Corporate Compliance Management Services
Compliance was established to ensure that organizations act responsibly. There are several considerable benefits to be achieved with Corporate Compliance Management. For one, compliance actively fosters positive public opinion about an organization, opening up numerous opportunities that businesses with poor reputation or public image cannot access. It is also a vital element of the internal control process of any organization, helping control content and reduce costs.
Key Aspects of Compliance Management
Compliance management is often divided into three key components:
Finance & Audit
The chief compliance officer identifies all relevant compliance requirements such as these and proceeds with compliance management. He or she also identifies organizations’ short and long-term plans in relation to meeting the compliance requirements of the above-mentioned regulations and more. In line with the principles of compliance management, strategies and step-by-step guidelines are created for meeting the goals.
What is Compliance Management?
Compliance was established to ensure that organizations act responsibly. There are several considerable benefits to be achieved by doing so. For one, compliance actively fosters positive public opinion about an organization, opening up numerous opportunities that businesses with poor reputation or public image cannot access. It is also a vital element of the internal control process of any organization, helping control content and reduce costs.
Compliance with internal policies, especially those related to workplace safety, wages, compensation, rewards and benefits, has a direct impact on employee morale, motivation and productivity, which has its own set of business benefits.
Compliance management is the umbrella term for the approach, function and activities an organization undertakes to comply with legislation, industry regulation/best practices and policies.
It typically includes a set of key tasks, some of which are listed below:
- Identification of the relevant compliance requirements for the organization (defined for instance, in regulations, laws, contracts, strategies and policies of the organization);
- Assessment of the state of compliance within different organizational functions and departments;
- Estimation of expenses to achieve the state of total compliance;
- Estimation of the costs and risks of non-compliance;
- Comparison of cost of non-compliance against expenses for compliance;
- Identification of high-priority compliance tasks and corrective actions deemed necessary after the cost-expense analysis;
- Fund allocation and initiation of tasks;
- Monitoring and management of the compliance tasks.
In addition, the chief compliance officer works with executive managers from other departments, including HR to outline ethical and legal behavior among employees, and create plans of action to promote such behavior. Strategies are put in place to deal with defaulters, depending upon the severity of non-compliance.
Compliance Management Support
The ability to audit, assess, and document evidence that business processes meet the required standards are just some of the key elements to these regulations. Interfacing’s Enterprise Process Center (EPC) provides you with a tool to control your compliance processes by helping you manage the audit, assessment and execution of your underlying business process management. This will make compliance easier and more transparent throughout your organization.
Enterprise Process Center will give your company the ability to automatically and continuously monitor and manage your compliance initiatives. Implementing controls associated with processes and tasks ensures that compliance requirements are followed, while automatic tracking and documentation of all process changes gives management complete oversight.
Compliance Support Features:
- Implement key compliance processes in a visual and easy-to-understand manner
- Support the audit of key processes
- Manage process and document lifecycles
- Define and evaluate controls
- Link risk control plans to process controls
- Develop compliance reports