Regulatory compliance is when businesses follow state, federal, and international laws and regulations to operate their business. Regulatory compliance helps businesses to set the highest state of conduct, integrity, safety, and ethical behavior in business.
When it comes to hiring for a compliance leadership role, it’s important to look for certain qualities and skills to ensure the success of your organization. A strong compliance leader should have a deep understanding of relevant regulations, strong ethical standards, and the ability to communicate effectively and lead a team.
In today’s fast-paced and digitalized world, organizations are exposed to numerous risks that can jeopardize financial reporting or result in the loss of business assets. To prevent unintentional but expensive errors and premeditated fraud, and to improve financial reporting, organizations must set up a strong internal control system.