Compliance: essence and definition

Abstract

Compliance refers to the part of the management / control system in the organization that is associated with the risks of non-compliance, non-compliance with the requirements of legislation, regulatory documents, rules and standards of supervisory bodies, industry associations and self-regulatory organizations, codes of conduct, etc. Such risks of nonconformity can ultimately be manifested in the form of applying legal sanctions or regulatory sanctions, financial or reputation losses as a result of non-compliance with laws, generally accepted rules and standards.