Stay up to date on changing Compliance Regulations
Helping Businesses to Stay on Top of Changing Compliance Regulations
Regulatory compliance is a company adherence to laws, regulations, guidelines, and specifications relevant to its business.
Ah, compliance regulations – what a tedious and monotonous thought. As a business owner, you’ve heard of them, and most probably had a miserable time trying to comply with them.
Sadly, it’s not easy to remain compliant, let alone keep up with the ever-changing regulations environment. New standards are always being implemented and enforced, and with the constant progression of technology, things aren’t going to change anytime soon.
Here at The Buxton Partnership, we’re always looking to help. Therefore, we’ve compiled a list of ways you and your team can stay up-to-date on the latest and most relevant compliance standards.
Research
While often time-consuming, one way to stay current on compliance regulations is some good, old-fashioned research. For example, check sites that post updates on compliance standards (make sure they’re relevant to you and your industry, though). Set up Google alerts or do a search in Google’s news section on a weekly basis to get a jump on anything applicable to the functions of your business.
Newsletters
Make sure you subscribe to newsletters and/or email updates from local legislators, law firms, regulatory bodies etc. Whenever a new regulation arises, these resources will likely have up-to-date information on how that applies to your business, the requirements entailed and the deadlines for its application.
Compliance Training, Seminars, and Conferences
Make plans to attend regular training, seminars, and conferences regarding compliance – it doesn’t have to be you personally, it can be a colleague but just give it a go. Here, you’ll learn about new standards and how they must be implemented in order to not receive a hefty fine or other penalties. When you’re unable to attend these events, reading summaries of them prepared by professionals is also helpful.
Use a GRC Software
An excellent GRC (Governance, Risk Management, and Compliance) software package will help your business maintain local, national and even international compliance standards. You’ll need to communicate information across multiple departments in your business, which does take time. However, being able to have all of your company’s compliance information in one place makes it much easier to track. Furthermore, any GRC software is worth its weight in gold (or cash) will integrate regulatory updates with industry news and notify you of any compulsory changes within a day of an official regulation development.
Appoint a Compliance Officer
Costs, costs, costs. When trying to turn a profit we all think about that ‘C’ word. In this case, the extra price entailed here could save you from fines; fines which could cost more than hiring a compliance officer itself. Hiring or designating an existing employee to be in charge of your company’s compliance operations could be the most beneficial way in which you keep track of compliance standards. Send this employee to regular training, seminars, and conferences. By doing this it ensures they remain well-versed in the regulations required within your industry.
Hire A Compliance Expert
Another option – but perhaps worth it! If you want an expert opinion or simply don’t have the time to devote to keeping up with ever-changing industry regulations, you could hire a compliance consultant – especially if you have the cash flow to do it. This option will likely be the costliest. Though, the peace of mind you get from knowing your business compliance is in the hands of an industry specialist is priceless.
Failure to maintain compliance can be damaging for your business reputation, can result in fines, mandatory external audits, and legal action. Thankfully, by being up to date on the current compliance regulations will help you avoid all of these unnecessary headaches.
It’s our goal to help your business navigate the ever-changing environment of your business’ industry.
So, for more blogs that can help your business grow and improve, make sure you follow to link – you won’t regret it.
