Compliance is the act of adhering, and demonstrating adherence to, rules, standards, laws and regulations. These rules may be defined at different levels, from filling in timesheets punctually to working with global standards such as Sarbanes Oxley, Solvency II or Basel II.
There are several areas to consider when considering compliance:
Corporate – the rules according to which an organisation works internally. These are normally aligned to best practice, securely maintaining intellectual property, financial authority, probity and liability. It is corporate compliance that is closely aligned with, and measures, governance.
Legal – the rules within which legislative and market frameworks oblige an organisation to work. These are generally ...