Legal compliance is the process or procedure to ensure that an organization follows relevant laws, regulations and business rules. The definition of legal compliance, especially in the context of corporate legal departments, has recently been expanded to include understanding and adhering to ethical codes within entire professions, as well. There are two requirements for an enterprise to be compliant with the law, first its policies need to be consistent with the law. Second, its policies need to be complete with respect to the law. The role of legal compliance has also been expanded to include self-monitoring the non-governed behavior with industries and corporations that could lead to workplace indiscretions. Within the LGRC realm, it is important to keep in mind that if a strong legal governance component is in place, risk cannot be accurately assessed, nor can the monitoring of legal compliance be carried out efficiently. It is also important to realize that within the LGRC framework, legal teams work closely with executive teams and other business departments to align their goals and ensure proper communication.
Read more about this topic: Legal Governance, Risk Management, And Compliance
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