ISO 19600 provides guidelines for
establishing, developing, implementing, managing and improving a compliance
management system within an organization. This standard is applicable to all
sizes, nature and complexity of company’s business activities. This will allow
organizations to encounter all their regulatory requirements and manage their
operational risks with one uniform compliance framework. Compliance Management
is more than just a legal requirement; it is also a bound to meet the
stakeholder’s needs and expectations regardless of industry. A Compliance
Management System (CMS) is a set of processes to make sure that an organization
operates in accordance with all applicable laws, regulations and codes of
conduct. Due to the ever-changing nature of laws and regulations across
countries and regions, keeping up to date with the applicable regulations is a
never-ending task. An effective CMS enables you to determine the relevant
documents, to ensure compliance across the organization and to track and
improve compliance. ISO 19600 can help organizations establish an effective and
efficient organization-wide compliance management system. The standard helps
the organization understand and adhere to the ever-increasing number of
regulatory requirements while acknowledging the fundamental market drives. This
alignment of strategic initiatives, objectives and compliance management system
helps the organization unleash its full potential, establishing responsibility
and accountability within the organization, increasing its effectiveness and
reducing costs. ISO 19600 outlines the minimum guidelines and standards that
should be in place for a compliance program to be effective. The standard does
not target a specific risk area; it does, however, provide guidance on how
organizations can improve their comprehension of compliance programs currently
in place.
There are four simple steps: -
· Plan: Identify compliance obligations and compliance risks, and re-evaluate current stance in order to develop a strategy to define and measure any possible issues arising.
· Implement: Introduce monitoring mechanisms to establish measurement within the business.
· Review: Assess the compliance management program on the basis of the implemented controls and measure the findings.
· Revisit: Monitor and examine cases of non-compliance on a consistent basis.
Conclusion
ISO 19600 is written in such a form that the guidance provided there is intended to be adaptable and the use of this guidance can differ depending on the size and level of maturity of an organization’s compliance management system and on the context, nature and complexity of the organization’s activities, including its compliance policy and objectives. An effective CMS enables you to determine the relevant documents, to ensure compliance across the organization and to track and improve compliance. Finally, the organization should plan, implement and monitor measures to control the compliance risks.
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