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Statutory compliance is the act of following and upholding the laws, rules, and statutes established by the state and other pertinent authorities in a given jurisdiction. These rules cover a range of topics, including employment, taxation, health and safety, and environmental preservation. For firms to avoid legal problems, fines, penalties, and reputational harm, statutory compliance is crucial.
Due to the constantly changing nature of laws and regulations in many jurisdictions, managing statutory compliance may be a difficult undertaking for enterprises.
What an organization does to guarantee that it complies with applicable rules and regulations when it comes to statutory compliance depends on its particular industry, location, and type of operations. To handle statutory compliance effectively, firms often follow a few standard procedures and methods.