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A program that your organization has developed to meet some aspect of your corporate goals. For example, an organization might undertake an internal environmental initiative to reduce production of non-recyclable waste or to reduce energy consumption. Initiatives are internally-motivated programs and adherence to an initiative's goals is typically not legally binding.
In the Compliance Management application, you model your internal initiatives as regulations and store them in the Regulations (
regulation) table. This way, you can further detail them with programs and requirements (or contracts and contract terms) even though the internal initiative is not tied to a formal regulation.
For example, you might have a goal to ensure a clean working environment; this can be entered in the Regulations table. You can then model the programs and requirements to achieve this goal; or, if you contract out the work to achieve this goal, you can model the associated contracts and contract terms.
Compare regulation and standard.
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