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Compliance

Compliance is the process of meeting regulations and standards that are required by law or other authorities. The term is used in many industries, but it's most commonly associated with healthcare, with strict rules about patient privacy and confidentiality. For example, HIPAA (Health Insurance Portability Accountability Act) requires doctors to follow specific procedures when handling medical records so they don't disclose any personal patient information.

What Small and Midsize Businesses Need to Know About Compliance

Small businesses can benefit from having a compliance officer on staff to help ensure they're following all applicable laws. This reduces their risk of fines or penalties for non-compliance. It also reduces the risk of lawsuits from customers who feel like their rights were violated. Violating compliance laws can be costly for a small business, so it's essential to have someone responsible for making sure everything is in order.

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