Legal Compliance Meaning
Legal compliance means operating according to the laws, regulations, contractual obligations, and other legal requirements that apply to an organization, its activities, and its operating environment. LaserGRC helps teams organize compliance obligations, assign responsibilities, document evidence, identify gaps, and coordinate actions needed to support ongoing legal compliance.
What this solves for legal compliance teams
Unclear Compliance Responsibilities
Help organizations identify applicable requirements and connect them with the business functions and individuals responsible for addressing them.
Scattered Legal Requirements
Organize laws, regulations, contractual commitments, internal requirements, and related compliance information within a structured framework.
Difficulty Demonstrating Compliance
Maintain supporting documentation, records, assessments, and other evidence associated with specific legal or regulatory requirements.
Gaps in Compliance Follow-Up
Document identified compliance issues and coordinate corrective actions, ownership, deadlines, and follow-up activities.
Legal & Regulatory Obligations
Maintain structured records of laws, regulations, contractual requirements, and other obligations relevant to organizational activities.
Compliance Responsibilities
Associate requirements with accountable owners, business units, processes, or stakeholders responsible for addressing them.
Compliance Assessments
Document reviews of legal and regulatory requirements and record assessment results, supporting information, and identified gaps.
Compliance Evidence
Organize policies, records, certifications, attestations, and other documentation that supports compliance activities.
Legal Compliance Issues
Capture exceptions, deficiencies, observations, and other concerns identified during compliance reviews.
Corrective Action Tracking
Manage remediation activities, responsibilities, deadlines, progress updates, and follow-up associated with identified compliance gaps.
How legal compliance activities can be structured
Identify Legal Requirements
Review applicable laws, regulations, contracts, internal policies, and other requirements relevant to the organization's operations.
Build the Compliance Structure
Classify obligations by jurisdiction, business function, regulatory area, process, or other organizational criteria.
Organize Compliance Information
Consolidate existing obligation records, policies, assessments, evidence, historical findings, and related documentation.
Configure Compliance Workflows
Establish processes for requirement reviews, assessments, evidence collection, issue management, approvals, and corrective actions.
Validate Compliance Coverage
Review representative legal requirements and compliance scenarios to confirm that responsibilities, documentation, and workflows are appropriately structured.
Maintain Ongoing Compliance Management
Refine review schedules, ownership, reporting, and compliance processes as applicable requirements and organizational activities change.
FAQs
(Frequently Asked Questions)
What is the meaning of legal compliance?
Legal compliance means following the laws, regulations, contractual obligations, and other legally applicable requirements that govern an organization's activities.
Why is legal compliance important for organizations?
Legal compliance helps organizations understand and meet applicable requirements, maintain appropriate records, address identified gaps, and manage their legal and regulatory responsibilities.
What is the difference between legal and regulatory compliance?
Legal compliance is a broad concept covering applicable legal requirements, while regulatory compliance generally focuses on requirements established or enforced by regulatory authorities. The two areas can overlap depending on the organization and jurisdiction.
How can organizations manage legal compliance requirements?
Organizations can maintain an inventory of applicable obligations, assign responsibility, assess compliance status, retain supporting evidence, document gaps, and track corrective actions.
How does LaserGRC support legal compliance management?
LaserGRC helps teams organize legal and regulatory obligations, associate responsibilities, manage assessments and evidence, document compliance issues, and coordinate remediation activities.
Organize applicable obligations, responsibilities, evidence, assessments, compliance gaps, and corrective actions within a consistent framework. LaserGRC helps legal, compliance, risk, and business teams maintain visibility across ongoing legal compliance activities.
