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
Famous quotes containing the words legal and/or compliance:
“There are ... two minimum conditions necessary and sufficient for the existence of a legal system. On the one hand those rules of behavior which are valid according to the system’s ultimate criteria of validity must be generally obeyed, and on the other hand, its rules of recognition specifying the criteria of legal validity and its rules of change and adjudication must be effectively accepted as common public standards of official behavior by its officials.”
—H.L.A. (Herbert Lionel Adolphus)
“In this our talking America, we are ruined by our good nature and listening on all sides. This compliance takes away the power of being greatly useful.”
—Ralph Waldo Emerson (1803–1882)