Compliance

Question 1

What is Compliance Reporting?

Answer 1

systematic process of collecting and presenting data to demonstrate adherence to compliance requirements, can be categorized into two types -internal and external compliance reporting.

Question 2

Internal Compliance Reporting

Answer 2

involves the collection and analysis of data to ensure that an organization is following its internal policies and procedures

Question 3

External Compliance Reporting

Answer 3

involves demonstrating compliance to external entities such as regulatory bodies, auditors, or customers

Question 4

Compliance Monitoring

Answer 4

the process regularly reviewing and analyzing an organization’s operations to ensure compliance with laws, regulations, and internal policies.

Question 5

Due Diligence in Compliance Monitoring

Answer 5

conducting an exhaustive review of an organization’s operation to identify potential compliance risks

Question 6

Due Care in Compliance Monitoring

Answer 6

refers to the steps taken to mitigate these risks.

Question 7

Attestation in Compliance Monitoring

Answer 7

formal declaration by responsible party that the organization’s processes and controls are compliant

Question 8

Acknowledgement in Compliance Monitoring

Answer 8

refers to the recognition and acceptance these compliance requirements by all relevant parties.

Question 9

Internal Monitoring

Answer 9

regularly reviewing an organization’s operations to ensure compliance with internal policies and procedures.

Question 10

External Monitoring

Answer 10

involves third party reviews or audits to verify compliance with external regulations or standards

Question 11

Automation in Compliance

Answer 11

can streamline data collection, prove accuracy, and provide real-time compliance monitoring.