What is compliance validation? - Definition from Whatis.com

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compliance validation

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compliance validation

In compliance, validation is a formal procedure to determine how well an official or prescribed plan or course of action is being carried out. When regulated industries install or change any equipment that impacts the identity, strength, or quality of their products, their regulatory agency requires that the company collect documented evidence to show that the equipment or process is operating as intended, that it produces the expected results (or product) and that the equipment or process will continue to operate as intended in the future. This collection of documented evidence is the validation.

Related glossary terms: IFRS (International Financial Reporting Standards), IT controls, Event log management software (ELMS), Fair Credit Reporting Act (FCRA), Credit CARD Act (Credit Card Accountability, Responsibility, and Disclosure Act of 2009), compliance audit, Financial Industry Regulatory Authority (FINRA), event log manager (ELM), XBRL (Extensible Business Reporting Language)

Contributor(s): Mikie McGinnes

This was last updated in January 2009

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