What is compliance in simple terms?

The Cambridge Dictionary defines compliance as follows: ‘the act of obeying an order, rule, or request’. Wikipedia states that ‘In general, compliance means conforming to a rule, such as a specification, policy, standard or law.

What does compliance mean in finance?

Financial compliance is the regulation and enforcement of the laws and rules that exist within the financial services sector and capital markets.

What does compliance mean in business?

The definition of compliance is “the action of complying with a command,” or “the state of meeting rules or standards.” In the corporate world, it’s defined as the process of making sure your company and employees follow all laws, regulations, standards, and ethical practices that apply to your organization and …

What does compliance mean in banking?

Thus, banking compliance means complying with regulations, laws and guidelines, whether internal or external. Its function is to prevent, detect and address any and all deviations, illegalities and nonconformities in the company’s operations.

What is compliance example?

The definition of compliance means following a rule or order. An example of compliance is when someone is told to go outside and they listen to the order. An example of compliance is when a financial report is prepared that adheres to standard accounting principles. Flexibility.

What is another word for compliance?

In this page you can discover 75 synonyms, antonyms, idiomatic expressions, and related words for compliance, like: agreement, surrender, assiduous, concession, obedience, concord, nonconformity, yielding, acquiescence, consent and assent.

What is regulatory compliance investopedia?

The compliance department ensures that a business adheres to external rules and internal controls. In the financial services sector, compliance departments work to meet key regulatory objectives to protect investors and ensure that markets are fair, efficient and transparent.

What does compliance mean in accounting?

Accounting compliance means ensuring a business’s financial reporting is accurate and in line with current laws and regulations. To ensure this accuracy, it’s important to have clear processes and procedures for recording and verifying financial transactions.

What is opposite of compliance?

Opposite of the action or fact of complying with a wish or command. defiance. disobedience. intractability. contumacy.