What is required in the final step of implementing the compliance process?

What will be an ideal response?

The final step in implementing the compliance process requires documenting the form of the process itself. This documentation will be used to manage the system and, in order for the compliance process to be considered effective, it has to be documented that management has monitored the effectiveness of all of its internal controls for compliance in the course of normal operation. The assessments of control effectiveness have to be documented periodically in order to demonstrate that management has met that requirement. Where any material deviations in the operation of internal controls are identified, those deviations also have to be documented and reported as a part of the ongoing record of compliance process activity.