Compliance Management
Core ConceptsDefinition
The process of ensuring that an organization adheres to relevant laws, regulations, and standards.
Detailed Description
Compliance Management involves the systematic approach to managing and ensuring adherence to a set of regulations and standards within an organization. In the context of ERP systems, Compliance Management includes the tracking, monitoring, and reporting of compliance measures to avoid legal penalties, reduce risks, and enhance operational efficiencies. It integrates various compliance requirements, including financial regulations, industry-specific standards, and corporate policies into a coherent system enabling organizations to remain audit-ready.
Key Features
- Audit Trail Maintenance
- Automated Reporting
- Policy Management
- Regulatory Compliance Tracking
- Risk Assessment Tools
Common Modules
Audit Management
Facilitates internal and external audits by providing necessary documentation, evidence, and reporting tools.
Policy Management
Centralizes policy documents and enforces adherence across the organization.
Risk Management
Identifies, assesses, and mitigates risks to ensure compliance with industry regulations and standards.
Popular Implementations
Oracle Fusion Compliance
A cloud-based compliance management framework integrated within Oracle ERP solutions, offering comprehensive tracking and reporting features.
SAP Compliance Management
An implementation of Compliance Management in SAP ERP focusing on automating and streamlining compliance processes across different industries.