Compliance management is the process of ensuring activities across the organization are in line with laws, regulations, and requirements. Requirements are set by a comprehensive collection of entities, including governments, regulatory and industry bodies, and employee unions. Every organization/business must follow rules that require them to perform corporate activities ethically and safely, these rules include all outside regulatory, and legal requirements as well as internal policies. Compliance management involves the procedures and policies used to reduce the risk. This is a documentation exercise and its aim is to protect a company from damage which can be high financial penalties.
Companies can implement compliance software to automate compliance processes. It is an ongoing process of monitoring and assessing systems. Compliance management is important to prevent noncompliance and other damages to the company/business. To do a successful monitor for your business you need to Assess, Organize, Remediate and Report.
Compliance management is usually taken as a standalone process and not attached to strategy execution. Due to this approach, there is a possibility that the compliance requirements can create problems in business continuity and also introduce risks. Hence compliance requirements have to be managed as part of strategy execution and it should be part of the strategy review process as a subtopic.
Compliance managers have some responsibilities such as;
- Manage and supervise control systems
- Create a strategy for preventing damages to legal rules
- Internal policies guidelines
- Estimate the efficiency of controls
- Identify risks or non-conformity issues
- Design, improve and implement productive and efficient company policies
- Team up and maintain continuous communication with the HR department
- Improve current strategies (if necessary)
- Periodically revise procedures, reports, etc.
- Manage colleague works
- Identify compliance issues and give necessary training
Compliance Management Process:
Compliance management will depend on standards and resource availability. Mapping elements will serve as the foundation for the compliance plan and define roles, responsibilities, and processes accordingly. Compliance management process may be different from compliance plan, Review of business/corporate policies, and alignment of corporate leaders to the process if need to implement new tools in the organization. Before implementing the process need to know that:
- Account for all potential risks in the product lifecycle.
- Be clear and understood by all who stand by it.
- Establish Corporate Policies and Procedures.
- Allocate responsibilities.
- Work effortlessly within workflow.
- Make clear when damage occurs so that it can be corrected.
Challenges in Compliance Management:
- Distribute Team across Multiple Platforms
- Volatile Security and Compliance /landscapes
- Using Third Parties
- Clarity in language
- Rigid and Flexible Approach
- Compliance Training is a never-ending task
- Maintaining policies and procedures is a labor-intensive job
fruiStrategy ® EDGE enables you to define compliances of all categories, identify the compliance calendar and ownership, and take appropriate actions through a systems-driven approach as part of the strategy execution process.
fruiStrategy ® EDGE empowers you to execute strategies consistently by linking strategy plan to strategy execution and aligning the whole organization’s actions towards the strategic direction. You can establish a robust strategy execution process empowered by plug-and-play modules to achieve overall organizational transformation in a systems driver approach.
Please contact Shaik Abdul Khadar, Strategy Management Expert at [email protected] or +917799798333 for a quick demo or more information.
For more information about the solution, or a meeting with our experienced Subject Matter Expert, please reach out to [email protected] We would be glad to demonstrate the solution and its capabilities at your convenience.