Compliance and Reporting
This process step involves verifying that all activities and transactions comply with relevant laws, regulations, and organizational policies. It ensures that accurate and timely reporting is maintained for various stakeholders, including management, regulatory bodies, and external auditors. Compliance and Reporting entails identifying, assessing, and mitigating risks associated with non-compliance; documenting and maintaining records of compliance-related activities; and providing regular updates to stakeholders on compliance status. Additionally, this step involves investigating and resolving any reported non-compliances or discrepancies in a timely and transparent manner. The process ensures that all required reports are submitted within stipulated deadlines and that the organization maintains a strong culture of accountability and transparency throughout its operations.