Companies face a multitude of diverse, ever-changing requirements depending on their specific industry – as well as various binding guidelines for which managers, in part, hold personal liability. Needless to say, upholding legal and regulatory requirements is of utmost importance. Aside from these, there are many other regulations, standards and industry-specific guidelines for proven procedures. Companies are not only responsible for implementing all of these contents in internal guidelines but also ensuring and monitoring their compliance as well.
In the context of GRC, compliance is providing assurance that rules and regulations are upheld. A compliance management system allows companies to handle many different requirements in a structured approach to guarantee conformity with the rules.