There are many definitions of quality and compliance. These key leadership and management responsibilities are different, but often closely related. The benefits of quality management include lower operating costs, less wastage, enhanced customer satisfaction and a positive reputation. The ultimate result is a better return on investment.
Compliance with standards and regulations reduces financial risk and reputational damage. Imposed by industry watchdogs and regulators and often enshrined in law, compliance is important in protecting employees and customers. Failure to comply can result in fines, lawsuits and termination of contracts, or even losing a licence to continue trading.