"In general, compliance means conforming to a rule, such as a specification, policy, standard or law."
The process of ensuring a business is adhering to relevant laws and regulations related to risk management.
Risk Assessment: Identifying, assessing, and prioritizing risks to an organization's regulatory compliance obligations.
Regulatory Compliance Frameworks: Understanding the different frameworks and standards relating to regulatory compliance, such as ISO 27001, NIST SP 800-53, GDPR, PCI DSS, etc.
Policy and Procedure Development: Managing policies and procedures that ensure compliance with regulatory requirements.
Compliance Auditing: Conducting compliance audits, identifying and rectifying potential compliance issues.
Regulatory Compliance Training: Internal training course helps employees understand their roles in regulatory compliance.
Data Privacy and Protection: Protecting sensitive data from unauthorized access, deletion or exposure.
Incident Management: Responding to regulatory compliance incidents when they occur, identifying the breach, and addressing necessary corrective measures.
Record Management: Organizing and managing documentation to ensure compliance, and accessibility.
Risk Mitigation Strategies: Developing preventive and mitigation strategies to minimize or avoid regulatory compliance risks.
Regulatory Compliance Reports: Creating accurate and timely regulatory compliance reports required by certain regulations.
Change Management: Aligning changes to business processes and systems with regulatory compliance requirements.
Vendor Management: Monitoring and managing vendors' compliance in accordance with regulatory requirements.
Ethical considerations: Understanding and implementing ethical values and ideas in business practices that are crucial in regulatory compliance.
Effective Communication Strategies: Encouraging open communication and trust within the business to ensure compliance objectives are met.
Business Continuity Planning: Ensuring regulatory compliance program resilience through a comprehensive continuity plan.
Enterprise Risk Management: Governance, structure, and processes to manage all of the risks to your organization.
Compliance Management Systems: Maintaining and adhering to compliance systems and policies across the board.
industry-specific regulations: Regulations and compliances to adhere to in industries like financial, healthcare, and insurance.
The legal process: The legal process of complying with regulations, including reporting and filing procedures.
Internal audits: Regularly scheduled audits to ensure all regulatory compliances are met or the deviances are noted and addressed accordingly.
Data protection and privacy compliance: This type of regulatory compliance ensures that businesses are protecting personal data, complying with privacy laws such as GDPR, HIPAA and CCPA, and safeguarding confidential information.
Financial compliance: This type of compliance is specific to financial institutions and involves following regulations set by governing bodies such as the Federal Reserve or Securities and Exchange Commission. The purpose of financial compliance is to ensure accurate and transparent reporting of financial transactions.
Environmental compliance: This type of regulatory compliance focuses on the impact of a business's operations on the environment. It may involve adhering to guidelines surrounding waste management, emissions, or other environmental factors.
Labor law compliance: This type of compliance covers a wide range of laws, such as anti-discrimination laws or minimum wage requirements, that protect employees in the workplace.
Healthcare regulatory compliance: This type of regulatory compliance involves following HIPAA and other laws and regulations that ensure patient confidentiality and security.
Food safety compliance: This type of compliance pertains to the production and distribution of food products, ensuring that businesses adhere to basic hygiene and sanitation standards and correctly label their products.
IT governance compliance: This type of regulatory compliance ensures the security, data privacy, reliability, and availability of information systems for both customers and employees.
Safety and health compliance: This type of compliance is concerned with ensuring a safe and healthy work environment for employees, including following OSHA guidelines.
Export compliance: This type of compliance requires businesses to follow specific laws and regulations around exporting to different countries, such as trade embargoes, sanctions, and licensing requirements.
Anti-corruption and bribery compliance: This type of compliance focuses on preventing bribery and corruption in business transactions, requiring companies to have policies and procedures in place that prevent bribery.
"Compliance has traditionally been explained by reference to the deterrence theory, according to which punishing a behavior will decrease the violations both by the wrongdoer (specific deterrence) and by others (general deterrence)."
"[Economic theory] has framed punishment in terms of costs and has explained compliance in terms of a cost-benefit equilibrium."
"Granting rewards or imposing fines for a certain behavior is a form of extrinsic motivation that weakens intrinsic motivation and ultimately undermines compliance."
"Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations."
"This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources."
"Regulations and accrediting organizations vary among fields, with examples such as PCI-DSS and GLBA in the financial industry, FISMA for U.S. federal agencies, HACCP for the food and beverage industry, and the Joint Commission and HIPAA in healthcare."
"Some cases other compliance frameworks (such as COBIT) or even standards (NIST) inform on how to comply with regulations."
"Some organizations keep compliance data... in a separate store for meeting reporting requirements."
"This store may include calculations, data transfers, and audit trails."
"Compliance software is increasingly being implemented to help companies manage their compliance data more efficiently."
"[Deterrence theory] has explained compliance in terms of a cost-benefit equilibrium."
"Granting rewards or imposing fines for a certain behavior is a form of extrinsic motivation that weakens intrinsic motivation and ultimately undermines compliance."
"This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources."
"Regulations and accrediting organizations vary among fields, with examples such as PCI-DSS and GLBA in the financial industry, FISMA for U.S. federal agencies, HACCP for the food and beverage industry, and the Joint Commission and HIPAA in healthcare."
"Some cases other compliance frameworks (such as COBIT) or even standards (NIST) inform on how to comply with regulations."
"Compliance software is increasingly being implemented to help companies manage their compliance data more efficiently."
"Some organizations keep compliance data... in a separate store for meeting reporting requirements."
"This store may include calculations, data transfers, and audit trails."
"[Economic theory] has framed punishment in terms of costs and has explained compliance in terms of a cost-benefit equilibrium."