By Narelle Davidson

Is compliance a priority for you now?

Compliance is a cost of doing business, but is compliance a priority for you now?

Is compliance a priority for you now?  Compliance certainly has the capacity to impact the bottom line.  A business with poor compliance may not have the same capacity for growth as one with solid compliance practices. For a number of reasons, compliance may not be a priority for some businesses.  The reality is that compliance may not be allocated the same priority as other business functions, like marketing, promotions or sales.  For some, it’s boring, mundane and is someone else’s responsibility.   Perhaps there are other more important things to worry about? Compliance is probably under control….or is it?  Everything will be ok if we are doing the right thing…won’t it?

Compliance is a part of doing business and needs to be resourced appropriately.  For many, compliance has become a burden.  Although compliance may not be the most exciting area of the business it can become an even bigger burden if not given the attention it deserves. Perhaps there are other areas of the business that require attention.  However, while attention is focused elsewhere exposure could be lurking.  If compliance is not a priority now, it could become an unwanted problem in the future.

Last week I wrote about consistency over time = results.  In thinking about the goal/s we want to achieve, a culture of compliance is where the real value is.

The key is attempting to ensure future compliance.  Ted Fitzgerald

How do we ensure future compliance?

Developing a culture of compliance in the business is sure to help ensure compliance in the future.  Creating a culture of compliance is possible and essential to adding business value.

Here are some questions to ask:

  • Do we understand the compliance risk in our business?
  • Is compliance adequately resourced?
  • Do we have the necessary policy and procedures? Are the policy and procedures clear? Does the team know and understand what is required of them?
  • Has there been communication to the team about compliance expectations? How did the communication take place?  Was it effective? How do we know it was effective?
  • Have we trained our team appropriately?  Did we assess the learning? Do we have appropriate training records?
  • How do we know that the right thing is being done? Is there evidence to support that the right thing is being done?
  • What needs to happen when something is not right or a breach occurs? What do we do when matters of compliance are brought to our attention? Who will be responsible for acting on such matters? How do we know such matters have been acted upon? How do we know if the action is effective?

Take the time to ask the above questions.  Think about the answers.

How do you feel about ensuring future compliance?  Has compliance just become a priority for you?