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Compliance is either a state of being in accordance with established guidelines, specifications, or legislation or the process of becoming so. It is, in general, conformity to a rule, policy, standard or law that has been clearly defined. In most countries, generally means compliance with laws and regulations and these laws can have criminal or civil penalties when not observed properly.

What are the benefits of compliance?

It also makes it easier for an organization to pinpoint flaws in its system or improve existing standards that fail to meet the company or business’ goals. In a corporate setting, more and more companies are using “key performance indicators” for years to track data that can help measure progress toward whatever goals a company has. Which compliance indicators are relevant to the organization are dependent on the organization’s goals.

Further reading: Corporate Governance | Audit | Performance Improvement

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