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By Narelle Davidson

What is your compliance challenge?

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Mistake #7  Compliance obligations may not be as well understood as thought

Starbucks recently faced this compliance challenge.

Like it or not the hospitality industry is highly regulated. It is a challenge, keeping up to date with constant regulatory change. It’s not a secret, that our customers deserve great customer service.  This requires attentive staff focused on customer needs, not researching how to apply regulatory change.

The old saying jack of all trades, master of none. The world is constantly changing and none less that our compliance obligations. It’s a challenge to keep up with regulatory change.  Remaining on top of compliance changes and being able to interpret this to practical implementation, just another compliance challenge.  Just when you feel you’re on top of it, another change is on the way. The goal posts seem to constantly shift.

Compliance challenges your team, your board and you.

Compliance Challenge – Solution:

Accept and be prepared for change. Consult and communicate with people who provide helpful, understanding and credible guidance on what the change means and how to go about it. This may be with regulators, industry bodies, specialists.  It also includes your team.

‘There is a developing danger that compliance budgets and the availability of skilled resources is not keeping pace with the level and depth of the current compliance challenges facing firms. It is not that compliance budgets are not expected to continue to rise; it is more that, increasingly, they may not be sufficient to give beleaguered compliance functions a fighting chance of dealing with the mounting challenges. High-quality compliance skills are becoming more and more sought-after and the resources assigned to risk and compliance need to reflect the cost of the experienced resources needed to deal with the perfect storm of complex regulatory developments, a less prescriptive, judgement-based style of supervision together with a significant increase in personal liability. Put simply, firms and senior managers are storing up problems for tomorrow if they limit available compliance resources today.’  COST OF COMPLIANCE 2015 (Thomson Reuters)

Ensure that the correct people are doing the job and that they have the most appropriate tools to do it. If this is beyond the team’s skill set, seek external help. To quote Red Adair: ‘if you think it’s expensive to hire a professional wait unit you see how much it costs to hire an amateur’.

What are you waiting for? The solutions are in the mistakes.

About narelle-davidson
Narelle Davidson has been involved in the hospitality industry for 20 years and has experience working with clubs and hotels in New South Wales & Queensland. Narelle has progressed through varying roles from front line customer service, gaming promotion co-ordination, self-employment, hotel management, training, consulting and compliance. In most recent years, Narelle has focussed on compliance programs and solutions for hospitality venues. With practical understanding of both NSW & Queensland legislative requirements Narelle is able to rationalise and provide the expertise required to facilitate effective regulatory and operational compliance frameworks. Narelle is a current member of the Governance, Risk and Compliance Institute (GRCI).