Compliance refers to an organization or company meeting all its legal obligations, usually to safeguard the health, safety, and well-being of others. The significance of compliance is more evident as various issues are becoming more complex when acompany or business expands. Complying with a set of rules is a necessity in a workplace, whether you are a company owner, fresher, HR manager or a sales representative. Steeringthrough the path to compliance necessitates proactive planning and structuring.
In other words, being compliant in your work or business means ensuring that all the employees get the appropriate training on various important compliance topics like overall safety, HIPAA or privacy, harassment policies, and so on. Compliance laws and compliance trainings are generally mandated by federal, state, or a place’s local laws and regulations.
Lesser Legal Issues
The most obvious benefit of compliance is that it substantially reduces your risk of getting fined or paying penalties. It also eliminates the risk of work stoppages, any lawsuits or business shutdown.However, if you don’t meet the necessary compliance requirements, for example,putting up an employment poster in an incorrect area of your office, you might just get a warning. But in some other scenarios, if the adverse impact on the business is higher, then you might face hefty sanctions. Lacking to meet or complywith your legal obligationslike in your manufacturing processes or advertising approach, can also assist someone who is suing you to strengthen his case. Thus, using compliance management tools or hiring a professional compliance expert to ensure you understand all the legal obligations and the process ofcompliance is very important.
Encouraging compliance in the workplace is just not fulfilling some checklist. So other thanmandatory trainings, what else can companies do to foster a culture of compliance?
Some ways to encourage better compliance in the workplace:
- Identify your company values
- Foster accountability
- Teach and instil “understand”
- Educate people on what they should do, and not just what they shouldn’t
- Train people on how diversity can help
- Eradicate the stigma around complex and tough topics
- Provide both manager and employee-centric trainings
- Positively reinforce the need to do the right thing
- Don’t do anything to just check the boxes
- Make learning and following compliance an enjoyable process
Compliance is a mandatory burden for any company, as you are likely to handlemultiple policies, environmental and health standards, legal frameworks, and much more. But this is good as it helps you to achieve operational excellence, maintain human and social integrity, and follow best practices that benefit everyoneincluding the business. Having said that, compliance is also a double-edged sword– if there’s one miss then the penalty or cost you pay can be huge.
Thus, it is always recommended to go for a technological solution for this. Have you heard of compliance management software? It is a solution that would automate while centralizing all the work processes in your company which are relevant to the administration and control of compliance requirements, processes, and workflow deployment, the overall risk management, and compliance management. A good compliance management softwareaids your business to capacitate theemployees with the required knowledge and skill-set to effectively executethe company’s risk management framework. Therefore, you can be saved from the unnecessary redundant work, huge operational costs, and the related paper trails.
A good compliance management software can enable businesses in dramatically simplifying the tasks of handling Governance and Risk and Compliance GRC). A good compliance management software would helpa company to strike the correct balance while meeting internal and external legalities andcompliance requirements and also perfectly managing risk and cost-efficiency.