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Why is regulatory compliance important?

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Compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations. – PowerPoint PPT presentation

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Title: Why is regulatory compliance important?


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Why is regulatory compliance important?
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  • Compliance means conforming to a rule, such as a
    specification, policy, standard or
    law. Regulatory compliance describes the goal
    that organizations aspire to achieve in their
    efforts to ensure that they are aware of and take
    steps to comply with relevant laws, policies,
    and regulations. Due to the increasing number of
    regulations and need for operational
    transparency, organizations are increasingly
    adopting the use of consolidated and harmonized
    sets of compliance controls. This approach is
    used to ensure that all necessary governance
    requirements can be met without the unnecessary
    duplication of effort and activity from resources.

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  • Regulations and accrediting organizations vary
    among fields, with examples such
    as PCI-DSS and GLBA in the financial
    industry, FISMA for U.S. federal
    agencies, HACCP for the food and beverage
    industry, and the Joint Commission and HIPAA in
    healthcare. In some cases other compliance
    frameworks (such as COBIT) or even standards
    (NIST) inform on how to comply with regulations.
    There are many associations that provide Medicaid
    investigations, healthcare compliance program,
    and many more services related to this.

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  • Some organizations keep compliance dataall data
    belonging or pertaining to the enterprise or
    included in the law, which can be used for the
    purpose of implementing or validating
    compliancein a separate store for meeting
    reporting requirements. Compliance software is
    increasingly being implemented to help companies
    manage their compliance data more efficiently.
    This store may include calculations, data
    transfers, and audit trails.

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  • Importance-
  • Regulatory Compliance Laws
  • Regulatory compliance is an organization's
    adherence to laws, regulations, guidelines, and
    specifications relevant to its business. The laws
    may be local or international, and may cover a
    vast array of compliancy issues. Violations of
    regulatory compliance can very often result in
    severe legal punishments, including fines or
    withdrawal of the product from the marketplace.
    Regulatory compliance gives your customers the
    confidence they need when purchasing equipment,
    and demonstrates that other equipment will
    function correctly in its presence.

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  • To not have such strict enforcement in place lays
    open the possibility of different pieces of
    electronic equipment interfering with other
    transmission or reception. Other internationally
    agreed standards such as RoHS and WEEE fall into
    the category of regulatory compliance. These two
    pieces of legislation in particular deal with how
    electronic components are constructed. To not
    comply with these would be a huge deficit to your
    product.

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  • Regulatory Compliance is broad
  • Medicaid investigations are broad too but
    regulatory compliance goes much further than
    simple functionality of equipment, and the term
    can also cover business systems, IT,
    environmental legislation, health and safety, and
    other aspects of business and commerce. The term
    can cover any officially sanctioned laws or edits
    covering a country, area of origin, or territory
    into which goods or service
  • s may be sold or used.

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  • Quality systems are now an important part of many
    businesses, and it is increasingly likely that
    your customers prefer to deal with a company that
    has an accredited quality system. This is where
    internationally-recognized standards such as ISO
    9000 come into play, and the total numbers of
    companies that dont operate under its umbrella
    are dwindling. Similarly, ISO 14001 demonstrates
    a companys dedication to international
    environmental legislation, but also state that
    your company will comply with local environmental
    legislation where you sell your products. It is
    that kind of attention to detail that can mean
    the difference between gaining a sale or not.

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  • Regulatory compliance is a huge subject, and with
    so many different aspects, it is a legal
    minefield that requires a professional to safely
    and fully navigate. Many of the standards that
    need putting in place and maintaining are
    expensive and complex, and require people skilled
    in their operation to install them. But with the
    necessary legislation in place and fully working,
    your company will be able to operate on a global
    level.

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Thank You
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