Home > Risk Management Software > NAVEX Global > NAVEX Global vs TrustLayer

NAVEX Global vs TrustLayer

Last Updated: November 18th, 2024

Our analysts compared NAVEX Global vs TrustLayer 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.

Overview Pricing Benefits & Features Analyst Ratings Comparison Charts User Ratings Analyst Summary Screenshots

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Product Basics

Navex Global provides integrated security and compliance management solutions that handle a full range of risk assessments and response protocols. Its reporting and analysis modules track people risk, regulatory risk, business risk and environment, social and governance (ESG) risk. Feedback-driven reporting increases the visibility of opportunities and achievements. Automatically secures users against data breaches, workplace hazards, vendor compliance failures, production disruptions, regulation compliance failures and more with its highly configurable interface.

It compares resource, third-party, performance and corporate data to generate sustainability reports. Provides legally vetted compliance, cybersecurity and ethical training for employees.

TrustLayer is a sophisticated software solution designed to streamline and enhance risk management processes. It automates the verification of insurance, licenses, and compliance documents, making it particularly beneficial for businesses that manage numerous vendors, contractors, or partners. The platform is ideal for industries such as construction, real estate, and finance, where managing risk and compliance is critical.

Key benefits of TrustLayer include reducing administrative burdens, minimizing human error, and ensuring continuous compliance. Popular features encompass automated certificate of insurance (COI) tracking, real-time verification, and seamless integration with existing systems. Users appreciate its intuitive interface and robust reporting capabilities, which provide actionable insights into risk exposure.

Compared to similar products, TrustLayer stands out for its user-friendly design and comprehensive automation features, which significantly cut down on manual tasks. Pricing details are not readily available, so it is recommended to contact SelectHub for a tailored quote based on specific needs.

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Product Insights

Adjustable Hotline: Includes the option to scale up the reach of the EthicsPoint reporting platform.
Extensive Training Resources: Training modules come equipped with a variety of content, especially for HIPAA and compliance training.
Custom Training: Familiarize freshers with company policies and training resources.
Record Document Changes: Track all changes made to a document with complete version control.
Increase Brand Awareness: Customize the platform to showcase the company’s brand and feel.

Enhanced Compliance: TrustLayer automates the verification of insurance certificates, ensuring that all vendors and contractors meet compliance requirements without manual intervention.
Risk Reduction: By continuously monitoring and validating insurance coverage, TrustLayer helps mitigate potential risks associated with uninsured or underinsured parties.
Time Savings: The platform streamlines the process of collecting and verifying insurance documents, freeing up valuable time for risk management teams to focus on more strategic tasks.
Improved Accuracy: Automated data entry and validation reduce the likelihood of human errors, ensuring that all information is accurate and up-to-date.
Centralized Documentation: TrustLayer provides a single repository for all insurance documents, making it easy to access and manage records from one centralized location.
Real-Time Updates: The software offers real-time updates on the status of insurance certificates, allowing for immediate action if a policy lapses or is insufficient.
Enhanced Collaboration: TrustLayer facilitates better communication and collaboration between risk management teams, vendors, and contractors through its integrated platform.
Cost Efficiency: By reducing the need for manual processes and minimizing the risk of non-compliance penalties, TrustLayer can lead to significant cost savings for organizations.
Scalability: The platform is designed to grow with your business, easily handling an increasing number of vendors and insurance certificates as your operations expand.
Data Security: TrustLayer employs robust security measures to protect sensitive information, ensuring that all data is stored and transmitted securely.
Customizable Workflows: The software allows for the creation of tailored workflows that align with your organization's specific risk management processes and requirements.
Audit Readiness: With all documentation and verification processes logged and easily accessible, TrustLayer simplifies the preparation for audits and regulatory reviews.
Vendor Accountability: The platform holds vendors accountable by providing clear visibility into their compliance status, encouraging them to maintain proper insurance coverage.
Integration Capabilities: TrustLayer can seamlessly integrate with existing enterprise systems, enhancing overall operational efficiency without disrupting current workflows.
Proactive Risk Management: By identifying potential issues before they become problems, TrustLayer enables a more proactive approach to managing risk.

IT Risk Management: Maintain a complete inventory of all IT assets. Get contextual insights into IT risks, exploits and vulnerabilities. Prioritize investigation and triage responses based on estimated impact on business processes.
- Monitor Performance: Use the dashboard to track daily activities and risk assessment programs. Monitor program performance based on KPIs and KRIs.
- Streamlined Data: Categorize all internal and external data into actionable information. Automatically consolidate, correlate and deduplicate data to improve threat response rate.
- Business Protection: Implement best practice strategies to predict and debilitate future breaches. Analyze the impact of disruptions on different departments and create recovery plans to ensure continuity.
- Constant Security: Monitor risks in real time with continuous evaluation of risk profiles, strategies, compliance posture, remediation processes and obligations.
- Compliance: Use the compliance program to continuously check for changes in contractual obligations, certification laws, industry standards and regulatory requirements. Automate data entry for all compliance-related activities.
Health and Safety: Address health and safety concerns with a compliance program designed to follow multiple regulations. Catalog all work-related incidents to process reports faster and mitigate the risk of future occurrences. Improve visibility into hazardous incidents by collaborating across various departments and units.
Third-Party Risk Management: Maintain complete visibility over third-party risks by centralizing vendor information and risk assessment data. Automate risk investigation and remediation with preconfigured frameworks and controls.
- Third-Party Compliance: Prepare and issue policies for third parties. Check vendor compliance posture with regular tests.
Business Continuity Management: Test key assets to study the impact of potential disruptions and breaches on business continuity. Benchmark the effectiveness of preventive programs and scan the system for disruptive changes.
- Templates: Streamline the organization’s resilience and recovery program with best-practice templates and contextual reports.
Privacy, Risk and Compliance Management: Create a privacy program to identify and manage compliance requirements like CCPA, HIPAA, GLBA and more. Safeguard client data with time-tested security frameworks and policies.
- Privacy Objectives: Clearly define the organization’s data privacy standards. Track data processing activities and analyze the potential impact of privacy breaches.
Operational Risk Management: Ensure continuity of operations with a contextual understanding of business processes. Get a 360-degree view of enterprise risk with the centralization of all regulatory information and risk data. Monitor for changes in the risk and compliance environment and adapt the risk profile accordingly.

Automated Certificate Collection: Streamlines the process of collecting insurance certificates from vendors, reducing manual effort and errors.
Real-Time Verification: Ensures that insurance certificates are valid and up-to-date by verifying them in real-time against insurance carrier databases.
Customizable Compliance Rules: Allows users to set specific compliance requirements tailored to their business needs, ensuring that all vendors meet the necessary standards.
Integration with Existing Systems: Seamlessly integrates with popular ERP, CRM, and procurement systems, enhancing workflow efficiency without disrupting existing processes.
Risk Scoring: Provides a comprehensive risk score for each vendor based on their insurance coverage and compliance status, aiding in informed decision-making.
Document Management: Centralizes storage of all compliance documents, making it easy to access and manage them from a single platform.
Automated Reminders: Sends automated notifications to vendors and internal teams about upcoming certificate expirations, ensuring continuous compliance.
Audit Trail: Maintains a detailed log of all actions taken within the platform, providing transparency and accountability for compliance activities.
Custom Reporting: Generates detailed reports on compliance status, risk levels, and other key metrics, helping businesses stay informed and proactive.
User-Friendly Interface: Features an intuitive and easy-to-navigate interface, making it accessible for users of all technical skill levels.
Secure Data Handling: Employs robust security measures to protect sensitive information, ensuring compliance with data protection regulations.
Vendor Portal: Provides a dedicated portal for vendors to upload and manage their compliance documents, streamlining communication and collaboration.
Scalability: Designed to accommodate businesses of all sizes, from small enterprises to large corporations, with scalable features and pricing plans.
API Access: Offers API access for custom integrations and advanced functionality, allowing businesses to tailor the platform to their specific needs.
Training and Support: Includes comprehensive training resources and responsive customer support to ensure users can effectively utilize the platform.

Product Ranking

#25

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#56

among all
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Analyst Rating Summary

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User Sentiment Summary

77%

of users recommend this product

NAVEX Global has a 'good' User Satisfaction Rating of 77% when considering 47 user reviews from 3 recognized software review sites.

100%

of users recommend this product

TrustLayer has a 'excellent' User Satisfaction Rating of 100% when considering 4 user reviews from 2 recognized software review sites.

3.6 (17)

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3.93 (22)

5.0 (2)

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4.3 (8)

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Awards

Synopsis of User Ratings and Reviews

Functionality: All the users who reviewed this aspect were satisfied with the platform’s functionalities, especially the EthicsPoint reporting hotline.

Ease of Use: According to 63% of users who reviewed this element, the system's intuitive UI makes it easy to navigate.

Performance: 71% of reviewers mentioning this aspect expressed satisfaction with the platform’s performance and uptime.

Training Resources: Regarding this feature, 92% of reviewers said that the training material has high-quality content.

Data Management: 80% of users who reviewed this feature were pleased with data management capabilities, particularly data organization, storage and search functions.

Automated Compliance: TrustLayer automates the process of collecting, tracking, and verifying insurance documents, reducing the risk of manual errors and ensuring compliance.

Time Savings: By automating previously manual tasks, TrustLayer frees up valuable time for risk managers to focus on more strategic initiatives.

Improved Visibility: The platform provides a centralized hub for managing certificates of insurance, making it easy to track compliance status and identify potential risks.

User-Friendly Interface: TrustLayer is designed with a simple and intuitive interface, making it easy for users to adapt to the platform and navigate its features.

Service and Support: Customer support is rigid, unfriendly and unprofessional, according to 85% of reviewers talking about this element.

Cost: 100% of users who mentioned this aspect said the licensing charges are unflinchingly high.

Limited Customization: While TrustLayer is a powerful platform, it lacks some customization options, making it difficult for some businesses to tailor the software to their specific needs.

Integration Issues: Some users have reported difficulties integrating TrustLayer with their existing systems, which could pose problems for businesses that rely on multiple software solutions.

Organizational Compliance Feature: A user expressed a desire to be able to turn off the organizational compliance feature, finding it unnecessary for their needs.

Managing Numerous Organizations: A user managing dozens of organizations found it tedious to make changes at the individual organization level, suggesting a need for a master-level management feature.

Navex Global offers integrated risk management solutions for all business sectors. The EthicsPoint reporting hotline makes it the gold standard for ethics and compliance solutions. On top of that, it has an impressive knowledge base. Its reliable uptime provides real-time access to all your data. However, the customer service is unflattering. Subscription charges are expensive, and contract negotiations are long and difficult. Navex Global makes sense as an acquisition if you need an ethics and compliance management solution, but better risk management systems are available with a superior price to performance ratio.

TrustLayer emerges as a highly regarded risk management tool, receiving overwhelmingly positive feedback from users, particularly those in mid-market companies. Customers rave about its intuitive platform, making insurance verification a breeze. A recurring theme in user reviews is the "user-friendliness" of the platform, with one user even claiming they "picked up how to use it in about an hour." Users particularly appreciate the automation features that streamline compliance tracking, freeing up valuable time and minimizing errors, which is essential for maintaining accurate records and mitigating potential risks. However, some users expressed that the initial setup could be smoother and wished for faster customer support responses. Overall, TrustLayer proves to be a perfect fit for organizations, particularly those in construction and those with 51-1000 employees, aiming to simplify their risk management processes and enhance their compliance procedures.

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FAQ

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