A compliance management system comprises of the compliance program and the audit function. IT complianceprogram encapsulates the policies, procedures and training. Audit functions are deployed as a monitor to check for compliance on a regular basis. There are independent audit groups that conduct external compliance audits. The organization can also look into the prospect of having an independent compliance specialistwho can provide the regulatory body views in preparing the necessary documentation. In this way unbiased judgment on the actual compliance state can be known. Internal audit groups need to coordinate with external agencies to plan for these kinds of audits on a half yearly basis.
Most regulatory bodies require a re-certification after a stipulated period of time. Usually, re-certification is done every 3 to 5 years. During this period half yearly reviews from external agencies and quarterly reviews from internal audit groups should have been conducted. Though the process may seem tedious, the immense security it provides to customer information cannot be ignored. Compliance articleson prevention of major frauds can show how much compliance processes are necessary for the organization.
