Wed. Feb 21st, 2024

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What Is Compliance Management?

Compliance management refers to the process of ensuring that an organization’s practices and procedures are in alignment with the regulatory and legal requirements that control its sphere of operation. The goal of a compliance managment system us to reduce an organization’s risk of not meeting the rules, regulations and industry standards that apply to their business which could lead to fines and other significant negative outcomes.

The following must be performed to ensure effective compliance:

• Managers must understand their responsibilities and the organization’s practices to ensure they meet legal and regulatory requirements.
• Employees must perform their functions in adherence to these requirements.
• Business functions must be aligned with compliance requirements.
• Processes and procedures must be established to verify that all requirements are being met.
• A process for identifying and fixing non-compliance issues must be in place.