Difference between “general compliance” and “regulatory compliance”

During a Counsel to Counsel forum held in Madrid, Spain on Feb. 26, 2008, one of the attendees spoke about two kinds of compliance functions. I quote a summary of the meeting from the Martindale-Hubble website.

“Here, one speaker recalled that, in their company, general compliance is handled by the internal audit department, while regulatory compliance was run by legal. The two departments are run separately, but form part of the same general process within the company.”

I have not encountered such a bifurcated compliance function.

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