Keep track of employee training and certifications, ensuring that all staff are qualified and compliant.
Enhanced Collaboration: Facilitate better communication and collaboration among team members through shared access to compliance data and tasks.
Proactive Issue Resolution: Identify potential compliance issues before they become problems, allowing for proactive resolution.
Regulatory Updates: Stay informed about changes in regulations and standards, ensuring your compliance practices are always up-to-date.

Risk Management Information System: Consolidate system, risk and people data from multiple sources into a single source of truth. Streamline and automate regulatory, risk and incident management processes with custom workflows. Investigate the shifting risk landscape to discover unprecedented insights, hidden relationships and actionable information.
Claims Administration: Integrate incident entry, claims data, people information and compliance status under the same platform. Automate intake processes, documentation management, data entry and validation. Manage indemnity-based benefit plans and return-to-work initiatives in accordance with Official Disability Guidelines.
- Electronic Report of Injury: Follow workers’ compensation guidelines in creating and filing the First Report of Injury (FROI) and Subsequent Report of Injury (SROI). Automatically populate entries with existing data. Submit electronic data interchange reports in accordance with standard IAIABC EDI requirements, including SIEDRS.
- Data Transformation Services: Clean, process, transform and validate data from multiple external sources used by carriers and TPAs.
Internal Audit: Perform internal audits for operational, compliance, IT and financial processes. Automate task assignment, document management, data deduplication, status reports, data entry, productivity reports and more. Use the intuitive dashboard to create remediation measures and storyboard-driven reports.
Third-Party Risk Assessment: Consolidate all third-party supplier information, including vendor agreements, policies, access credentials and contracts. A dedicated vendor portal tracks documentation, issues, questionnaires and responses. Create point-and-click reports and assign vendor risk scores and overall classification.
- Certificate Management: Access all certificates of insurance (COI) through a common portal. Automate compliance management, administration and review of COIs. Issue alerts for vendors with out-of-compliance certifications.
Enterprise Risk Management: Get a 360-degree view of risk with integrated identification, remediation and monitoring. Use the dashboard to track risk assessments based on KPIs and KRIs. Correlate risks and run custom reports with drag-and-drop builders. Set up custom risk thresholds.
- Risk Register: Identify vulnerable business processes with a heat map of assessed risks. Categorize risks according to location, business unit or risk score.
Healthcare: Securely manage safety and risk obligations, including enterprise risk, third-party suppliers, compliance, patient safety, provider quality and more. Eliminate information silos and share actionable, accurate and critical data across multiple departments.
- Patient Safety: Manage the entire range of patient experience from non-clinical rounding to long-term care. Track incidents throughout the patient lifecycle, capture incidents, send alerts, visualize satisfaction metrics and more. Connect clinical data to corporate and legal regulations.
- Provider Quality Management: Streamline the provider accreditation appraisal process for Ongoing Professional Practice Evaluation (OPPE) and Focused Professional Practice Evaluation (FPPE).
- Risk and Insurance: Automatically consolidate claims data and categorize entries based on department, specialty, event date, similarity and allegation. Track healthcare and payment history.
Compliance: Manage corporate and legal policies, procedures and requirements. Implement control frameworks and automate assessments, remediation and testing. Link risks to associated assets, processes and patients. Comply with frameworks, regulations and industry guidelines including NIST CSF, HIPAA, COBIT, FDA, SOX, GLBA, ISO 27001 / 27002 / 31000, and more.
- Regulatory Change Management: Always keep an eye out for changes in federal and state regulations. Automatically notify key stakeholders and administrators about essential changes.
- Content Framework: Import content associated with tens of thousands of controls and regulations via the Unified Compliance Framework.
- Corporate Policy Management: Manage corporate policies, reviews, approvals and training with built-in workflows. Categorize based on policy metadata, key dates, domain, title, vendor and other important information. Identify policy violations through continuous surveillance.
Health and Safety: Get a comprehensive view of safety processes, compliance requirements, hazard data and workplace incidents to spot trends and warning signs. Leverage easy-to-use screens, anonymous entry, web-based access and intuitive forms to streamline the incident reporting process. Automatically alert incident investigators and transfer data across channels with preloaded protocols.
- Claims Regulatory Compliance: Use existing safety data to track deadlines and reportable incidents in real time. Create timelines for critical reports.
- Audit: Continuously evaluate the status of existing incident reports and compare results against past audit scores.

Compliance Management: Streamlines the process of ensuring that all contractors and suppliers meet regulatory and internal compliance requirements.
Document Management: Centralizes storage and retrieval of critical documents, making it easier to manage and access compliance-related paperwork.
Risk Assessment: Provides tools for evaluating and mitigating risks associated with contractors and suppliers, helping to ensure safer operations.
Audit Trails: Maintains detailed logs of all compliance activities, offering transparency and accountability for audits and reviews.
Automated Notifications: Sends alerts and reminders for upcoming compliance deadlines, reducing the risk of missed obligations.
Customizable Dashboards: Offers user-friendly dashboards that can be tailored to display key compliance metrics and performance indicators.
Training Management: Tracks and manages training requirements for contractors and employees, ensuring that all personnel are adequately trained.
Integration Capabilities: Seamlessly integrates with other enterprise systems, such as ERP and HR software, to provide a unified compliance management solution.
Reporting and Analytics: Generates comprehensive reports and analytics to help organizations understand their compliance status and identify areas for improvement.
Mobile Access: Allows users to access compliance information and perform tasks from mobile devices, enhancing flexibility and responsiveness.
Supplier Management: Facilitates the evaluation and monitoring of suppliers, ensuring they meet the organization's compliance standards.
Incident Management: Tracks and manages incidents related to compliance, helping organizations respond quickly and effectively to issues.
Workflow Automation: Automates routine compliance tasks, reducing manual effort and increasing efficiency.
Security Features: Implements robust security measures to protect sensitive compliance data from unauthorized access and breaches.
Scalability: Designed to scale with the organization, accommodating growth and increasing complexity in compliance requirements.

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Analyst Rating Summary

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User Sentiment Summary

82%

of users recommend this product

Riskonnect has a 'great' User Satisfaction Rating of 82% when considering 12 user reviews from 2 recognized software review sites.

80%

of users recommend this product

ComplyWorks has a 'great' User Satisfaction Rating of 80% when considering 1 user reviews from 1 recognized software review sites.

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Synopsis of User Ratings and Reviews

Centralized Risk Management: Riskonnect provides a centralized platform to manage various risk types, including operational, IT, third-party, and compliance risks. This allows organizations to gain a comprehensive view of their risk landscape and make informed decisions.

Customizable and Scalable: The platform's flexibility allows organizations to tailor it to their specific needs and risk management processes. As businesses evolve, Riskonnect can scale to accommodate growth and changing requirements.

Improved Reporting and Analytics: Riskonnect offers robust reporting and analytics capabilities, enabling organizations to generate insightful reports, identify trends, and track key risk indicators. This data-driven approach facilitates better risk management decision-making.

Enhanced Collaboration: The platform fosters collaboration among risk management teams, departments, and stakeholders. It streamlines communication, facilitates information sharing, and promotes a more coordinated approach to risk management.

Easy to Use: Users find the interface intuitive and straightforward, making it easy to navigate and manage risk assessments, even for those new to the platform.

Comprehensive Features: ComplyWorks offers a wide range of features, including risk assessments, audits, policies, and training, allowing users to manage their risk program effectively.

Strong Reporting Capabilities: The platform provides detailed reports and dashboards, giving users a clear picture of their risk profile and allowing them to track progress over time.

Excellent Customer Support: Users consistently praise the responsiveness and helpfulness of the ComplyWorks support team, who are available to assist with any questions or issues.

Usability Challenges: The platform's interface can feel clunky and outdated, leading to a steep learning curve for new users. Common tasks, like generating reports or navigating between modules, can be more cumbersome than anticipated.

Performance Issues: Users occasionally experience slow loading times and system lags, especially when dealing with large data sets or complex workflows. This can hinder productivity and cause frustration, particularly for time-sensitive risk management tasks.

Customization Limitations: While Riskonnect offers some degree of customization, users may find it restrictive when tailoring the platform to their specific needs and workflows. This can lead to workarounds and inefficiencies as users try to adapt the system to their unique requirements.

Limited Customization: Some users have found the platform's customization options to be limited, making it difficult to tailor the system to their specific risk management needs. For example, they may not be able to create custom reports or dashboards that align with their unique requirements.

Steep Learning Curve: The platform's interface can be complex and challenging to navigate, especially for new users. This can lead to frustration and a longer time to become proficient in using the system.

Integration Challenges: Users have reported difficulties integrating ComplyWorks with other systems they use, such as their CRM or ERP. This can create data silos and make it harder to get a comprehensive view of their risk management activities.

Lack of Mobile App: The absence of a dedicated mobile app can make it inconvenient for users to access and manage their risk management tasks on the go.

Can Riskonnect help you reconnect with a sense of control over your organization's risk landscape? User reviews from the past year suggest that it can, particularly for those seeking a comprehensive and integrated approach to risk management. Users praise Riskonnect for its user-friendly interface and robust features, highlighting its ability to centralize risk data, streamline risk assessment processes, and facilitate informed decision-making. For example, the software's bow tie analysis feature allows users to visually map out the causes and consequences of potential risks, enabling proactive risk mitigation. This comprehensive approach sets Riskonnect apart from competitors that may focus on only specific aspects of risk management. However, some users have noted that the initial setup of Riskonnect can be complex and the software can be expensive. These drawbacks may make it less suitable for smaller organizations with limited budgets and technical expertise. Overall, Riskonnect appears to be best suited for larger organizations with complex risk profiles and the resources to implement and manage a sophisticated risk management solution. Its ability to integrate risk information across different departments and provide a holistic view of organizational risk makes it a valuable tool for enterprises seeking to enhance their risk management posture.

Does ComplyWorks really work to mitigate risk, or does it fall short? User reviews from the past year present a mixed bag. While many appreciate the platform's user-friendliness, particularly when onboarding new contractors, some have voiced concerns about its limitations. For instance, ComplyWorks excels at simplifying contractor additions, allowing businesses to prioritize overall compliance monitoring. However, users looking for robust reporting or advanced analytics might find it lacking compared to competitors like Avetta or ISNetworld. This difference stems from ComplyWorks' focus on ease of use over in-depth data analysis, making it ideal for small to medium-sized businesses prioritizing streamlined contractor management and basic compliance needs. Larger enterprises seeking comprehensive risk analysis tools might require a more feature-rich solution.

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FAQ

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