19 Apr Compliance: Handle It In-House Or Hire External Experts?
Compliance is an important aspect of business management, and every industry has its own rules and regulations. It is more important than ever to keep up with these ever-changing codes of conduct, as many rules are getting stricter and the consequences harsher.
But even when you acknowledge the importance of compliance in your business, it is not always clear how best to achieve it. Should you, for example, hire an external expert to assist you, or train your in-house staff and personnel?
Below, we explore this issue and examine the available options.
Why Is Compliance Important?
The term ‘compliance’ refers to the best business practices in terms of safety, bookkeeping, data management, ethics, and more. Meeting these requirements should not simply be seen as a legal requirement, but as a way to protect the welfare of both your clients and customers.
Industry compliance can also be vital for the success, growth, and revenue of your business. You may, for example, not be eligible for certain opportunities if you are not compliant with the necessary standards of that industry.
Ensure that your most important accreditations and certifications are always accurate and up to date; that way, you will be eligible for the best opportunities, while also being aligned with the optimal business practices that will keep you, your clients, and your customers safe.
What Are My Options?
When striving to achieve, maintain, and optimise your business compliance, you have several options.
The first is managing the compliance standards yourself. This involves being fully informed about all areas of your business that need to meet certain specifications in order to be considered compliant, and then ensuring firsthand that you meet all the necessary requirements. This will include making sure your certifications and accreditations are all in date, and that all the paperwork, documentation, and protocols are up to scratch.
Understandably, the majority of entrepreneurs and business owners are unable to manage these processes entirely by themselves. And many don’t even want to, as the input of experts and qualified professionals can offer great advantages, and will optimise the business’ processes even better than the business owner themselves could do.
Let’s look at the two options to delegate these crucial compliance tasks to others: hiring external experts, or training your staff in compliance.
The Benefits Of Hiring External Experts
Hiring external compliance experts can have many advantages. Firstly, compliance experts are qualified specialists with a comprehensive understanding of compliance needs in your industry. They are able to assess what is needed to make you compliant across a range of areas, and can then arrange what is necessary for you to achieve this.
This might involve preparing application materials, creating and filing relevant documentation and accreditation certificates, meeting deadlines, and more.
External experts can help to identify small issues before they have a chance to become a major problem — such as certifications that are about to go out of date and require renewal, and business practices that could be improved, among other factors.
This can help to avoid costly mistakes that cause disruption and difficulty, as well as ensuring that your business remains up-to-date and eligible for the best opportunities!
The Benefits Of In-House Training
Another option is to train your team to handle compliance issues. This means that they will be able to perform the tasks that an external compliance professional would normally handle.
The advantage of this approach is that your processes could then be handled and managed internally. It is also a way to ‘upskill’ your workforce, equipping them with the tools and knowledge they need to make a positive impact in the company.
Training your workforce in compliance usually involves hiring a qualified expert to provide the education. But this initial financial outlay will then be offset many times over by being able to handle complex and costly processes in-house.
Consider your circumstances and then draw your own conclusions about the best option for your business from the choices presented above. Like many businesses, you may find that a combination of the two approaches will benefit you most.
Hiring a compliance professional in the first instance will help to ensure that your business processes are fully up to date and optimised. Then, investing in similar training for your staff will make sure that these processes continue to be correctly implemented throughout your business.
Whichever approach is most suitable for you, by ensuring that your company is in full industry compliance you will likely be rewarded with a safe, productive, and profitable business!