Compliance usually involves agreeing with a regulation, such as a definition, procedure, norm or statute.
Compliance with legislation is the conformity of an entity to rules, regulations, standards and requirements applicable to its business processes. Regulatory regulatory breaches often lead to administrative punishment, including federal fines.
Why is regulatory compliance important?
As the number of regulations has grown since the turn of the century, in a range of organisations, regulatory enforcement control has become more prominent. The rise has contributed to the development of the positions of corporate, chief and regulatory enforcement officer and compliance manager.
Processes and strategies for regulatory enforcement offer guidelines for companies as they aim to meet their corporate objectives.
Compliance-proof audit results help firms advertise themselves to consumers.