What Does Regulatory Compliance Mean?
Regulatory compliance is the process of putting in place the measures necessary to comply with the regulations, laws, and guidelines that govern the operations of a business. These regulations may be set by a governmental agency such as OSHA or by a governing body for the applicable industry.
Compliance requires the implementing of codes of practice and company policies that ensure the regulations are being met on a day-to-day basis.
Safeopedia Explains Regulatory Compliance
Regulatory compliance has become increasingly difficult with the rapid increase in regulations that have been put in place over the last two decades.
Many organizations now employ a regulatory compliance officer. The sole responsibility of this person is to ensure that the company adheres to all of the regulations applicable to their situation. If a company, either wittingly or unwittingly, fails to adhere to a regulation, it may be subject to legal punishment.