How Businesses Can Stay Current on Compliance
The finer points of compliance will vary between industries. However, there is one fact that all fields share — staying up to date with regulations and securing compliance is a duty, not a choice.
But how do you do this? How do you make sure that you stay on the right side of the regulations? Take a look at our tips below for how to stay ‘in the know’ and ‘ahead of the curve.’
Set up alerts for updates, or just get into the habit of checking
Set up a Google alert, so you receive an update if any changes in regulation are reported in the news. However, most will not be, so you or your support teams need to take time out of your day to check.
Be active in associations in your industry
You are probably already a member of a number of different associations in your field, but do you actively take part in debates and meetings? This is a great way to stay abreast of changes in the industry.
Attend conferences and other events
Just like above, conferences are great ways to keep on top of regulatory shifts, which in turn help you to protect your business.
Put software solutions in place to protect you
The government is not trying to catch you out. They are merely trying to protect the consumer and the public at large. With this in mind, they provide software pieces designed to make the lives of business owners easier. Make sure you are using these.
Outsource if required
Deloitte cites regulatory compliance as one of the key drivers behind increases in outsourcing. This is because it makes sense to invest a bit of money in bringing your business up to speed.
Actively read newsletters
We get a lot of newsletters — whether into our email inboxes or delivered physically to our desks — but how many of us actually read them? Well, maybe we should, as they are fine sources of news regarding regulatory changes.
Create a key role in your team
Chances are you do not have the time to oversee your business’ compliance procedures. However, someone needs to be in charge of this. Delegate this task out.
Make policies readily available
Collaboration is an essential part of staying compliant. The more of your personnel have access to your compliance policies, the more likely they are to take ownership of these policies and drive compliance themselves.
Support positive communication
Effective communication on an interdepartmental basis makes it much easier for employees to become engaged in the campaign to maintain compliance. This is particularly true after a merger, acquisition, or restructuring when engagement can be difficult to foster.
Put training protocols in place
Training will always underpin all of your best efforts as a business owner. Of course, staying on top of changes in regulation is critical, but you also need to be able to say with certainty that your teams know exactly how to execute your policies. This can only come from training, so make sure that compliance is a key part of your education processes.
Automate when necessary
Staying up to date and making sure that all the necessary changes are implemented can be difficult, so don’t be afraid to automate. From setting auto-updates on key pieces of software to putting powerful analytics on the case as you define the best route forward, automation is your labor-saving friend in the battle to stay compliant.
