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Compliance refers to respecting laws, regulations, standards and professional practices in the course of a company’s operations. It is important because it helps prevent legal, financial and reputational risks.
The main compliance regulations that businesses must adhere to include GDPR (General Data Protection Regulation), anti-corruption law, accounting standards, environmental regulations, reporting regulations etc.
The risks to a business for non-compliance with applicable regulations include fines, legal action, financial losses, reputational damage and loss of stakeholder trust.
Using a compliance consulting firm can provide a company with specialized expertise, an objective assessment of its practices, recommendations for complying with regulations, and assistance in implementing corrective measures.
A compliance consulting firm can help a company establish an effective compliance program by carrying out risk assessments, developing appropriate policies and procedures, providing staff training and implementing monitoring monitoring mechanisms and reporting.
A compliance program should focus on areas such as corporate governance, data protection, anti-corruption, workplace safety, environmental protection, equality, etc.
A company can maintain and continually improve its compliance program by staying informed of regulatory developments, conducting regular internal reviews, collecting feedback, and implementing corrective actions when necessary.
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