Regulatory Compliance Task
A Regulatory Compliance Task is an organizational task to comply with relevant laws, policies, and regulations.
- AKA: Regulatory Compliance Checking, Regulatory Compliance Management.
- Context:
- It can be affected by a regulation or policy recommended by a regulatory organization.
- It can (typically) involve continuous monitoring and assessment of business activities to ensure compliance with regulatory standards across various sectors, such as financial services, healthcare, and data protection.
- It can (often) include developing compliance programs, conducting internal audits, training employees, and implementing systems to monitor ongoing compliance.
- It can help organizations avoid legal penalties, protect their reputation, and ensure operational efficiency by adhering to legal and regulatory requirements.
- ...
- Example(s):
- Clinical Trial Regulatory Compliance,
- a policy adopted to information security standard recommended by Payment Card Industry Data Security Standard (PCI DSS) or Federal Information Security Management Act of 2002 (FISMA),
- a food safety regulation recommended by Hazard Analysis and Critical Control Points (HACCP),
- a Contract Agreement Regulatory Compliance,
- a Financial Audit,
- a Data Privacy Assessment,
- an Environmental Audit.
- AI systems trained in regulatory compliance checking:
- IBM OpenPages -- uses AI to help organizations manage risk and regulatory compliance.
- Thomson Reuters Regulatory Intelligence -- provides automated compliance monitoring and reporting tools.
- MetricStream -- offers integrated risk management and compliance solutions powered by AI.
- …
- Counter-Example(s):
- See: Regulations, International Organization for Standardization, Standards Organization, NIST, Policy, Law, PCI-DSS, GLBA, FISMA, HACCP, WHO, Health Insurance Portability and Accountability Act (HIPAA), COBIT, Securities and Exchange Commission (SEC), General Data Protection Regulation (GDPR).
References
2024a
- (Acfalle,2024) ⇒ Keith Acfalle (2024). "Regulatory Compliance: Overview and Guide". In: AuditBoard Blog.
- QUOTE: Regulatory compliance management is the process of ensuring that a company or organization is following all applicable laws, regulations, and guidelines. Adherence to regulatory compliance requirements is essential in maintaining organizational trust and credibility and safeguarding against incidents such as data breaches. Compliance also contributes to organizations operating ethically and responsibly. Compliance requirements might impact items like medical devices, patient data, and credit card data.
Conforming to regulations is a broad concept. In most cases, compliance requirements entail adhering to laws, standards, or other regulatory obligations. This is not limited to legal compliance and can also include adhering to best practices, industry-specific guidelines, or corporate policies. Compliance-related activities can also vary widely based on state, federal, and international jurisdictions. For example, large multinational companies will likely be subject to multiple compliance regulations.
Several examples of regulatory requirements are summarized below. The California Consumer Privacy Act (CCPA), and The California Privacy Rights Act (CPRA) are examples of state-level compliance laws. The Health Insurance Portability and Accountability Act (HIPAA) and Sarbanes-Oxley (SOX) are examples of federal statutes. The General Data Protection Regulation (GDPR) is an example of an international compliance requirement.
- QUOTE: Regulatory compliance management is the process of ensuring that a company or organization is following all applicable laws, regulations, and guidelines. Adherence to regulatory compliance requirements is essential in maintaining organizational trust and credibility and safeguarding against incidents such as data breaches. Compliance also contributes to organizations operating ethically and responsibly. Compliance requirements might impact items like medical devices, patient data, and credit card data.
2024b
- (ChatGPT-OpenAI, 2024) ⇒ Prompt: Summarize the concept Regulatory Compliance (Checking) Task in 1- 2 paragraphs. ChatGPT (model:gpt-4o). Retrieved: 2024-08-03.
- QUOTE: Regulatory Compliance (Checking) Task refers to the process where organizations ensure that their operations, processes, policies, and practices adhere to laws, regulations, guidelines, and specifications relevant to their industry. This task involves continuously monitoring and evaluating various facets of the organization to guarantee they are compliant with legal and regulatory standards to avoid potential legal penalties, fines, and reputational damage.
Typically, this task is handled by a compliance officer or a dedicated compliance team utilizing a combination of automated tools and manual reviews. These checks include adherence to financial regulations, data protection laws, employment standards, environmental laws, and more. Effective regulatory compliance checking ensures that the organization is proactively managing risks, maintaining ethical standards, and fostering an environment of accountability and transparency.
- QUOTE: Regulatory Compliance (Checking) Task refers to the process where organizations ensure that their operations, processes, policies, and practices adhere to laws, regulations, guidelines, and specifications relevant to their industry. This task involves continuously monitoring and evaluating various facets of the organization to guarantee they are compliant with legal and regulatory standards to avoid potential legal penalties, fines, and reputational damage.
2023
- (Farnham,2023) ⇒ Kezia Farnham (2023). "Regulatory compliance 101: Definition, requirements & solutions". In: Diligent Blog (Compliance & Ethics).
- QUOTE: Regulatory compliance definition: The policies and practices corporations use to comply with external mandates, usually from governing bodies like the Securities and Exchange Commission (SEC).
While corporate compliance refers to a firm’s ability to follow its own rules and policies or to adhere to industry norms and best practices, regulatory compliance is a mandatory requirement with significant potential penalties.
Regulatory is multi-faceted and can mean different things, not just for different businesses but for different elements of a single business.
- It can relate to your operations — the fundamental ways you run your business.
- It can mean that your marketing collateral and customer communications must meet certain standards.
- It also means that you must prove that the processes you have followed meet expectations.
- QUOTE: Regulatory compliance definition: The policies and practices corporations use to comply with external mandates, usually from governing bodies like the Securities and Exchange Commission (SEC).
- It’s not just the result that counts when it comes to regulatory compliance; the importance of compliance monitoring cannot be underestimated. Marketing collateral, for instance, should have a clear audit trail of reviews and approvals by someone designated to undertake compliance duties at your firm. Having comprehensive compliance reports to evidence your processes and checks is essential if you are ever subject to any form of external audit or compliance monitoring.
2021
- (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/Regulatory_compliance Retrieved:2021-12-4.
- In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations.[1] Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources. Regulations and accrediting organizations vary among fields, with examples such as PCI-DSS and GLBA in the financial industry, FISMA for U.S. federal agencies, HACCP for the food and beverage industry, and the Joint Commission and HIPAA in healthcare. In some cases other compliance frameworks (such as COBIT) or even standards (NIST) inform on how to comply with regulations. Some organizations keep compliance data—all data belonging or pertaining to the enterprise or included in the law, which can be used for the purpose of implementing or validating compliance—in a separate store for meeting reporting requirements. Compliance software is increasingly being implemented to help companies manage their compliance data more efficiently. This store may include calculations, data transfers, and audit trails.[2] [3]
- ↑ Compliance, Technology, and Modern Finance, 11 Journal of Corporate, Financial & Commercial Law 159 (2016)
- ↑ Norris-Montanari, J. (27 February 2017). "Compliance – Where does it fit in a data strategy?". SAS Blogs. SAS Institute, Inc. Retrieved 31 July 2018.
- ↑ Monica, A.D.; Shilt, C.; Rimmerman, R.; et al. (2015). "Chapter 4: Monitoring software updates". Microsoft System Center Software Update Management Field Experience. Microsoft Press. pp. 57–82. ISBN 9780735695894.
2019
- (Marker,2019) ⇒ Andy Marker (2019). "Regulatory Compliance 101 for Business Managers". In: SmartSheet.
- QUOTE: What Is Regulatory Compliance?
Regulatory compliance, also called business compliance, refers to any organization’s obedience to the laws, regulations, and other rules that govern all organizations.
What Is a Regulatory Requirement?
A regulatory requirement is a rule that a government entity imposes on an organization. Some federal and state laws govern virtually all organizations. Regulations govern how organizations manage their business and employees and how they interact with customers, among many other areas.
- QUOTE: What Is Regulatory Compliance?