If you are not fostering a culture of compliance with external regulations and internal policy, your company risks employee injury, fines, legal settlements and potential losses in sales, stock value and brand reputation.
A strategic approach to implementing a compliance mindset in your organization can guard against this. It is a notable change with significant rewards.
Many companies consider compliance to be a costly annoyance that at best keeps them off the radar of regulators and at worst negatively impacts the bottom line. Companies perform better and are more likely to achieve their objectives when compliance is a key component of their culture that is, when compliance becomes a component of their growth strategy.
A successful compliance program is not about rules – it is about people. It should protect your employees and communicate your company’s values and principles. And that starts with compliance training that engages employees and empowers them to make the right choices every day.
A well-planned compliance strategy can help companies grow revenue in many ways, such as:
Legal and regulatory
Cybersecurity and IT
Data protection and privacy
Transparency and anti-corruption
Ethics and integrity
Occupational safety, health and wellbeing
Environmental, social and governmental (ESG)
Anti-discrimination and diversity
Anti-money laundering and much more