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Compliance
Compliance is the process of meeting regulations and standards that are required by law or other authorities. The term is used in many industries, but it's most commonly associated with healthcare, with strict rules about patient privacy and confidentiality. For example, HIPAA (Health Insurance Portability Accountability Act) requires doctors to follow specific procedures when handling medical records so they don't disclose any personal patient information.
What Small and Midsize Businesses Need to Know About Compliance
Small businesses can benefit from having a compliance officer on staff to help ensure they're following all applicable laws. This reduces their risk of fines or penalties for non-compliance. It also reduces the risk of lawsuits from customers who feel like their rights were violated. Violating compliance laws can be costly for a small business, so it's essential to have someone responsible for making sure everything is in order.
Related terms
- PDM (Product Data Management)
- Project Management
- Gain Sharing
- Small and Midsize Business (SMB)
- Business Process Automation (BPA)
- Human Capital Management (HCM)
- Best Practice
- Business Process Management (BPM)
- Business Impact Analysis (BIA)
- Track And Trace
- Digital Business Transformation
- Bimodal
- Span of Control
- Solution
- Business Process Re-engineering (BPR)
- Enterprise Solutions
- Growth Strategy
- Project Management Office (PMO)
- Business Process Outsourcing (BPO)
- Line Of Business
