Compliance Management

"Compliance" refers to the act of obeying an order, rules or policies. It ensure that the employees of the company are following the standard rules and procedures given by the government.
Itmeans that the citizens of a country has to follow certain rules and regulations which are pre-decided by the government bodies and every citizen has to abide these laws and regulations.
"Compliance Management" is the Process by which managers plan, organize, control and lead activities that ensure compliance with laws and standards.
The activities are mentioned below:
• Internal Audits and Third party audits
• Security procedures and control
• Providing reports and other Supporting documents
• Developing and implementing the policies and procedures of the company to ensure compliance.
To comply with all the rules and regulations it will be easy for the company and its members to work in a safe and healthy working environment. The people of the company gets the positive confidence to work in a company which comply and executes with the company's decided laws and standards.
A well planned compliance management program take care that the company may or may not violates any rules or policy which leads to regulatory violations. It prevents the company from non-compliance, risks and other harms.
Compliance management program is said to be good if it protects the company from all harms as discussed in the above section.
It protects and safe the company from following factors:
• It can protects the company from a reputational loss
• It preventsthe company from fall in the revenue or revenue deficit
• It protect the company from Litigation and high monetary penalties.

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