What is a "Compliance With Regulations"? The Most Authoritative Explanation.
What is regulatory compliance?
Regulatory compliance, also called business compliance, refers to any organization’s obedience to the laws, regulations, and other rules that govern all organizations. What Is a Regulatory Requirement? A regulatory requirement is a rule that a government entity imposes on an organization.Does a company need regulatory compliance?
Following regulations can require legal compliance. In that case, companies must follow laws passed by governments. However, regulatory compliance can also involve privately administered business frameworks and standards. What is regulatory compliance policy?What are some examples of regulatory compliance requirements?
The specific requirements can vary, depending largely on the industry and type of business. Some examples of regulatory compliance regulations include The U.S. Health Insurance Portability and Accountability Act of 1996 (HIPAA), the Sarbanes-Oxley Act of 2002, and the European Union’s General Data Protection Regulation of 2016 (GDPR).What are the challenges with regulatory compliance?
One challenge with regulatory compliance is the constant evolution of your obligations; the meaning of regulatory compliance is ever-changing, and the regulations to comply with vary by industry, sector and location. Some sectors and corporate activities are more heavily regulated than others.
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