Glossary of Key Terms

• Compliance: Adherence to laws, regulations, rules, policies, and ethical standards.
• Compliance Program: A structured system designed to prevent, detect, and address compliance violations.
• Risk Assessment: The process of identifying, analyzing, and prioritizing potential compliance risks.
• Policy: A formal statement of principles, rules, and guidelines that governs organizational behavior.
• Training: Educational programs designed to inform employees about relevant laws, regulations, and company policies.
• Monitoring: The ongoing process of observing and evaluating compliance with policies and regulations.
• Reporting: The act of communicating suspected or actual compliance violations to appropriate authorities.
• Internal Reporting: The act of communicating suspected violations to internal individuals.
• External Reporting: The act of communicating suspected violations to external individuals.
• Due Diligence: Reasonable steps taken by a person or organization to avoid committing an offence.
• Whistleblower: An individual who reports illegal or unethical conduct within an organization.

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