Compliance management is a best practice which benefits every organization. It is defined as being in the state of accordance with guidelines, laws and legislations or specifications. For example, software applications are developed according to specific guidelines and requirements.
Compliance management is a best practice which brings together Privacy Act Compliance and Quality Assurance and Implementation of Company Policies. These tools of best practice can be internal or external and influence the reaction of people in an organization. Therefore compliance means following certain rules, and compliance management is all about executing compliance.
There are two compliance management models implemented for best practice. These include:
It is important to understand that compliance with policies and contracts is a crucial best practice aimed at benefiting organizations. With proper compliance management there are bound to be improvements in achievements over the years. In some industries this best practice serves as a shield against audits and other regulations.
However, compliance management is becoming a concern because there is an increased lack of understanding. As there are new legislations and regulations established, there is a rise in confusion. Therefore compliance management best practices need to be improved and implemented with proper understanding.