Compliance management consists of the organization’s policies and processes for adhering to applicable laws and regulations. It requires metrics, measures and monitoring that provide assurance to management and the board that established policies and procedures for fostering compliance and responsible business behavior are performing as intended. Without effective management of the compliance risks that really matter, the organization is reactive, at best, and non-compliant, at worst.
Companies should ensure that they are implementing a holistic, top-down and proactive approach to managing compliance. This issue of The Bulletin focuses on the issues that surround compliance, its current state, true cost and value proposition, as well as its organizational structure and offers suggestions on ways it can be improved.