In corporate lingo, compliance is the act of staying within the legal requirements set up by regulatory authorities. Every single type of business and industry will have a set of laws that govern it.
If you can think of a business to start, you can be sure that there are rules that you have to follow. As long as you are within the parameters set by the government, you can expand, grow, and make as much profit as you can. What are the types of compliances? There are compliance procedures for every single aspect of a business, from the way your offices should be maintained to the hiring policy and the record keeping. Compliance covers a wide range of subjects that include, but are not restricted to: • Business registrations • Licences • Privacy • Anti- Bullying • Contracts, both independent and otherwise • Dismissal • Roles and responsibilities • Running a company • Renewing and maintaining a business Why should you comply? Compliance is important, but why? Why do you need to setup a risk and compliance team, have internal audits and create a fuss over little things? For starters, they are needed to keep you in line. If businesses go unchecked, they can and eventually will lead to exploitation in the name of profits. Governments need to look out for the interests of the free market, the employees, the customers, as well as themselves.
So, there have to be certain rules that prevent companies and corporations from having any sort of unfair advantage over anyone else. After all, the free market economy has to be a fair ground on which companies operate. Positive reputation and goodwill is something that companies rely on. If they develop a bad name in the market, people will hesitate to be associated with the brand. Not everyone wants to work in or buy products from a company that has no goodwill in the public eye. ‘Evil corporation’ is not a name that can be easily shrugged off in this day and age of viral social media connected customers. United Airlines will forever be known as that company that broke an elderly doctor’s mouth. Productivity is an aspect of businesses that is often overlooked from the compliance point of view. Compliance measures are designed specifically to ensure that your company performs at peak efficiency. While flouting norms might let you make more money on the sly, it will also land you in legal trouble. If you flout compliance, you will face criminal charges.
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