Compliance reduces the likelihood of fines, penalties, work stoppages, lawsuits, or the closure of your business, which is the most evident benefit. For example, if you were not following safety guidelines and someone got injured, you might be subjected to a hefty fine by the authorities.
Compliance als contributes to Trust.
Compliance means taking steps to ensure your organization is in line with a set of standards established by a third party, like the International Organization for Standardization (ISO) or National Institute for Standards in Technology (NIST), or a federal law, like the Sarbanes Oxley Act (SOX) or Health Insurance Portability and Accountability Act (HIPAA). These third-party entities establish guidelines and frameworks that are designed to protect various types of data and consumers’ rights to control and access their data.