Compliance
Compliance involves adhering to rules, policies, standards, and laws set forth by industries and/or government agencies. Failing to do so could cost an organization in terms of poor performance, costly mistakes, fines, penalties, and lawsuits.
Regulatory compliance covers external laws, regulations, and industry standards that apply to the company. Corporate or internal compliance deals with rules, regulations, and internal controls set by an individual company. It is important for the internal compliance management program to be integrated with external compliance requirements. The integrated compliance program should be based on a process of creating, updating, distributing, and tracking compliance policies and training employees on those policies.
To create an effective compliance program, organizations need to understand what areas pose the greatest risk and focus resources on those areas. Then, policies should be developed, implemented, and communicated to employees in order to address those areas of risk. Guidance should be developed to make it easier for employees and vendors to follow compliance policies.
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