What Are Statutory and Regulatory Requirements?

Answer

Every organization must have a methodology in place for identifying, maintaining and updating all applicable statutory and regulatory requirements. These requirements are what ensures that a business operates within the confines of the law. The organization must ensure that statutory and regulatory requirements are utilized as ‘process inputs’ while monitoring ‘process outputs’ for compliance with requirements.
Q&A Related to "What Are Statutory and Regulatory Requirements..."
Statutory laws are the acts and statutes that make up our legal system. They start as bills placed before the legislative bodies of states and the U.S. Congress. Once approved by
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Statutory refers to laws passed by the state of federal government. Regulatory means a rule issued by some agency that the government has given authority to regulate an industry.
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I am not a bank expert, but I think there already are statutory limits set by the Basel accords. Basel sets minimum capital ratios, which is just another way of saying it sets leverage
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Groundwater monitoring can only be used if the stored substance does not easily mix with water and floats on top of water.
http://www.epa.gov/oust/ustsystm/liquidmo.htm
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