For larger companies, proprietary software has the benefit of standardizing submissions across your firm. Think of the benefits of using template-based forms, but take it one step further. If you're doing a lot of regulatory paperwork manually now, you likely have the issue of different people submitting data/documentation/content in different ways. A software suite tailored to managing these documents may help to ensure all your teams are performing certain tasks the same way.
For example, some of these systems may flag suppliers that don't have completed verification questionnaires on file. Perhaps it could even notify your teams when a supplier hasn't been verified/audited for a certain amount of time.
But at the end of the day, these software suites don't magically do everything for you. It's a "get out what you put in" type of scenario. You need a trained and motivated team to get a lot out of it. If trial versions of these systems exist, I'd strongly suggest trying before you buy.