Compliance Policies & Procedures

What is Compliance Policies & Procedures?

Compliance policies detail the laws, industry regulations and government legislation around managing your business, employees and customers. Compliance policies include a Human Resources Policy, Financial Services Policy, Data Security Policy and Work-place Safety Policy.

They may vary across jurisdictions and can be broadly categorised as:

• Internal policies: Key company-specific policies, codes, standards and controls
• External policies: Federal, state, and applicable local laws and regulations.

Why is Compliance Policies & Procedures important for business today?

Adherence to compliance policies safeguards your company against legal and financial consequences by:

• Reducing the risk of penalties, fines, lawsuits or shutdown of your business
• Educating your work force on best practices and approaches to resolving unethical or unlawful practices
• Helping to create a healthy work environment, leading to higher worker productivity
• Creating a positive public image of your company.

Why is Compliance Policies & Procedures important for an event tomorrow?

Compliance policies benefit your company by:

• Building a positive image of your company that is useful in the event of a deal
• Ensuring you are complying legally with all relevant laws and regulations
• Helping to build company morale and employee loyalty.

Pros of addressing Compliance Policies & Procedures

• Potentially shelters your company from law suits
• Strengthens your public image
• Improves the integrity of business transactions
• Improves your work force retention rates.

Cons of not addressing this topic

• Increases the risk of law suits and or financial penalties
• Harms the public image of your company.