- What is compliance control?
- What is compliance monitoring and testing?
- What is regulatory compliance testing?
- What are the types of compliance?
- What are the four responsibilities of a compliance officer?
- How do you perform a compliance test?
- What are the 5 internal controls?
- What are the 7 internal control procedures?
- What is the difference between regulatory and compliance?
What is compliance control?
“Compliance management is the process by which managers, plan, organize, control, and lead activities that ensure compliance with laws and standards.” These activities can include: Internal audits.
Developing and implementing policies and procedures to ensure compliance..
What is compliance monitoring and testing?
Compliance monitoring is the quality assurance testing carried out over the day to day activities of the business. The compliance monitoring team usually sits as an independent function in the second line of defence and provides assurance to the board that the firm is operating within a compliant framework.
What is regulatory compliance testing?
“Compliance testing” also know as Conformance testing is a nonfunctional testing technique which is done to validate, whether the system developed meets the organization’s prescribed standards or not. There is a separate category of testing known as “Non-Functional Testing”.
What are the types of compliance?
Types of compliance auditsHIPAA (Health Insurance Portability and Accountability Act of 1996) … PCI-DSS (Payment Card Industry Data Security Standard) … SOC 2 (Systems and Organizational Controls) … SOX (Sarbanes-Oxley Act of 2002) … ISO (International Organization of Standardization) … GDPR (General Data Protection Regulation)
What are the four responsibilities of a compliance officer?
Developing, implementing and managing an organization’s compliance program. Coordinating with federal and state regulators. Planning, implementing and overseeing risk-related programs. Creating and coordinating proper reporting channels for compliance issues.
How do you perform a compliance test?
These steps include:Build the Requirements Library.Perform the Compliance Risk Assessment.Develop the Compliance Testing Methodology.Build the Testing Schedule.Perform Testing.Issues Management Process.Validate Remediation.Monitor Sustainability.
What are the 5 internal controls?
The five components of the internal control framework are control environment, risk assessment, control activities, information and communication, and monitoring. Management and employees must show integrity.
What are the 7 internal control procedures?
The seven internal control procedures are separation of duties, access controls, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority.
What is the difference between regulatory and compliance?
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations.