In many businesses, compliance management begins with understanding the regulatory obligations you have and any standards you need to adhere to that apply to your organization. The level of standards and regulations your organization face can change greatly from sector to sector and region to region. For example, CCPA is for businesses operating in the California state whereas GDPR needs to be considered by companies conducting business within the European Union.
Once organizations have recognized the standards and regulations they need to adhere to, they will often;
After the regulatory controls have been defined, the compliance function or organization audit; depending on their size will test the controls, undertake compliance monitory and provide on-going advice to the business.
Compliance management is usually operated and owned by what is referred to as the ‘Second Line of Defence.’
Organizations often rely on the lines of defence model as seen in the infographic. This strategy gives the senior management and the board three clear line functions to depend on, ensuring its compliance management program is tested, challenged, and reviewed independently by the second and then the third line of defence.
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