What does compliance mean?
Generally, compliance means adhering to a rule, such as a policy, standard, specification, or law.
Regulatory compliance defines the goals companies want to achieve to ensure that they understand and take the necessary steps to comply with policies, relevant laws, and regulations..
What does out of compliance mean?
: failure or refusal to comply with something (such as a rule or regulation) : a state of not being in compliance terminated for noncompliance. Other Words from noncompliance More Example Sentences Learn More about noncompliance.
What is a compliance process?
Process compliance ensures that the company’s policies and procedures are designed to comply with internal and external policies.
Why is compliance so important?
Enforcing compliance helps your company prevent and detect violations of rules, which protects your organization from fines and lawsuits. The compliance process should be ongoing. Many organizations establish a program to consistently and accurately govern their compliance policies over time.
How do you use the word compliance?
Compliance sentence examplesIf you are in compliance with the law, you must prove it! … The company was in compliance with the various safety regulations. … Compliance audits were held throughout the company. … The new rules were becoming a compliance burden. … The procedures were rewritten to be in compliance with legislation.More items…
What is compliance with example?
The definition of compliance means following a rule or order. An example of compliance is when someone is told to go outside and they listen to the order. An example of compliance is when a financial report is prepared that adheres to standard accounting principles.
What is the meaning of compliance in business?
Compliance is where a business accords to established guidelines or specifications, or is the process of doing so. For example, compliance for a manufacturer or supplier might be certification or confirmation that it meets accepted practices, rules, and regulations, or specified practices.
What is compliance in simple terms?
The Cambridge Dictionary defines compliance as follows: ‘the act of obeying an order, rule, or request’. Wikipedia states that ‘In general, compliance means conforming to a rule, such as a specification, policy, standard or law.
What is a compliance officer do?
Compliance officers are responsible for ensuring their organization complies with government regulations — domestically as well as globally, if applicable — and avoids missteps that could result in hefty fines, legal ramifications and reputation damage.