Regulatory Compliance Management Glossary

Compliance management is no easy task. Tracking constantly changing regulations and deciphering complex requirements can become overwhelming. To keep up, you need a good grasp of important compliance concepts. Get a head start with this glossary of key terms you need to know:

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Compliance Management Terminology

Authentication: 

The verification of the identity of an individual, system, machine, or any other unique entity

Authorization:

The process of allowing access to specific areas of a system based on the role and needs of the user

Change:

Any type of modification to your organization; can stem from internal changes or regulatory changes

Compliant:

Conforming to regulatory guidelines

Due Diligence:

The process of assessing new vendors, performing vendor risk assessments, and approving compliance program policies

Governance:

Processes and structures implemented to communicate, manage, and monitor organizational activities

Impact:

The influence and effect of a risk

Key Control:

A primary control that is essential for a business process; typically takes place during the process it applies to

Likelihood:

The probability of a risk occurring

Mitigation Actions:

The necessary steps, or action items, to reduce the likelihood and/or impact of a potential risk

Non-Compliance Risk Assessment:

An assessment of organizational risk associated with failing to comply with industry laws and regulations or internal policies

Risk:

A potential event or action that would have an adverse effect on the organization

Risk Appetite:

A statement that broadly considers the risk levels that management deems acceptable

Rule or Regulation:

A description of how a law will be implemented

Secondary Control:

An important control that typically takes place after the process it applies to (i.e., reporting or ongoing monitoring)

Tertiary Control:

A non-essential control that can still be applied effectively to a business process

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