Compliance is perhaps the most important activity done by a business. If a business is found to be non-compliant, then it could face severe penalties and in a worst case scenario, it could even cease to exist.
Compliance can be either regulatory in nature, or could involve internal compliance rules within firms. Regulatory compliance is usually the most extensive requirement that companies face. All industries have basic regulations that they need to abide by. Some industries are much heavier regulated than others. The most regulated industries are financial, healthcare and education. These industries have multiple laws and regulations that they need to comply with and often report to government entities on the status of their compliance.
Compliance is simple. Now, that’s a novel idea. Compliance requirements are typically defined, and you just need to follow the rules. Compliance requirements are often quite comprehensive, and they can be overwhelming. But they don’t need to be – they can actually be quite simple if you have the right partner working with you to achieve and maintain your compliance requirements.