Regulatory compliance software

Staying compliant, the record of having done things properly, from board minutes to safety audits

The finance department's last job is not about money at all. It is about the record of having done things properly:

the board that met, and wrote down its decisions in minutes
the group's companies, registered in forty countries
the safety audit that was carried out
the crisis that was managed, and can be shown to have been managed
the disclosure that told customers what the regulator requires, in the words the regulator requires

Take the water-purifier maker in Pune from Market Segment 11.1, Procurement and source-to-pay software. Its board meets every quarter. Its factory is audited for quality and safety. And one night, a fire breaks out in its warehouse. Afterwards, it must be able to show what it did in each case.

This Market Segment is about the software that keeps that record. Its buyers are companies' finance, legal and compliance teams. It is small: six companies.

Market Segment 4.14, Governance, risk and compliance (GRC) (in Industry Vertical 4, Cybersecurity), covers the compliance of systems and data. This Market Segment covers the compliance of the organisation itself: its board, its people, its factories and its promises to customers.

Some neighbours are covered elsewhere, or not at all:

The environmental and safety compliance of factories and plants is covered in Market Segment 40.7, Carbon accounting and sustainability software (in Industry Vertical 40, Energy and climate tech). Sphera, Intelex and Benchmark Gensuite are covered there.
Risk and compliance platforms, NAVEX and Archer among them, are covered in Market Segment 4.14.
The largest board-portal names, Nasdaq's and OnBoard, are not covered in this Market Segment.

Every company named here has posted software engineering jobs in India. Famous companies that don't actively hire software engineers in India are left out.

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Back to the purifier maker from the start of this Market Segment, and its quarterly board meeting.

Diligent

with engineers in Bengaluru, has more than half of this Market Segment's job postings. It sells the board portal: the secure system in which a company's directors receive their papers, vote and sign the minutes. Diligent turned the board portal into a governance platform. It also manages three more things:

a group's legal entities, meaning each of its registered companies
its risk register, the list of its risks
its ESG reporting, on environmental, social and governance matters

Its Bengaluru centre is one of its main engineering sites.

Now take the fire in the warehouse.

Everbridge

with engineers in Bengaluru, sells critical event management. When a fire, a flood, a cyberattack or an armed attack happens, its system tells every affected employee what to do. It tracks that they are safe, and records that the company responded. (It also appears in Market Segment 4.15, Physical security, surveillance and trust and safety, in Industry Vertical 4, Cybersecurity.)

On the night of the warehouse fire, critical event management tells every affected employee what to do, tracks each one until they are safe, and records that the company responded.

Now take the factory's audits.

Ideagen

with engineers in Hyderabad, is a British compliance-software group. Its products run quality, audit and safety management in aviation, healthcare, manufacturing and professional firms. It has gathered many tools for regulated industries under one name.

Smart Food Safe

an Indian company in Bengaluru, sells the same for one industry. A food maker has to keep records of food safety, quality and traceability, which means tracking each batch back to its ingredients. It keeps them for its auditors and its customers.

Two companies serve a different kind of compliance instead: what a company says to its customers.

Naehas

with job postings in Bengaluru and Delhi, sells a system to banks. Through it, a bank manages the disclosures, the pricing and the marketing offers that regulators require to be accurate and consistent. An AI model now checks the wording against the rules. (It also appears in Market Segment 13.1, Marketing automation and customer engagement platforms, in Industry Vertical 13, Martech.)

J. J. Keller

is an American publisher of regulatory compliance content for transport and workplace safety. It has engineers in Bengaluru.

The record written by a model.

The compliance record is written text: minutes, audit findings, disclosures and policies. AI models write text. So Diligent's board materials, Ideagen's audit reports and Naehas's disclosure checks are all becoming drafts that a model writes and a person approves. Market Segment 4.14 described the same shift. Here it arrives at the board table.

So the purifier maker from the start of this Market Segment keeps three records. One shows what its board decided. One shows that its factory passed its audits. And one shows how it responded on the night of the fire.

The software here keeps four kinds of record: what the board decided, how the company responded on the night of the fire, that its factory passed its audits, and, for banks and other regulated firms, what they told their customers.

Who they hire

Who these companies hire, and for what, is on What finance and accounting software companies hire for.

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