Compliance refers to the act of conforming to established guidelines, regulations, or standards set by authorities, organizations, or legal frameworks. It involves ensuring that behaviors, practices, and procedures align with applicable laws, policies, and ethical standards. Compliance can occur in various contexts, including corporate environments, where businesses must adhere to regulations such as financial laws, environmental standards, data protection laws, and industry-specific requirements.
In a broader sense, compliance encompasses the processes and actions taken by individuals or entities to maintain adherence to norms and laws, which can include training, audits, and the implementation of compliance programs. It aims to mitigate risks, avoid legal penalties, and promote ethical practices within organizations. Compliance is crucial for maintaining trust, integrity, and accountability in business and governance.
The financial landscape is changing rapidly! As of January 17, the EU Digital Operational Resilience Act (DORA) will transform how organizations approach cybersecurity and operational resilience. This new law introduces…