1. Identify applicable regulations : Determine which laws and compliance regulations apply to the company's industry and operations. These include federal, state and municipal rules.
2. Determine requirements: Identify the requirements in each regulation that are relevant to the organization, and consider plans on how to implement these mandates.
3. Document compliance processes : Clearly document compliance processes, with specific instructions for each role involved in maintaining compliance. This information will be helpful during regulatory audits.
4. Monitor changes, and determine whether they apply: Compliance requirements are updated constantly. Changes must be monitored to determine if they are relevant to the company. If they are, implement updated procedures, and train the appropriate staff on these updates.
In-house compliance audits should be conducted regularly to review the organization's adherence to regulatory guidelines. These in-house audit reports should closely evaluate compliance processes and their associated policies, such as user access controls.
In-house audits also help prepare for externally conducted, formal compliance audits carried out by independent third parties. These audits are required under some regulatory compliance mandates and are designed to measure if an organization complies with specific state, federal or corporate regulations.
Qualifications / Skills:
- Legal compliance
- Research skills
- Reporting research results
- Analysing information
- Coordination
- Administrative writing skills
- Organization
- Working with others
- Auditing
- General math skills
- Statistical analysis