Simply put, corporate compliance is the process of making sure your company and employees follow the laws, regulations, standards, and ethical practices that apply to your organization.
Enforcing compliance in corporate policy will help your company prevent and detect violations of rules.
What exactly is compliance?
Compliance is either a state of being in accordance with established guidelines or specifications, or the process of becoming so. The definition of compliance can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation.
Why are compliance programs important?
The purpose of compliance programs is to promote organizational adherence to applicable federal and state law, and private payer healthcare requirements. An effective compliance program can help protect practices against fraud, abuse, waste, and other potential liability areas.
What is compliance policy?
In general, 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.