In business, compliance refers to the process of adhering to internal policies and external regulations. Organizations implement compliance programs to mitigate risk and ensure that employees understand and follow the rules.
There are many different types of compliance risks that businesses face, such as regulatory changes, data privacy, ethical misconduct, and financial crimes. To manage these risks, businesses must have a clear understanding of their obligations. They also need to develop robust policies and procedures to promote compliance with applicable laws and regulations.
Organizations should regularly review their compliance programs to ensure they are effective and up-to-date. They should also investigate any incidents of non-compliance and take appropriate disciplinary action against employees who violate the rules.