A compliance management system makes it much simpler for an organization to ensure adherence to business and regulatory requirements, reduce risks associated with non-compliance, and increase customer confidence in their products and services by streamlining compliance and regulation monitoring processes, automating compliance workflows, and providing data-driven insights into their efforts.
Creating a policy and procedure manual is one thing, but if you don’t have a mechanism to enforce those rules and regulations, you run the risk of facing fines, legal action, and other regulatory repercussions. Creating your own compliance program requires hiring a compliance manager, frequently evaluating your policies and procedures, passing audits by your accrediting body, and using a top-down, hands-off, shared, or dispersed form of compliance management.
Compliance management software should be easy to deploy and maintain, requiring minimal IT infrastructure and maintenance on your end. It should also have the necessary security measures in place to ensure data privacy and IP protection.
Other key capabilities include:
Four components of a compliance framework: 1. A compliance program that includes policies, processes, training, monitoring, and corrective actions. 2. Commitment from the senior management team. 3. A customer complaint/satisfaction monitoring program. 4. An audit from an independent body.
*Source: https://cybriant.com
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