If you are thinking, “Oh compliance management. That’s the stuff that financial institutions and agencies have to deal with. It’s not for me”.
Well, you’re wrong.
If you are in business, then it’s vital for you as well. Of course, it is extremely important for those of you in the finance industry, undoubtedly. But that’s not the only industry that is prone to risks now, is it?
All businesses, big and small, regardless of what industry it belongs to, are exposed to risks. And considering the growth and advancements in technology these days, you can imagine how much the business risks have also increased. In 2016, business interruption (including supply chain interruption), and market conditions (like volatility, intensified competition and stagnation) are likely to be the top two corporate hazards. Cyber incidents are also going to be a matter of serious concern for businesses this year, not to mention the rising sophistication levels of cyber attacks. Hence, clearly it is not enough anymore, to just have a risk management strategy in place.
You need to protect your company from all possible risks like these, and that too covering all possible aspects of your business, which is best taken care of by compliance management software.
Compliance is a good thing
Yes, even though it can be a headache sometimes, it is the reason why you can have those painkillers safely and be sure that it will be effective. It the reason why you can drive those cars freely, without worrying about its safety mechanisms.
Any consumer product that you use is a result of a good number of audit and compliance procedures and a good set of regulations, standards and norms. They basically make your world a better, safer place to live in, right?
Similarly, your business needs to comply with the respective regulations and standards applicable for your kind of business. It is not just for the consumers. As long as you stick to the rules or standards, any changes taking place in the business environment, wouldn’t affect you. I’m talking about the business risks I mentioned before. Being compliant, thus makes you safer.
A good compliance management system includes the controls, functions and policies necessary to keep your business from trouble, in a cost-effective manner. It keeps up with the changes, thereby making sure you don’t fall behind.
Benefits to business
Risks are something you cannot run away from. You need to be prepared for them. This is where compliance management software will help you. Here are some benefits:
- Process standardization: It saves you the time and effort involved in keeping up with new regulations. It also helps you avoid the confusions and hassle involved in the process.
- Productivity increase: It increases the efficiency of your business, as your processes get better and more clearly defined. As it becomes a part of the culture of your organization, your employees perform tasks more efficiently.
- Improves trust factor: It helps you in building on your brand loyalty and goodwill. Customers tend to trust companies who have given a lot of value to compliance regulations and are transparent in their processes. Hence, prioritizing compliance means, prioritizing your customers.
- Builds reputation: It provides you with better chances of getting third-party contracts.
- Reliable audits: It enables easier and more accurate audits, and clarifies reporting procedures
- Efficient management systems: It enables better, more efficient management systems as well.
Put together with a proper, broad risk management program, compliance systems enable better overall risk management. They help you keep yourself updated about the new regulations and ensure that they are all complied with.
It’s the CEO’s job
If you take any aspect of your business, you will find compliance to be an integral part of it. For example, in marketing and advertising, you need to make sure that the claims you make about your product or service is true and does not violate any rules. Your marketing message should also not be an inappropriate one.
Similarly, in information security, software, health and safety, environment and even matters like employee equality, you have several compliance regulations by various authorities to keep up with. Hence, rather than implementing compliance where needed alone, you need to make it a part of your organization culture. It is indeed a difficult task and it is up to the CEO to ensure that.
We all know what non-compliance can lead to, especially since the infamous Volkswagen scandal. There were also similar instances in the past, where companies have faced serious charges for non-compliance. As your company’s CEO you need to be well aware of the consequences of non-compliance and make sure you foster a culture of regular compliance from day one. Protecting your business from risks is basically in your hands. Talk to our software compliance experts right away to find out the perfect compliance management solution for your business.