Explanation:
This process involves identifying applicable regulations, implementing systems and processes to meet these requirements, monitoring operations to ensure ongoing compliance, and making necessary adjustments. Effective compliance management minimizes legal risks and maintains the company's integrity and reputation.
Practical Example of Compliance Management:
A pharmaceutical company must regularly review and update its processes to ensure they align with new health and safety regulations, ensuring that all products meet current legal standards before they reach the market.
Ready to become a true global employer? Talk to our team about global payroll services today.
