It is the process by which managers and auditors plan, organize, control and lead activities that ensure compliance as per laws, rules, regulations and standards. In other word the compliance is to manage all the legal entity for the purpose of fulfillment of government rules.

Compliance managers need to understand their compliance responsibilities and company’s process in order to know whether there are any industry trends or new legislation affecting their day to day operations.

Enterprise governance, risk and compliance is essential for all industry verticals. Though, many organizations in BFSI, telecom, and manufacturing service industries are facing significant losses as they have implemented systems that lack a holistic view of organization risks.

With the increasing business complexities, risk management software solutions are becoming crucial for the proper functioning of various business, as these solutions enable organizations to understand their risk exposure and manage it in a cost-effective manner. The increasing cyber-attacks and growing need to analyse organizational silos are creating the demand for risk management software solutions.

What are the Different types of Compliance Management entities involved?
• Audit Management
• Compliance Management
• Risk Management
• Policy Management
• Incident Management
• Others

Importance of Compliance Management
The importance of compliance is more marked as issues become more complex when your business grows. You will have expanded responsibilities regarding your workers, covering hiring, firing, discrimination, harassment, safety, wages, payroll and benefits.