What is Compliance?

Compliance is the state of being in accordance with established guidelines or specifications, or the process of becoming so. Software, for example, may be developed in compliance with specifications created by a standards body, and then deployed by user organizations in compliance with a vendor's licensing agreement.

Compliance Reporting

• Systematic process of collecting and presenting data to demonstrate adherence to compliance requirements
• Two Types of Compliance Reporting
  • Internal Compliance Reporting
    • Ensures adherence to internal policies and procedures
    • Conducted by an internal audit team or compliance department
  • External Compliance Reporting
    • Demonstrates compliance to external entities
    • Mandatory, often by law or contract

Compliance Monitoring

• Regularly reviews and analyzes operations for compliance
• Includes due diligence and due care, attestation and acknowledgement, and internal and external monitoring

Due Diligence and Due Care

• Due Diligence — Identifying Compliance risks through thorough review
• Due care — Mitigating identified risks

Attestation and Acknowledgement

• Attestation — Formal declaration by a responsible party that the organization’s processes and controls are compliant
• Acknowledgement — Recognition and acceptance of compliance requirements by all relevant parties

Internal and External Monitoring

• Internal Monitoring — Regularly reviewing an organization’s operations to ensure compliance with internal policies
• External Monitoring — Streamlines data collection, improves accuracy, and provides real-time monitoring

Roles of Automation in Compliance

Streamlines data collection, improves accuracy, and provides real-time monitoring