The first thing you need to do in order to manage risk compliance effectively is regulatory compliance risk assessment. It would be impossible to manage risk without understanding it completely and making regular assessments.
Secondly, you’d have to have an excellent risk and regulatory compliance management software installed so you have less to worry about. This will make your management more than ten times easier and also takes care of the other point which is automation.
Automation of processes enables you to free up your time and resources and utilize them instead of wasting them. This reduces risk and thus, is a major help in managing it.
You have to understand the regulations, standards, policies, and laws, that pertain to your industry and implement them accordingly. Make sure you invest in building a culture that is compliance centric. This way, there will be minimal effort since it will already be embedded in your company’s culture.
Lastly, you have to make sure you keep updated with the constantly changing laws and regulations. A good compliance management software like EcoDocs will help you take care of all of this.