Compliance - 5.4

Summary

Notes:

Compliance Reporting

  • Internal compliance reporting within the organization.
  • Compliance assessments conducted by third-party auditors.

Consequences of Non-Compliance

  • Fines and penalties.
  • Sanctions from regulatory bodies.
  • Reputational damage affecting trust and brand value.
  • Loss of licenses or certifications needed for operations.
  • Contractual impacts, such as termination or fines imposed by partners.

Compliance Monitoring

  • Due Diligence/Due Care: Ensuring compliance practices are proactively managed and risks are mitigated.
  • Attestation and Acknowledgment: Formal statements confirming compliance with requirements.
  • Internal and External Monitoring: Compliance is monitored internally by the organization and externally by third parties.
  • Automated Monitoring: Use of automated tools to continuously assess compliance status.
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