Compliance top 10 best practices

Compliance Management Tool Kit provides governance using best practices as driver

With the advent of GDPR for the EU, compliance became more complex. Now enterprises have the situation where they have no physical presence in a location - be it a country, state, metro area, or municipality and the enterprise needs to comply with regulations due to mandated requirements. This adds significant infrastructure and associated compliance costs. It is now more important that ever for a structured compliance process is in place and is auditable.

Top 10 Compliance Best Practices

The compliance process needs to be structured and robust enough to deal with all of the changing compliance requirements. To support this, the top 10 best practices are:

1.      Know industry and governmental compliance requirement - One individual in the enterprise need to understand the regulations that affect your industry and oversee your internal compliance requirements. If possible this individual is a Chief Compliance Officer.

2.      Know enterprise industry's regulatory environment - There needs to be a clear understanding of the regulatory environment the enterprise’s specific industry. Not every organization has the personnel or expertise to stay up to date with every piece of legislation and its requirements on them. Someone in the enterprise should formally add these compliance responsibilities to their jobs. Again, this could be the Chief Compliance Officer (CCO).

3.      Determine enterprise compliance goals - Question to asks what are the goals and objectives of the compliance management process. The enterprise should identify key results that matter to its various stakeholders. It also means establishing clear metrics to measure how well the compliance program meets those goals and objectives.

4.      Create effective policies and procedures - The compliance management best practices means getting all of these expectations and requirements in writing for employees to know and sign off on. And Compliance Management Tool Kit provides that solution to make this process easier and more provable if or when regulators come calling.