Organisations need to establish a structured approach to compliance management and demonstrate their commitment to adherence. Compliance management involves the following:
Identify Regulatory Requirements
Focus on compliance gaps
Develop compliance policies & procedures
Implement controls and measures
Monitor compliance
Report and remediate non-compliance
Update and adopt
Document and retain records
Regularly review and improve process
Identify Regulatory Requirements
Focus on compliance gaps
Evaluate the organisation’s current practices and processes to identify any gaps or areas of non-compliance.
Develop compliance policies & procedures
Create and document policies and procedures that outline how the organisation will achieve and maintain compliance.
Implement controls and measures
Put in place controls, processes, and measures to ensure compliance with the identified requirements. This may involve training employees, establishing monitoring mechanisms, and implementing technological solutions.
Monitor compliance
Regularly assess and monitor the organisation’s compliance status. This may include conducting internal audits, assessments, or using compliance monitoring software.
Report and remediate non-compliance
Generate reports to track compliance performance and identify areas of non-compliance. Develop corrective action plans to address any issues and ensure timely remediation.
Update and adopt
Continuously update compliance policies and procedures to reflect changes in regulations or internal processes. Stay informed about emerging compliance requirements and adapt accordingly.
Document and retain records
Maintain proper documentation and records of compliance efforts, including policies, procedures, training records, audit reports, and corrective actions taken.
Regularly review and improve process
Conduct periodic reviews and evaluations to identify opportunities for improvement in compliance management processes and make necessary adjustments.
