What is statutory and what is mandatory? Need the difference between them with example

Dear HR Leaders

Thanks for your erudite and knowledgeable replies which are useful for my understanding.

Statutory obligations are mandate by default as per the statutes.Following and fulfilling such obligations are mandatory.
Any other rule which is made but does not have any legal provision may not be a statutory obligation and therefore the mandate is subject to acceptance of the follower.

Dear HR Leaders Thanks for your erudite and knowledgeable replies which are useful for my understanding.

Statutory mean according to law.
Mandatory means you must do it. It could be due to the laws of the country or the rules of your home.

e.g.,
'You must pay taxes'; this is statutory.
'You must be at home before 9 PM'; this is just mandatory.

Statutory, by definition, is a term which notifies policies decided by law. Statutory compliance abides the organization with certain law which needs to be obligated to function within the legal boundaries.

Mandatory, by definition, states the obligation that is imposed by law amended by the government or by the organization. A mandatory law requires the employees to follow rules which are amended by either the government or any private community.
For instance, any employee has to follow the terms and conditions which are amended by the HR team of the organization. To put in simple words it is mandatory to follow statutory compliance to maintain a legal functioning of the organization.

Dear HR Leaders Thanks for your erudite and knowledgeable replies which are useful for my understanding.