Regulatory Compliance
Core ConceptsDefinition
Regulatory compliance refers to the adherence to laws, regulations, guidelines, and specifications relevant to business operations.
Detailed Description
Regulatory compliance in an ERP context involves ensuring that an organization's ERP system is configured to comply with all the pertinent regulations governing its operations. This includes data privacy laws, financial reporting standards, industry-specific regulations, and other legal requirements. Effective compliance helps in mitigating risks, avoiding legal penalties, and enhancing business reputation.
Key Features
- Audit trails for accountability
- Automated compliance monitoring
- Integration with legal and regulatory databases
- Real-time reporting and alerts on compliance status
Common Modules
Audit Management
Helps in tracking and managing audit processes and compliance requirements.
Document Management System (DMS)
Manages company documents and ensures they comply with legal standards.
Popular Implementations
Implementation in Financial Services
Financial institutions implementing ERP systems to automate compliance with stringent financial regulations and reporting standards.