What does "peer review" signify in the context of compliance?

In the context of compliance, "peer review" signifies the evaluation of compliance practices among similar organizations. This process involves experts or professionals from comparable fields assessing each other's compliance programs, policies, and procedures to ensure they meet established standards and regulations. Peer review is essential as it promotes best practices, encourages accountability, and fosters continuous improvement by allowing organizations to learn from one another's experiences and challenges. This collaborative approach can identify potential areas of risk and ensure that compliance efforts are robust and effective across the industry.