Compliance Management: Ensuring Conformity with Rules and Regulations
Effective compliance management ensures that organizations consistently adhere to rules and regulations. Its sustainability is achieved through seamless integration into the corporate culture, staff behavior, and attitudes. To preserve independence, compliance management should blend into different organizational processes (such as financial, risk, quality, environmental, health, or safety management processes) according to operational needs.
Benefits of a Compliance Management System
Through an effective, company-wide compliance management system (CMS), businesses show their commitment to complying with various, requirements, rules, and regulations. The CMS sets guidelines and proven organizational practices that guarantee a company's adherence to legal mandates, industry standards, and internal governance protocols. This helps foster a culture of ethics and compliance to meet society's growing expectations. Additionally, a CMS facilitates conformity with both internal and external agreements and can be integrated with risk management to effectively reduce compliance risks. Generally, it is recommended for companies to base their compliance management system on internationally recognized standards such as ISO 19600, ISO 37301, or IDW PS 980.
Key Considerations for Your Compliance Management System
To ensure successful compliance processes, you should address relevant challenges early in your CMS implementation. Here are some crucial points to consider:
Meeting heightened compliance expectations from senior management, the supervisory board, and audit committee despite resource constraints
Exploring new areas that demand highly specialized expertise, like cybersecurity audits
Establishing the compliance team as trusted advisors (rather than an "internal police force") who help refine processes, procedures, and guidelines
Adapting skill sets to match the demands of evolving technologies and expertise fields, such as AI, cybersecurity, or RPA
Advantages of Compliance Management Software
Explore the diverse capabilities of our comprehensive GRC platform, BIC GRC, to establish a reliable and future-proof compliance management system for your organization.
- Record and evaluate all important compliance risks systematically as part of regular checks
- Establish and monitor key controls within your CMS using our compliance control management
- Modify compliance risks securely and efficiently with our workflow-driven case management
- Enjoy seamless integration of your CMS with other GRC areas in your organization (e.g., risk management or internal audit)
- Create detailed documentation of all compliance risks, processes, and procedures within your CMS
Which BIC Solution Is Right for Me?
Whether you prefer a customized or pre-built solution, GBTEC provides the perfect software for your compliance management system. Explore our extensive range of GRC solutions and see for yourself.
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