Who performs compliance activities within an organization?

The statement that both the business and compliance departments perform compliance activities within an organization is accurate because effective compliance requires collaboration across various levels of the organization. Compliance is not solely the responsibility of one department; rather, it involves a collective effort to ensure that the organization adheres to all relevant laws, regulations, and internal policies.

Business units play a crucial role in implementing compliance measures in their day-to-day operations. They need to integrate compliance into their processes, decision-making, and reporting. By being actively involved, these departments help identify risks, create compliance-related procedures, and foster a culture of compliance throughout the organization.

The compliance department, on the other hand, is responsible for overseeing these efforts, providing guidance, developing policies, and ensuring that the organization meets its legal obligations. Their role is more about monitoring, advising, and assessing compliance rather than taking sole ownership of all compliance-related activities.

This collaboration ensures that compliance is woven into the fabric of the organization rather than being treated as a separate function, which can lead to better risk management and a more ethical workplace culture.