Compliance & Risk Management ERP Requirements
Regulatory compliance, risk assessment, audit trails, and controls. Review our comprehensive checklist to ensure your ERP covers every critical compliance & risk management capability.
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Requirements
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Categories
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Industries
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Leading Vendors
Compliance & Risk Management Requirements Checklist
Risk Management(8 requirements)
| Requirement | Description |
|---|---|
| Enterprise Risk Register | Maintains a centralized register of organizational risks with categorization, ownership, and status tracking. |
| Risk Assessment & Scoring | Evaluates risks using likelihood and impact scoring with heat maps and risk tolerance thresholds. |
| Risk Mitigation Planning | Defines and tracks risk mitigation strategies, action plans, and responsible parties for identified risks. |
| Risk Monitoring & Dashboards | Provides real-time visibility into risk status with KRI dashboards, trend analysis, and executive reporting. |
| Key Risk Indicators (KRIs) | Defines and monitors leading indicators that signal changes in risk exposure before events materialize. |
| Business Continuity Planning (BCP) | Develops and maintains business continuity plans with recovery time objectives and exercise schedules. |
| Disaster Recovery Planning | Plans and tests IT disaster recovery procedures with failover strategies and data backup verification. |
| Insurance & Claims Management | Tracks insurance policies, coverage limits, and claims processing with premium allocation and renewal management. |
Regulatory Compliance(8 requirements)
| Requirement | Description |
|---|---|
| Regulatory Change Tracking | Monitors regulatory changes across jurisdictions and assesses impact on organizational policies and procedures. |
| Compliance Obligation Register | Maintains a comprehensive register of all regulatory obligations with ownership, deadlines, and compliance status. |
| Regulatory Filing & Submission Management | Manages the preparation, review, and submission of regulatory filings with deadline tracking and audit trails. |
| License & Permit Management | Tracks all organizational licenses and permits with expiration dates, renewal workflows, and compliance conditions. |
| Compliance Training & Certification | Assigns and tracks mandatory compliance training for employees with certification records and renewal reminders. |
| Regulatory Examination Preparation | Prepares for regulatory examinations with document assembly, personnel briefings, and response coordination. |
| Cross-Border Compliance Management | Manages compliance requirements across multiple jurisdictions with conflict resolution and harmonization. |
| Industry Standards Tracking (ISO, SOC, etc.) | Monitors compliance with industry standards and certifications including ISO, SOC, NIST, and CMMC. |
Data Privacy & Security(8 requirements)
| Requirement | Description |
|---|---|
| GDPR Compliance Management | Manages General Data Protection Regulation compliance including data mapping, lawful basis, and cross-border transfers. |
| CCPA / State Privacy Law Compliance | Ensures compliance with California Consumer Privacy Act and other state-level privacy regulations. |
| Data Subject Access Requests (DSAR) | Processes data subject requests for access, deletion, and portability within regulatory timeframes. |
| Data Classification & Inventory | Classifies and inventories personal and sensitive data across systems to support privacy and security requirements. |
| Consent Management | Tracks and manages customer consent for data processing activities with preference centers and audit trails. |
| Breach Notification Workflows | Automates data breach response with impact assessment, authority notification, and affected party communication. |
| Privacy Impact Assessments (PIA) | Conducts and documents privacy impact assessments for new systems, processes, and data processing activities. |
| Data Retention & Deletion Policies | Enforces data retention schedules with automated deletion workflows and legal hold management. |
Policy & Controls(8 requirements)
| Requirement | Description |
|---|---|
| Policy Lifecycle Management | Manages policy creation, review, approval, distribution, and attestation with version control and audit trails. |
| Internal Control Framework | Defines and maintains internal control frameworks aligned with COSO, COBIT, or industry-specific standards. |
| Control Testing & Attestation | Schedules and executes control testing with evidence collection, deficiency tracking, and management attestation. |
| Segregation of Duties Enforcement | Enforces SoD policies across systems by identifying and preventing conflicting access rights and responsibilities. |
| Whistleblower & Ethics Hotline | Provides anonymous reporting channels for ethics violations with case management and investigation workflows. |
| Incident & Event Management | Logs and manages compliance incidents, near-misses, and events with investigation and corrective action tracking. |
| Third-Party Risk Management | Assesses and monitors risks from vendors, partners, and other third parties with due diligence and ongoing oversight. |
| Anti-Bribery & Anti-Corruption (ABAC) | Implements controls to prevent bribery and corruption including gift tracking, due diligence, and FCPA/UK Bribery Act compliance. |
Industry-Specific Compliance(10 requirements)
| Requirement | Description |
|---|---|
| HIPAA Healthcare Compliance | Manages compliance with HIPAA privacy and security rules including PHI safeguards, breach reporting, and BAA management. |
| SOX Financial Controls Compliance | Implements Sarbanes-Oxley compliance with control documentation, testing, and CEO/CFO certification support. |
| FINRA & SEC Regulatory Compliance | Manages broker-dealer and investment advisor compliance with FINRA rules, SEC regulations, and examination readiness. |
| PCI-DSS Payment Card Compliance | Ensures compliance with Payment Card Industry Data Security Standards for organizations processing card payments. |
| Environmental Compliance (EPA / REACH) | Tracks environmental regulatory compliance including EPA reporting, REACH registration, and emissions permits. |
| OSHA Workplace Safety Compliance | Manages OSHA compliance with safety inspections, incident logging, training records, and regulatory reporting. |
| Government Ethics & Conflict of Interest | Enforces government ethics rules including financial disclosure, conflict of interest screening, and gift limitations. |
| Education FERPA Student Privacy | Manages compliance with Family Educational Rights and Privacy Act for protecting student education records. |
| Food Safety Modernization Act (FSMA) | Implements FSMA compliance with preventive controls, supply chain verification, and FDA inspection readiness. |
| Construction Permit & Building Code Compliance | Tracks building permits, code compliance inspections, and certificate of occupancy requirements across project sites. |
Select your Compliance & Risk Management requirements interactively
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Industries That Need Compliance & Risk Management
These industries typically require strong compliance & risk management capabilities in their ERP system:
How to Prioritise Compliance & Risk Management Requirements
Not every requirement is equally important. Use this phased approach to prioritise:
Phase 1 — Must-Have
Core capabilities required for go-live. These are non-negotiable requirements that your business cannot operate without.
Phase 2 — Should-Have
Important capabilities needed within the first 12 months. Plan to implement these in a second rollout wave.
Future Phase — Nice-to-Have
Advanced capabilities for your long-term roadmap. Ensure the vendor supports these even if you don't need them now.
Explore Other ERP Requirement Areas
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