Compliance templates

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What is compliance?

Simply put, compliance in business means taking steps to ensure that your business complies to all of the regulations and laws that are imposed upon them as a business. The key idea of compliance is to ensure that businesses and organizations act in a responsible and reasonable way, especially with regard to their own staff, customers and clients. As such, compliance can have a huge effect on how a business is viewed from the outside, and also impact its own staff.

Why is compliance important?

Compliance is extremely important to any organization or business, no matter how large, for a multitude of different reasons:

  • Avoidance of Criminal Charges: Obviously, the main benefit to come from compliance is that you can ensure that your business or organization avoids any potential criminal charges. Compliance makes sure that your business is 100% adhering to the laws and regulations to which it is subjected. Today, there are many different laws and regulations which monitor businesses with regard to a range of different things, such as stock handling and advertising. Compliance is essential, as it allows you, as a business, to keep on top of all these regulations and make sure you are playing within the rules.

  • Reputation: Compliance also plays a big part in building a positive reputation for your organization or business. By avoiding criminal charges against your business, you will enhance your business’ public image. By doing so, you will be able to build greater consumer trust with your business and also increase the likelihood of attracting sponsors, investors and advertisers.

  • Productivity: Compliance can also have a great effect on the general morale of your workforce, and therefore, adhering to it can increase your business’ productivity. For instance, adhering to policies regarding worker safety, salary and benefits etc. will ensure that you maintain a happy and hardworking workforce within your business.

What are the risks of non-compliance?

Businesses may face a huge number of different risks when not complying to the laws which are imposed on them. The biggest risk regarding non compliance would be to face criminal charges for your business. This has a huge domino effect upon the business, with a huge impact on your business’ reputation. As such, non compliant behaviour as a business can have a detrimental effect upon how your business is viewed, and thus, makes it much more difficult to attract investors and new employees.

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