Compliance is the process of adhering to rules, regulations and standards set forth by external bodies or within an organization. It is a fundamental part of any business and helps to ensure that organizations are in alignment with global regulatory requirements. Compliance processes involve regularly auditing the company’s practices, policies and procedures against those of external bodies or internal standards. The goal is to identify discrepancies between existing and desired conditions and take appropriate action to address them. Companies that are compliant can operate more efficiently, reduce operational costs and limit their legal liabilities.