The main factors that affect any international trade are speed, cost and security. While speed is taken care by the advancements in information technology, costs and security remain areas of concern. Security as an individual component attributes to low cost for the organization. Compliance managementis the area that provides adequate security through institutionalization of controls within the organization. As a process it aims towards strong defense systems that can tackle any breach of code.
Referring to the numerous compliance articleson the net, we can have a thorough knowledge of the international regulatory bodies that govern most of the regulations. The most famous ones are SOX (Sarbanes Oxley Act) and HIPAA (Healthcare Insurance Portability Accountability Act). While SOX was instituted for financial control, HIPAA was for healthcare sectors. Other known and widely followed regulations include CMM, ISO and GLBA (Gramm Leach Biley Act). All of them contribute towards an efficient compliance management system that will sustain the organization in the global market.
