What Does Compliance Mean?

What is the role of compliance?

The compliance department ensures that a business adheres to external rules and internal controls.

In the financial services sector, compliance departments work to meet key regulatory objectives to protect investors and ensure that markets are fair, efficient and transparent..

How do you use the word compliance?

Compliance sentence examplesIf you are in compliance with the law, you must prove it! … The company was in compliance with the various safety regulations. … Compliance audits were held throughout the company. … The new rules were becoming a compliance burden. … The procedures were rewritten to be in compliance with legislation.More items…

What does culture of compliance mean?

Nearly all institutions provide some level of training to employees, but a culture of compliance goes beyond once-a-year mandated training. It embeds compliance into everyday workflow and sets the foundation and expectations for individual behavior across an organization.

What is a compliance letter?

A compliance letter is a document from planning and building divisions outlining the proposed use of a property and whether or not it currently meets zoning and building regulations. … If your building project does not comply with the zoning by-law please contact us for help.

What is the compliance process?

Process compliance is the regulation and maintenance of industry standards and guidelines. Most industries have standards and guidelines relating to the execution of their business processes. Some of these are actual laws and non-compliance can result in stiff penalties or even jail time for company officers.

What is another word for compliance?

What is another word for compliance?acquiescenceagreementassentdeferencedocilitysubmissionsubordinationcomplaisanceconformanceconformity89 more rows

What is ensuring compliance?

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.

What is definition of compliance?

1a : the act or process of complying to a desire, demand, proposal, or regimen or to coercion Patient compliance in completing the treatment regimens was excellent.— Georgia A. Chrousos. b : conformity in fulfilling official requirements His actions were in compliance with state law. 2 : a disposition to yield to …

What is compliance with example?

Use compliance in a sentence. noun. The definition of compliance means following a rule or order. An example of compliance is when someone is told to go outside and they listen to the order. An example of compliance is when a financial report is prepared that adheres to standard accounting principles.

What does compliance mean to me?

Compliance is the act of complying with a command, desire, or rule. Alternately, some give the definition of compliance as adhering to requirements, standards, or regulations. Both of these compliance definitions are important for your organization.

What are the types of compliance?

A compliance audit is a formal external review of an organization’s operations and procedures to ensure they are following all applicable laws, rules, standards, and regulations….Sarbanes-Oxley (SOX) compliance auditElectronic records management.Data protection.Executive accountability.Internal controls reporting.

What are the four methods of compliance?

Compliance Strategies: Common Persuasion TechniquesFoot-in-the-Door Technique. The foot-in-the-door technique involves making a smaller request, which a person is likely to agree to, before making your larger request. … Door-in-the-Face Technique. … Low-Balling. … Norm of Reciprocity. … Ingratiation.

What are the four responsibilities of a compliance officer?

Here’s an overview of some typical duties for compliance officers: Developing, implementing and managing an organization’s compliance program. … Developing company compliance communications. Coordinating and scheduling required compliance training for employees.