Compliance should be ethical and in spirit of good intention for compliance of laws. In view of this, describe the term 'Compliance with Spirit of Law'.

It is true to say that 'Compliance should be ethical and in spirit of good intention for compliance of laws'. The enterprise response to compliance mandates seems to be to create and implement whatever compliances are prescribed - to 'get it done'. The goal is to simply meet the 'letter of the law'. The effort is directed towards completing Compliance tasks as quickly as possible so all could return to 'real' business tasks. But ensuring compliances as per the 'spirit of law' is more important. In the context of corporate governance, compliance means adhering to the law. Ethics is the intent to observe the spirit of law. In other words, it is the expressed intent to do what is right. In the wake of recent corporate scandals, a program that strongly emphasizes both ethics and compliance is good business. An ethical compliance management programme ensures that the mechanisms are in place to provide early warning of deviations from guidelines and regulations. It is essential to create or expand a culture of trust, enthusiasm, and integrity - critical attributes that can produce measurable results in terms of productivity, employee satisfaction, customer satisfaction, and, ultimately, brand equity.