Most businesses compete for customers, revenue and profitability. A competition that requires ongoing compliance with a growing number of government laws, industry standards and customer requirements.
You may not think of compliance as a competitive advantage but each year thousands of businesses lose ground to their competitors because they fail to adequately manage their compliance obligations.
So what does it take to become a compliance frontrunner in today’s highly regulated and competitive business environment?
Firstly, you need a dedicated team manager. Someone with the vision and ability to take your business to the top, and bring others along for the ride.
Secondly, you need a fast vehicle. Think of this as the systems, processes and work practices that will enable your business to perform at the highest levels of compliance.
Next, you need motivated drivers. Just because you have the best systems doesn’t mean they will operate as intended. This is why you need managers and employees who are incentivised to make sure they do.
Finally, you need to monitor your business’s compliance performance making adjustments and improvements as soon as possible. This is best achieved through regular compliance audits that identify and manage corrections through to completion.
Becoming a compliance frontrunner is not easy. Nonetheless, the rewards can more than compensate for the effort through lower non-compliance costs and penalties, improved regulator relationships and customer trust and ultimately, higher revenues.