Simply stating the concept of Compliance refers to follow the laws, policies, and regulations which is applied to run a business. “There is nothing in this world that does not have a legal foundation” and as a result, the compliance industry is in high demand. Certain regulations are often set up by international entities and government that set standards for a particular industry or ﬁeld at national and international level. It is not optional at all. We don’t have the choice to ignore what’s going on, we have to keep moving with it. Every organization has certain compulsions to comply with regulations and would like to highlight that there are major consequences for not doing so.
Why is Regulatory Compliance important?
Regulatory compliance is important to protect consumers and society from harm.
…being proactive is far less expensive than being reactive, when it comes to regulatory compliance.”
On top of this, regulatory compliance is essential and indispensable to make ensure that the processes and the products in the organization meets quality standards. Importance of compliance in business is to protect their brands and reputations. Similarly, for the consumers, it is important to protect them from the harmful effects of the goods being sold in the market.
The Final Straw
The key to handling regulatory compliance is making sure that it is present in everything your business does.
When everyone knows that a business is systematically working as per all required legal regulations, then surely employees can focus on delivering to their clients.
So, it can be concluded that regulatory compliance has a ﬂexible shape and it will ﬁt whatever the requirement be. To be disciplined does not mean being silent, or what one may undertake without risk; it means acting in compliance with the order received and the possibility to carry out such orders. After all, Quality is not an act, it is a habit
“Good compliance practice leads to a better working environment”