Manage Compliance Requirements

As part of managing a project it will be necessary to maintain visibility into compliance requirements and to ensure that they are effectively managed throughout the project.

Compliance is the effort to ensure organizations are abiding to both the industry regulations and government legislation.

Compliance vs Conformance: Externally applied with legal ramification is a matter of compliance, internally applied with voluntary adherence is conformance.

Compliance Categories Classification:
Types of compliance categories vary based on industry and solution scope. The appropriate categories will vary for each project based on your unique legal and regulatory exposure. Some areas include:

• Environmental Risk
• Corrupt Practices
• Quality
• Workplace, Health and Safety
• Social Responsibility
• Process Risks

It is also important to follow risk governance and compliance with the relevant legislation as well as by maintaining the standards set by laws. Absence of proper governance risk and compliance according to the law, rules and regulations can affect business, also damage the reputation of the company and clients too.

Compliance risk is exposure to legal penalties, financial forfeiture and material loss an organization faces when it fails to act in accordance with industry laws and regulations, internal policies or prescribed best practices.

Potential threats to Compliance: Successful Project Managers need to ensure that compliance requirements for the project are continually identified, communicated, and managed, and that as changes to compliance requirements are identified, impact is assessed and project planning is updated to reflect the changes. There are many potential threats to compliance, these include:

• Identification of new vulnerabilities
• Changes in legal or regulatory requirements
• Errors in testing and validation to confirm compliance
• Errors or bugs in deliverables
• Lack of awareness of compliance requirements