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Compliance is defined as observance, conformity and obedience. In business, compliance generally designates the requirement to adhere to certain rules or laws, meet certain standards and follow certain practices specific to your organization.
Internal compliance requirements are defined by owners, stockholders, internal audit committees’, legal and other departments. Alternatively, external compliance requirements are established by government agencies, banks, customers and industry associations. These groups in particular have the extra burden of often being mandatory, strict in implementation structure and reporting requirements and typically have legal and financial implications.
Knowing the internal and external compliance requirements that your business needs to adhere to, where they originate and how they impact your operations will help you implement compliance management solutions that will improve business processes while managing risk.
Technology solutions have matured rapidly over the past several years to support compliance requirements. Microsoft Dynamics™ has several modules or components available that are critical to managing compliance requirements such as:
- Workflow: integrated with different communication systems to create a structure for managing required steps to execute a process assuring consistency and notification is followed through.
- Audit Trails: track, trace and report changes to any data fields and tables relevant to your compliance strategy.
- Electronic Signatures: enable two-deep sign-off approval with reason code and comment capability to monitor the details of changes and approvers.
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