Compliance policies detail the laws, industry regulations and government legislation around managing your business, employees and customers. Compliance management is an important part of running a business.
Compliance policies and procedures include:
Financial Services Policy
Data Security Policy
They may vary across jurisdictions and can be broadly categorised as:
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. (See also: Compliance vs Risk Management: What’s the Difference?)
Compliance policies benefit your company by:
Here are some tips and steps to help you ensure compliance with company policies and procedures:
Familiarize yourself with all relevant corporate policies and procedures. Read through them carefully to gain a comprehensive understanding of what is expected.
Share the policies and procedures with all employees and stakeholders. Conduct training sessions, workshops, or webinars to explain the policies in detail, emphasizing their importance and relevance to the organization.
Foster a culture of compliance within the organization. Encourage employees to adhere to the policies and lead by example. Emphasize the importance of compliance in all communications, and reward individuals who consistently comply with policies.
Designate a GRC team responsible for overseeing and enforcing compliance. This team should have the authority to investigate and address any potential violations. They should also be responsible for educating employees, answering questions, and providing guidance on compliance matters.
Perform regular audits to assess compliance levels and identify any areas of concern. Audits can be conducted internally or by external parties, depending on the nature and complexity of the policies.
Offer regular training sessions and workshops to educate employees about the policies and procedures. This training should be provided to both new hires and existing employees to ensure everyone is aware of their responsibilities.
Create channels for employees to report potential policy violations anonymously or without fear of reprisal. Encourage employees to report any concerns they may have and ensure that all reports are thoroughly investigated.
Continuously monitor adherence to policies and procedures. Regularly review and update the policies to reflect changing regulations or business needs. Consistently enforce the consequences of policy violations to demonstrate the seriousness of compliance.
Stay up to date with relevant laws, regulations, and industry best practices. Regularly review and update policies and procedures to align with any new requirements or changes in the operating environment.
If necessary, consult with legal and compliance experts to ensure that your policies and procedures are comprehensive, legally sound, and in line with industry standards. See also: How can you be confident you’re 100% compliant?