Things to Know About Enterprise Compliance

What is enterprise compliance, and how does it differ from regulatory, legal, and statutory compliance?

Enterprise compliance ensures that a company complies with all applicable laws, regulations, and industry standards. This can include a wide range of activities, such as implementing policies and procedures to prevent fraud and abuse, conducting regular audits and reviews, and providing training and guidance to employees.

Regulatory, Legal and Statutory Compliance

Regulatory, legal, and statutory compliance all fall under the broader umbrella of enterprise compliance. Regulatory compliance refers to ensuring that a company complies with the regulations and rules set forth by government agencies and industry bodies. Legal compliance, on the other hand, focuses on ensuring that a company is operating in accordance with the law, including contracts and agreements. Statutory compliance refers to ensuring that a company complies with the laws and statutes that apply to its operations.

Difference of Regulatory, Legal and Statutory Compliance

While all of these types of compliance are closely related, they have some key differences. Regulatory compliance is typically focused on specific industries or sectors, such as financial services or healthcare, and involves complying with the rules and regulations that apply to those industries. Legal compliance, on the other hand, is focused on ensuring that a company is operating within the bounds of the law and avoiding legal liability. Statutory compliance focuses on ensuring that a company complies with the specific laws and statutes that apply to its operations.

Overall, enterprise compliance is a broad and complex area that involves ensuring that a company is operating in compliance with all applicable laws, regulations, and industry standards. It is critical to managing a business, as non-compliance can result in significant financial and legal consequences.

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