Effective Compliance Management: Steps to Safeguard Your Organization (Full Transcript)

Speaker 1: Hi there. My name is Rima. In this video we will talk about how to perform compliance management in an organization. As highlighted in the previous video, compliance management is crucial for preventing security incidents, penalties and other forms of harm to your business. By diligently monitoring and adhering to legal and regulatory obligations, companies can minimize business disruptions and evade potential financial and reputational losses. While there are no fixed rules for establishing a compliance management program within an organization, some important steps can aid in monitoring and managing business infrastructure for compliance issues. Let us review these steps one by one. The first step in implementing compliance management framework is to identify all regulatory and legislative obligations of your company, depending upon the industry and domain within which it operates. It involves conducting a thorough analysis of applicable laws and regulations at the local, state, national and international levels, as well as industry-specific standards and best practices. For example, if an enterprise deals with credit card transactions, then it may need to comply with PCI DSS. Or if it is a healthcare provider, then compliance with HIPAA regulations is necessary. In the second step, it is essential to perform a thorough risk assessment of the organization's systems or processes to identify potential areas of non-compliance. The primary objective of conducting a compliance risk assessment is to evaluate the organization's current state of controls and identify risks related to legal compliance, data protection, internal policies and procedures, internal conduct and any other compliance-related matters that may pose a risk to the organization. After performing the risk assessment, it is important to formulate policies and procedures to fill the compliance gaps. Some of the important policies and procedures that must be developed to ensure compliance include the following. Identifying obligations as well as tracking any changes or updates to these obligations. Managing identified risks. Providing training and awareness to employees, management and third party contractors on compliance obligations, as well as the organization's policies and procedures for managing compliance risks. Monitoring and testing the organization's compliance controls and systems to ensure they are operating effectively and addressing compliance risks. Responding to compliance incidents, including incident reporting, investigation and corrective action. Assigning ownership and responsibility to employees and teams. Maintaining accurate and complete records to support compliance, as well as internal or external audits. Creating customized reports on your compliance history, progress and future obligations. Lastly, it is very important to monitor your business environment on a regular basis to ensure that compliance controls and processes are operating effectively and identify compliance risks. This may involve reviewing information from different sources and compliance reports, as well as conducting audits. Any potential compliance issues identified through ongoing monitoring should be promptly escalated to the appropriate level of management for resolution. It is also vital to conduct periodic reporting to provide senior management and other stakeholders with an overview of the organization's compliance status. Reports may include information on compliance monitoring activities, identified compliance issues and corrective actions taken. Implementing a compliance management program is crucial for any organization that wants to operate in a responsible and sustainable manner. A well-designed compliance management program not only helps to protect the organization from legal and reputational harm, but also promotes a culture of ethical behavior and accountability throughout the organization. With the right commitment and resources, implementing a compliance management program can be a valuable investment that pays off in the long term. If you like this video, please hit like and share this video on social media. Don't forget to subscribe to our YouTube channel to receive more videos like this one. Join our online community of students learning useful cybersecurity skills if you haven't already. To register for a free account right away, go to our website. Happy learning and see you soon.