Question 1

How is Regulatory Compliance Different from Corporate Compliance?

Accepted Answer

Regulatory Compliance focuses mainly on aligning company policies and procedures with regulations and laws imposed by the state and central government of India. On the other hand, corporate compliance involves adhering to both external regulations and internal policies developed by the company to create better governance within the work premises.

Question 2

What does regulatory compliance mean?

Accepted Answer

Regulatory Compliance is a standardised process of verifying and validating a company’s policies and procedures against the regulatory and compliance requirements specified by the laws and regulations of the Indian government.

Question 3

Why is regulatory compliance important?

Accepted Answer

Regulatory compliance plays a significant role in ensuring a company’s processes, operations, practices and documentation are aligned with the laws and regulations imposed by the Indian government. It also helps the company prevent penalties, hefty fines, reputational damage and lawsuits.

Question 4

How do companies ensure regulatory compliance?

Accepted Answer

The steps to ensure regulatory compliance are to identify applicable regulations and laws, create actionable steps to meet regulations, conduct an initial audit, create detailed compliance procedures and policies, provide regular compliance training to employees and managers, appoint a compliance officer, make continuous improvements on policies based on feedback, etc.

Question 5

How do regulatory compliance policies work?

Accepted Answer

Regulatory compliance policies work by diligent implementation of internal guidelines and procedures that align with regulatory and compliance requirements. These policies are designed to prevent penalties and legal cases on companies and streamline the existing operations and procedures to create a safe and productive work environment.

Question 6

What are the main challenges in regulatory compliance?

Accepted Answer

The main challenges in regulatory compliance are frequent amendments and changes in laws and regulations, lack of expertise in compliance laws, resource constraints, insufficient employee training, adjusting and adapting to technological advancements, etc.

Regulatory Compliance

What Is Regulatory Compliance? Definition, Examples, Insights

What is Regulatory Compliance? A Complete Guide