14 Oct What you should know about Compliance
The word compliant is banded around a lot in business and in everyday life. Is this compliant? Is that compliant? Have you passed all the relevant checks – we are constantly bombarded with compliance at home and work – did you get your car MOT? Have you paid your insurance? Have you paid your tax? Is HMRC up to date with your current employment status? Are you registered on the Electoral role where you live?
In business compliance can be the difference between trading and not trading, being able to defend a court case and being sued and winning and losing valuable contracts of work.
In 2018 Entrepreneur Magazine wrote the following article ‘What Leaders Need to Know about Compliance in 2018’ but reading its top tips they are still relevant here in 2019 and probably will be for the foreseeable future.
We have listed the key points below:
- A unified compliance strategy
For every Company this will look different and vary in complexity but fundamentally for Compliance to work it needs to be Company wide with complete team buy in. When Auditors come in, everyone needs to be on the same page with the systems implemented, whether that is via a central Compliance Manual or through a Code of Conduct as introduced by Kurt Michaels in 2015 at VW after the emissions scandal. The scandal was as a result of not being compliant.
- Compliance platforms to the rescue
One place for documents, reminders, expiry dates and renewed documents. Internal staff can monitor document status as well as presenting a fully compliant dashboard of documentation to clients and auditors is highly valuable and breeds a culture of proactive compliance.
For this exact reason ComplianceManaged was born, a traffic light based system to manage compliance documentation to support in accreditation renewals, contract management and subcontractor vetting.
- Forward-thinking to head off potential risks
Most compliance issues are avoidable if a proactive approach is taken to being and remaining compliant. Legislation changes usually have a significant lead in and then bedding in time to allow companies to alter policies and procedures to remain compliant.
- Making your values known
When reviewing company values and culture – compliance should be a part of it. Not the ‘oh if we have it, but it’s a complete pain’ part. Make it integral to everyone’s role and responsibility. It shouldn’t just fall on the Senior Management desk. If everyone is aware of the Company’s values around being compliant – it is much easier to manage and communicate the importance of compliance to the everyday operations and future security of the company