What is Regulatory Compliance Evidence?
When you are audited by regulators, it’s important to have evidence that you are compliant with whatever regulations that apply to your business. Collecting evidence and documentation on your regulatory compliance controls is a critical part of any risk and compliance program. Not only does it help you stay protected from fraud and negligence, but it also helps you stay on track with the best practices set forth by the regulations you’re adhering to.
Regulatory Compliance Risks
Failing to prove compliance, especially when you are in fact, compliant, is a 100% preventable risk. A lack of control identification could lead you to cause your organization to fall out of compliance. If this is a compliance framework that has associated fines or penalties (and most are), you’ll be subjected to those fines or penalties. On top of that, having an unorganized identification process could lead to duplicative efforts or missing information, which wastes valuable time and resources.