Business Readiness

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.

This is just 1 of 100 reasons why your business has enormous potential. Find out the other 99 today.

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