After surveying compliance professionals across industries, Thomson Reuters found that 76% of businesses in North America and abroad encounter significant legal challenges related to compliance. Additionally, many of these organizations admitted to their lack of confidence in their ability to effectively manage these compliance risks.
Keeping up to date with legislative changes is not just a matter of compliance but also essential for maintaining your business’s integrity and operational efficiency. Ensure that you remain ahead of potential legal pitfalls with these tips.
Stay Informed About Legislative Changes
Keeping abreast of new legislation is the first step in compliance. Subscribe to industry newsletters, join professional organizations, and consult with legal professionals to stay updated on relevant legislative changes in your industry. Understanding the specifics of new laws helps you assess their impact on your business.
Conduct a Compliance Audit
A compliance audit helps identify areas where your business may be at risk of non-compliance. Review your policies, procedures, and operations in light of the new legislation. Identify gaps and implement necessary changes to align with the new requirements.
Update Policies and Procedures
Once you’ve identified the areas that need adjustment, update your business policies and procedures accordingly. Ensure that all employees are aware of the changes and understand their roles in maintaining compliance. Regular training sessions can help reinforce these updates.
Consult with Legal Counsel
Understanding new legislation can be complex, and seeking professional legal advice is often necessary. Legal professionals can provide detailed insights into how new laws apply to your business, industry, and help you develop strategies to comply with them effectively.
Leverage Technology for Compliance
Technology has become an indispensable tool for achieving business compliance. Compliance management software can aid you in various compliance-related tasks, including monitoring regulatory updates, organizing documentation, and streamlining procedures. Implementing compliance management software will empower you to make faster and informed decisions, which will help you stay on track with the regulatory requirements of your industry.
Compliance should be a cornerstone of your business operations. Prioritize compliance efforts within your company to avoid missteps that negatively impact your business success.