Compliance
Core ConceptsDefinition
Adherence to laws, regulations, guidelines, and specifications relevant to business processes.
Detailed Description
Compliance in ERP systems refers to the adherence to various statutory, regulatory, and legal requirements that are vital for business operations. This includes ensuring that data, processes, and business practices align with laws and standards specific to the industry or country. In the context of ERP, compliance is essential to mitigate risks, avoid legal penalties, and maintain a company's reputation. Compliance features are integrated into ERP systems to automate the monitoring, reporting, and management of regulatory requirements.
Key Features
- Audit trails
- Automated compliance reporting
- Data protection and privacy controls
- Regulatory updates and alerts
- Role-based access controls
Common Modules
Governance, Risk, and Compliance (GRC)
A module that helps organizations manage compliance with industry regulations and rules, ensuring corporate governance and risk management strategies are effectively implemented.
Security and Access Management
Ensures that sensitive information is protected and that access to data is controlled and tracked according to compliance mandates.
Popular Implementations
GDPR Compliance Implementation in ERP
Implementing features that help organizations adhere to the General Data Protection Regulation by managing data privacy and protection.
SOX Compliance in Financial Modules
Designed to ensure that ERP financial modules adhere to the Sarbanes-Oxley Act requirements by providing accurate financial reporting and fraud prevention.