What Does It Mean To Be Compliant?
In business, “to be compliant” is to meet all legal responsibilities, often as a way of safeguarding the well-being, health, and safety of others. But that’s just the tip of the iceberg.
You must have heard of FTC’s record-breaking $5 billion fine on Facebook for mishandling users’ personal information. This was the latest manifestation of the newly aggressive stance by regulators towards non-compliant organizations. Defaulters not only lose financially but also risk huge dents on their public images.
Nobody wants to be associated with a firm that has a bad reputation, especially on compliance issues. Therefore, it is critical to be at the forefront of all applicable compliance regulations; and conform to them to the letter. There’s another option — you can choose to blatantly disregard these legal requirements and tarnish the stature you have labored so hard to achieve. I am sure you wouldn’t want to go with the latter, so let’s give you some perspective on this concept.
To get you started, here is a quick overview of what it means to be compliant:
Why Is Compliance Crucial For Your St. Louis Or Grand Rapids Company?
We can generally describe compliance as the process of designing and implementing precise frameworks to meet the requirements of existing laws. Apart from helping you avoid legal problems, there are several other benefits to being compliant:
- You Achieve a Safer Working Environment and Enhanced Productivity: Most compliance regulations are meant to protect you and your users and not to wreak havoc, as is often thought. For instance, observing safety rules limits cases of injuries and unnecessary stoppages in your production process. Regulations on harassment and discrimination ensure that your staff has a friendly and conducive working environment. In the end, your employees will be happy and more productive.
- You Will Have a Higher Client Retention Rate: Every client is concerned about how you obtain, use, and share their information. The last thing you want is protracted lawsuits due to non-compliance to data privacy, fair use, and protection laws. If you find yourself in one of these, you will inevitably lose several clients and affiliates. As pointed out earlier, your company relies on its reputation to attract and retain customers.
- Better Public Relations: While it’s not mandatory to publicly announce that you have met your legal obligations, there’s no harm in using a positive compliance status for PR. The easiest way to market your organization is to publish that you have complied with all industry standards and best practices. Even workers look at critical policies on mental health and physical safety before accepting job offers.
What Steps Can You Take To Become Compliant?
The trick is to start early — there is no need waiting for your organization to be ‘big enough’ or until it’s a requirement. Last-minute hurrying to have the required controls, policies, and processes in place usually do not produce the best results. Because of the urgency and tension, you are likely to mess up.
While it’s your IT team that guides you through the compliance process, the burden of non-compliance is solely on your organization. That’s why it’s imperative to outsource your compliance services to a competent team with a proven track record.
Can You Manage Compliance Issues Internally?
The simple answer is — yes, you can. However, even multinational firms with extensive in-house audit and compliance teams outsource help once in a while. For small and medium-sized businesses, the best option is to list the services of a reliable IT company like Alliance Technology Partners.
Our highly trained and specialized experts will:
- Assess your frameworks and policies to identify any governance gaps that may inhibit a clean conclusion/cause non-compliance.
- Engage you in identifying applicable compliance regulations, formulating, and implementing appropriate frameworks.
- Regularly review how the frameworks affect your operations.
- Review your compliance status and work with you in making the necessary amends.
Let’s help you ensure your St. Louis Or Grand Rapids Company is always compliant.
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