What is the difference between Statutory Requirements and Regulatory Requirements?
The term "statutory and regulatory requirements" appear in ISO 9001:2015 for 12 times. These two requirements together are also called as the legal requirements.
However, the question here is: "What is the difference between statutory and regulatory requirements?".
The difference between statutory and regulatory requirements is a subtle one. In general, a statutory requirement is an established rule by law, like copyright, trademark protections, Sarbanes-Oxley Act (SOX). A regulatory requirement is established by government agencies.
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The following will help you discern between the two:
-Statutory requirements derive from legislation that has been enacted into law.
-Regulatory requirements derive from regulations, which have been put in place by government agencies.
- Regulatory requirements are enforced by regulators such as OSHA or EPA.
-Statutory requirements are often backed up by criminal penalties for noncompliance while regulatory requirements do not carry such penalties.
- Regulatory requirements are rules and guidelines put forth by a governing body. These include standards for different products like food safety and environmental protection, regulations for how businesses operate such as minimum wage laws, and laws that protect consumers from monopolies or fraud.