ISO-19600 provides the guidelines to enforce regulatory compliance, which is an essential part of good corporate governance. This is how an organization reaffirms its reliability, integrity and commitment to all its stakeholders (shareholders, management, customers, suppliers, the financial sector, the government and the community), having a positive impact on its financial health.
Purposes of Compliance:
- Help the organization to anticipate and foresee changes in regulations
- Ensure compliance with internal and external regulations in the development of new markets and products.
- Act as an information repository for all the information related to business practices, codes, rules and good practices.
- Advise the different lines of business in their compliance with the applicable regulations for the development of products and services.
- Manage the risk of regulatory compliance.
- Provide management with peace of mind regarding the proper compliance with the different regulations and policies applicable thereto.
- Support the training of the organization's staff in terms of the requirements of internal procedures, policies and regulations.