In the business world, compliance is the act of adhering to the rules, policies, standards, or laws set fourth by the company you work for or a governing body.
Corporate Compliance refers primarily to complying with rules and regulations set by an individual company. This can include the business ethics or employee code of conduct created by a corporation. Because businesses set these standards for themselves, they vary depending on where you work.
Regulatory compliance is a little different, in that it refers to the ways in which a company ensures they are following all the laws and regulations that apply to their business. These are set by larger governing bodies and are universal rules mandated for each industry.
While compliance is required for all industries, there are some where staying compliant is crucial in a day-to-day setting. Healthcare professionals are required to stay compliant with HIPPA and protecting patient information, financial institutions have a special set of laws they have to follow, etc.
There are many types of compliance risks that your business can face and not all of them come in the form of protecting information or user data. A compliance risk can be anything that puts the company at risk.
Types of Compliance Risks :
+ Environmental Risks
+ Workplace Health and Safety Risks
+ Ethical and Social Responsibility
+ Product or Service Quality
+ Process Risks