Change management is key for compliance, but I'd also throw in a vote for incident response. You need to be able to quickly detect and respond to security incidents.
Department-specific policies are a bit too narrow. Regulatory agencies are looking for organization-wide policies that address all aspects of security and compliance.
Incident response is crucial for compliance. You need to have a well-defined plan for how to handle security incidents and report them to the proper authorities.
I think the change management policy is the most critical for compliance with regulatory agencies. It ensures that all changes to the system are properly documented and approved.
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