Best practices are used to maintain quality as an alternative to mandatory legislated standards and can be based on self-assessment or benchmarking. Best practice is a feature of accredited management standards such as ISO 9000 and ISO 14001.
Definition of monetary. : of or relating to money or to the mechanisms by which it is supplied to and circulates in the economy a crime committed for monetary gain a government's monetary policy.
Compensation given as part of an injury lawsuit is an example of a monetary award. Lottery winnings are a form of monetary award. A sales team that performs above their company's expectations may be eligible to receive a bonus. Businesses sometimes offer a monetary award as a means of motivating employees.