Why is regulatory compliance important?

1
Why is regulatory compliance important?
2

• Compliance means conforming to a rule, such as a
  specification, policy, standard or
  law. Regulatory compliance describes the goal
  that organizations aspire to achieve in their
  efforts to ensure that they are aware of and take
  steps to comply with relevant laws, policies,
  and regulations. Due to the increasing number of
  regulations and need for operational
  transparency, organizations are increasingly
  adopting the use of consolidated and harmonized
  sets of compliance controls. This approach is
  used to ensure that all necessary governance
  requirements can be met without the unnecessary
  duplication of effort and activity from resources.

3

• Regulations and accrediting organizations vary
  among fields, with examples such
  as PCI-DSS and GLBA in the financial
  industry, FISMA for U.S. federal
  agencies, HACCP for the food and beverage
  industry, and the Joint Commission and HIPAA in
  healthcare. In some cases other compliance
  frameworks (such as COBIT) or even standards
  (NIST) inform on how to comply with regulations.
  There are many associations that provide Medicaid
  investigations, healthcare compliance program,
  and many more services related to this.

4

• Some organizations keep compliance dataall data
  belonging or pertaining to the enterprise or
  included in the law, which can be used for the
  purpose of implementing or validating
  compliancein a separate store for meeting
  reporting requirements. Compliance software is
  increasingly being implemented to help companies
  manage their compliance data more efficiently.
  This store may include calculations, data
  transfers, and audit trails.

5

• Importance-
• Regulatory Compliance Laws
• Regulatory compliance is an organization's
  adherence to laws, regulations, guidelines, and
  specifications relevant to its business. The laws
  may be local or international, and may cover a
  vast array of compliancy issues. Violations of
  regulatory compliance can very often result in
  severe legal punishments, including fines or
  withdrawal of the product from the marketplace.
  Regulatory compliance gives your customers the
  confidence they need when purchasing equipment,
  and demonstrates that other equipment will
  function correctly in its presence.

6

• To not have such strict enforcement in place lays
  open the possibility of different pieces of
  electronic equipment interfering with other
  transmission or reception. Other internationally
  agreed standards such as RoHS and WEEE fall into
  the category of regulatory compliance. These two
  pieces of legislation in particular deal with how
  electronic components are constructed. To not
  comply with these would be a huge deficit to your
  product.

7

• Regulatory Compliance is broad
• Medicaid investigations are broad too but
  regulatory compliance goes much further than
  simple functionality of equipment, and the term
  can also cover business systems, IT,
  environmental legislation, health and safety, and
  other aspects of business and commerce. The term
  can cover any officially sanctioned laws or edits
  covering a country, area of origin, or territory
  into which goods or service
• s may be sold or used.

8

• Quality systems are now an important part of many
  businesses, and it is increasingly likely that
  your customers prefer to deal with a company that
  has an accredited quality system. This is where
  internationally-recognized standards such as ISO
  9000 come into play, and the total numbers of
  companies that dont operate under its umbrella
  are dwindling. Similarly, ISO 14001 demonstrates
  a companys dedication to international
  environmental legislation, but also state that
  your company will comply with local environmental
  legislation where you sell your products. It is
  that kind of attention to detail that can mean
  the difference between gaining a sale or not.

9

• Regulatory compliance is a huge subject, and with
  so many different aspects, it is a legal
  minefield that requires a professional to safely
  and fully navigate. Many of the standards that
  need putting in place and maintaining are
  expensive and complex, and require people skilled
  in their operation to install them. But with the
  necessary legislation in place and fully working,
  your company will be able to operate on a global
  level.

10
Thank You

• Visit Us _at_ https//frontierhealthlaw.com/