ComplianceReviews

ComplianceReviews is a systematic process used by organizations to assess adherence to applicable laws, regulations, and internal policies. It may refer to both internal reviews conducted by a company's compliance function and external audits performed by third parties. The goal is to determine whether controls are effective, governance is sound, and obligations are met.

Typical workflow includes scoping, risk assessment, planning, evidence collection, control testing, issue identification, remediation planning, and reporting. Techniques include document reviews, interviews, data analysis, control testing, and sampling. Findings are rated by risk severity and tracked to closure. Reports are provided to senior management and, where appropriate, regulators or auditors.

ComplianceReviews align with regulatory requirements and management requirements. They may reference standards such as ISO 37301 for compliance management systems, the COSO ERM framework, or sector-specific rules like GDPR, HIPAA, PCI DSS. The function often resides within risk management or legal/compliance departments; boards and audit committees oversee activity.

Benefits and challenges of compliance reviews include improved risk posture, reduced penalties, better decision-making, and increased assurance to stakeholders. Challenges can involve resource intensity, scope definition, data privacy concerns, and keeping pace with changing laws and regulations.