Regulatory compliance refers to a company adhering to state, federal, and international laws or regulations relevant to its operations and products. The specific requirements can vary, depending on the industry and type of business. Regulatory compliance differs from other aspects of corporate compliance, such as following internal policies and rules. However, both regulatory and corporate compliance help drive accountability in the workplace.
Legally, regulatory compliance represents guidelines that companies must follow. For example, U.S. companies must adhere to rules outlined by the Occupational Safety & Health Administration (OSHA) to ensure a safe work environment for employees or follow the guidelines of the Equal Opportunity Commission (EEOC) to ensure discrimination-free hiring practices.
This guide will cover the fundamentals of regulatory compliance, including the drivers behind regulatory compliance, the complexity of the regulatory landscape, how to determine regulatory applicability, and the consequences of non-compliance. It will also provide an overview of the compliance solutions offered by Source Intelligence and how they can help simplify and streamline compliance management.