If you are holding the company it is very important to design the effective risk management program, at the same time, it becomes your responsibility to create an effective risk management program. Compliance management system which also comes under the risk management system and this is abbreviated as CMS program. This compliance system will be one of the best practice which can take you to the right side of the business regulations.
Key components of the compliance risk management system;
Written compliance- it is very important when you have the written compliance plan you can implement in a better way. And if you have no idea about it you can hire the Management System Consultancy in Malaysia to help you in creating the best compliance plan for your company.
Auditing- the auditing which is important through continuously auditing it, you can prevent the mistakes that could arise during their implementation process. You can follow the ABMS Malaysia guidelines to prevent all those possible risks that could arise between the compliance program.
Compliance monitoring- when you have implemented the plan you have to monitor it continuously, whether it has to move in the right way.
Training- planning alone not important you have to train your employees according to your compliance management system plan. If you hire the Compliance Management System Malaysia they will train your employees according to the compliance plan.
Policies and procedures- the written policies and procedures which give you the framework about your compliance management program.
Board and management oversight- the regulators will examine assess of the board of institution’s directors and management because they are completely responsible for the compliance.