However, Quin reminds organizations that compliance is something not achieved by software alone.

Software programs only establish guidelines and allow an organization to know what needs to be done to ensure compliance, he said. Tools can also set up measures to assess whether employees are actually following these policies.

"A product like Policy Manager can't make you compliant. It falls to employees in an organization to make sure they have read those policies."

Quin said he believes companies are better off working with a professional consultant rather than using a software program. Regulatory compliance can be an extremely complex process.

He said policy management software is useful for general policy management, especially for organizations that cannot afford to hire a professional consultant.