What is Compliance Management?

Compliance ensures that organizations conduct business within a legal or regulatory framework and operate in a safe manner. It also ensures that employee and/or customer issues are monitored and addressed in a systematic and efficient manner.

*Source: eimf.eu

A compliance management system should be overseen by an organization’s board of directors and senior management team and include a formal compliance program. The compliance program should include the following elements:

• Documented policies and procedures
• Employee training
• Monitoring and/or audits
• System for responding to customer complaints

*Source: compliancecohort.com

To develop an effective compliance management system:

• Ensure that it aligns with your company’s current goals and objectives
• Consider the requirements of your organization’s key stakeholders
• Define the scope of the compliance program, including roles and responsibilities
• Develop written policies and procedures to successfully sustain the program
• Identify laws and regulatory standards that apply to your business and develop a plan for meeting compliance
• Develop a system for managing non-compliance and continuous improvement

*Source: ipro.net