What key document outlines the procedures and responsibilities in regulatory compliance?

The key document that outlines the procedures and responsibilities in regulatory compliance is the Standard Operating Procedures (SOPs). SOPs provide a detailed description of the processes that need to be followed to ensure compliance with regulations. They serve as a guide for staff on how to carry out their tasks in accordance with legal and regulatory requirements, ensuring that all actions taken within the organization adhere to the established guidelines and standards.

SOPs are critical in regulatory compliance because they help in maintaining consistency in operations, reduce the risk of errors, and ensure that all employees are aware of their roles and responsibilities in relation to compliance. By providing clear instructions, SOPs facilitate training for new employees, support audits and inspections, and help in demonstrating compliance to external stakeholders, such as regulatory agencies.

In contrast, the other options do not primarily focus on outlining compliance procedures. For instance, a Market Research Report typically provides insights into market trends and consumer behavior rather than compliance processes. An Annual Compliance Review assesses compliance performance but does not serve as a procedural guide. A Marketing Strategy Document focuses on promoting products or services, and while it may consider regulatory aspects, it does not detail operational compliance procedures. Thus, SOPs stand out as the essential document in this context.