Managed compliance is an outsourced service that provides comprehensive support for an organization’s compliance requirements. It involves partnering with a specialized service provider that takes on the responsibility of managing and ensuring compliance with applicable laws, regulations, and industry standards.
In a managed compliance arrangement, the service provider works closely with the organization to understand its specific compliance needs and develops a tailored compliance program. This program typically includes activities such as:
Regulatory Monitoring
The service provider stays updated on relevant laws, regulations, and industry standards that impact the organization and regularly communicates any changes or updates.
Compliance Assessments
The service provider conducts comprehensive assessments to evaluate the organization’s current compliance status, identify gaps or weaknesses, and provide recommendations for improvement.
Policy Development and Implementation
The service provider assists in developing and implementing compliance policies, procedures, and controls that align with regulatory requirements and industry best practices.
Training and Education
The service provider delivers training programs to educate employees on compliance obligations, ethical standards, and the importance of adhering to relevant regulations.
Audits and Monitoring
Regular audits and monitoring activities are conducted by the service provider to assess compliance adherence, identify potential issues or non-compliance, and address them promptly.
Reporting and Documentation
The service provider maintains comprehensive documentation of compliance activities, including reports, records, and evidence of compliance efforts for regulatory purposes.
Remediation and Support
In case of non-compliance or identified areas of improvement, the service provider assists the organization in implementing corrective actions, remediation plans, and ongoing support to achieve and maintain compliance.
The primary goal of managed compliance is to ensure that organizations operate within the boundaries of the law, maintain ethical practices, and minimize risks associated with non-compliance. By leveraging the expertise and resources of a dedicated compliance service provider, organizations can focus on their core business while entrusting their compliance management to professionals with specialized knowledge in the field.
