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.