In basic terms, compliance managment refers to the process by which administrators manage, organize, and monitor activities that ensure compliance with regulations and standards. There are several different types of compliance management in practice today, all designed to improve business performance and reduce risk in various environments, including government, healthcare, education, banking, and consumer protection.
Compliance management can also be broadly classified as an enterprise approach to ensuring compliance in various industry sectors, such as banking, healthcare, manufacturing, education, and transportation. For example, the most stringent compliance program in a healthcare setting, designed to reduce the risk of liability, is often administered by a compliance management expert. Suppose the company is not following the compliance SOP. In that case, they can find themselves accountable if there are any audits or internal or external checks on the organization to check their operation’s standard.
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