Regulatory compliance is crucial to the existence and future of your company, but it’s not always easy to manage. Failure, however, can lead to big civil (and, potentially, criminal) penalties.
With that in mind, what can your company do to avoid the costly legal and financial implications of non-compliance? Below are some useful tips.
Stay up to date with the law
Regulatory changes may be your biggest headache when it comes to compliance. Given that ignorance cannot be used as a defense, you need to ensure that you keep up with any changes in the existing regulations. Tracking such changes is not easy and it may require additional resources, but it is key in preventing non-compliance.
Your employees are your biggest assets
When it comes to compliance, your employees should be at the frontline. Ensure that everyone is trained and well-informed of the regulatory requirements in your industry. In addition, your employees should be fully aware of the stakes involved for everyone should the company fail to comply with industry regulations.
If possible, select a compliance champion from your employees. Although it is a team effort, having one person coordinating everything will make it easier.
Constantly monitor for compliance
Regulatory compliance is not a one-off process. To be safe, you need to constantly monitor your company for non-compliance. You can utilize technology to avoid human errors that may lead to compliance loopholes.
It is advisable to have an effective regulatory compliance plan to avoid legal issues. Having a sound policy in place is half the work done. The rest lies in ensuring that the implementation is done right and that your company’s interests are safe from the dangers of non-compliance.