The Role Of Compliance Management

The Role Of Compliance Management

The compliance management team follows a general audit and inspection. The scope of the reviews in companies or other financial institutions in public and private firms is to ensure all operations are in line with the SOP set by the companies. The scope of the audit is annual, where the audit team list down the discrepancies and provides a rectification deadline. After the audit, after some period, the compliance team will check the working of the organizations. They will check to make sure that the teams are following the audit instructions and are rectifying all errors and deviations they made during the previous checks. Compliance reports are essential as it shows how serious the company is with the audit reviews and the steps they have taken for the overall improvement of the work process. In case of non-compliance, the management can take action against the employees who are repeating the same mistakes.