Compliance Management aka Certainty to Succeed

A meticulous corporate compliance plan brings in efficient operational governance, reduced costs and cut down the risk mitigation efforts. However, an inadequate plan can result in additional liabilities, unwanted publicity and tarnish the brand for good.

A Perfect Corporate Compliance Management Solution

The success concoction has to be a painstaking mix of few crucial aspects at all stages of the corporate compliance program which include:

1. Focal Point of Responsibility and Attributed Hierarchy

Understanding compliance laws is a scrupulous task and not everyone’s cup of tea so like other specialized functions say marketing, accounts, sales, compliance should also be one of the dedicated functions in your master plan with a dedicated Director or Head who is experienced and qualified to take control of the compliance plan, policies and building a dedicated team to execute.

2. Devoted Budget and Resources

Compliance budgets are the least preferred in any organization since it’s never considered as a profit center. However, if you do not have a devoted budget plan for the same, your non compliant activities are going to incur costs to the company since that bargain includes penalties, fines and disruption of licenses. Hence let the compliance wisdom prevail and have a dedicated compliance budget and allocation of required resources part of the master plan from the very beginning.

3. Building a Compliance Culture

They say if you do not wish to swerve your way through penalties and fines, than build your internal policies matching the best in the industry and you will be compliant involuntarily. Whenever a rule or law is thrust upon, one tends to find ways and means to meet the requirements and that’s the end of it. But if you build a culture to excel as per the standards then it motivates the team to go beyond the law and stand out in terms of quality. Establish policies that match the compliance standards and be extra careful with the most vulnerable compliance areas and turn these into thumb rules of your business processes. Merge the internal policies with the compliance plan.

4. Stay up-to-date

Laws and rules are changed and modified at the drop of hat. Hence, it’s very important to stay-up-date since being ignorant is lame and unforgivable. The core team has to be really proactive and keep note of all the modifications. The spread of the information should be quick and percolate to the last tier and that can be accomplished by building ways and means to easy access of information.

5. Three Ms - Manage, Measure, Monitor

These 3 would remain the constant through your compliance program. Once you have the plan in place, and the team trained, it’s essential to manage the compliance tasks, measure the progress and monitor the efforts of the personnel involved. It is crucial to make sure that the policies formulated are implemented, the intended business behavior is in place and the compliance tasks are accomplished effectively. To make things really simple and efficient, organizations these days are integrating compliance management software that becomes the focal point of all the compliance management tasks and accountability of the team involved apart from keeping everyone involved updated of the status.

Weaving a compliant culture into the basic fabric of the company and bringing each and every process and personnel under the umbrella of compliance plan can be a daunting task but with impeccable efforts of the team and immaculate execution of the compliance plan, the road to success is certain.