In business, there are many forms of compliance that your company and employees must uphold. Therefore, having a good overview and understanding of the Annual Compliance Requirements is an important part of keeping your business running smoothly. In other words, you must know how to conduct your business and its actions within legal parameters, i.e. complying with relevant legislation or any other standards.
Failure to comply or negligence can certainly lead to damage towards both the company, in terms of costly penalties, even litigation, and poor business reputation.