"Compliance Chart is only key component of Corporate Compliance Framework." Explain.

The corporate compliance framework consists of three key components: Compliance Chart Compliance Advisory Compliance Scorecard The Compliance Chart is a vital part of the framework. The Chart mentions applicable Laws relating a business' operation. It explains how compliance risk mitigation activities are embedded in business processes. The Compliance Advisory mentions advice on compliances of applicable laws and effect of non-compliances. The third key component in the Corporate Compliance Framework is the Compliance Scoreboard which is a tool to analyses the position of an organization in compliance. The Compliance Chart provides an overview of the applicable local, state, central and international laws, regulations and standards relating to a business' operations. The compliance chart also outlines how compliance risk mitigation activities are embedded in business processes. In other words, how compliance with the laws, regulations and standards is embedded and ensured. The compliance chart help business in meeting its compliance obligations towards the customers, regulators, shareholders and employees because it provides a centralize compliance information of the company on a single chart. The compliance chart also reflects the key activities and compliance calendar which is to be followed and performed by a business unit to manage its compliance risks.