Compliance or acting according to a set of rules is a fact of doing business whether you are a business owner, executive, HR manager or sales representative. Navigating the path to compliance requires proactive planning and organization but doesn’t have to be overwhelming. We have identified four common areas of compliance to consider when creating your compliance road map.
Read the report to learn about closing the gaps in compliance
Human resources covers a vast amount of important issues and requires a compliance deep dive. Failure to comply with even a single human resource policy can land your company in a legal mess. Review your human resources policies and procedures at least once per year to assure they are in compliance. Keep up with changing Affordable Care Act (ACA) provisions and if your company is growing, find out at what number of employees your compliance requirements change. Stay current on what constitutes a workplace and telecommuting, marriage equality and benefits, and preventing harassment and discrimination in the workplace.
The Occupational Safety and Health Administration (OSHA) is a national public health agency committed to protecting workers from hazards at work. This means your office, retail or manufacturing space must meet all applicable local and federal guidelines for safety. Conduct regular safety checks, fire drills and inspections by the appropriate governing agencies. In addition, train employees to meet any operational guidelines or your workplace will not be compliant.
Financial services regulations should be at the top of your “compliance” list. Failing to pay your withholding, workers comp or quarterly income tax is the fastest way to land on the radar of the I.R.S. and other governmental taxing authorities. Unlike private corporations to whom you owe money, the government can shut down your company.
Financial services regulators work for the protection of investors/consumers, to ensure fair markets, to reduce systematic risk and financial crime and to maintain consumer confidence in the financial system. Anything your business does to compromise these will land you in hot water.
Have security requirements in place for safeguarding sensitive data.
Test your data compliance measures regularly to be sure they are working properly and quickly.
An examiner may require the immediate production of records. Make sure your company’s data storage and networking infrastructure is up to date. Prepare for unannounced compliance audit by obtaining a copy of an inspection checklist from a specific regulatory or governing agency.
So, what does compliance mean in business? It's is a multifaceted and complex matter. Compliance requires a well-thought out plan with the right policies and procedures in place to ensure requirements are met in a timely manner and a pristine record-keeping system to document those procedures. Depending upon the size and focus of your business, you may opt to have an in-house compliance professional or entire department working to identify, prevent, monitor, resolve and advise with regard to compliance risks.
Don’t leave compliance to chance. Be proactive in your efforts to meet all of your obligations and rest easy at night knowing that you are on the right path.