“Compliance” is a word that you often hear bandied around in the business world, and to most people it means the obeying of or conforming to certain rules or regulations mandated by the government or governing body of some description.
In business, compliance means the same thing, but additionally it also refers to its treatment of customers, suppliers and employees. The modern world thrives on order and instruction, and without those two key elements in society, everything would be rather chaotic, with no order to anything!
Of course, there are other reasons why compliance is good for business. Here are some of them:
Compliance helps your business to stay legal
One of the most-important points that all business owners need to bear in mind is their need to keep their firms above board. Compliance helps all businesses and organisations stay on the right side of the law.
For example, companies that process credit and debit card payments from its customers have a duty to ensure the card details are processed in a specific and secure manner, with the risk of any card details ending up in the wrong hands being minimal.
If businesses simply wrote down people’s card numbers on a piece of paper, that information could easily end up in the hands of a rogue employee that wants to treat themselves to some new (and expensive) electronic equipment courtesy of their employer’s customer!
On a related note, compliance is also there to protect customers that have been the victim of identity fraud. I used to work for a mortgage company many years ago, and they had a compliance department which scrutinised mortgage applications flagged up by the system as being suspicious.
I’ve personally seen examples of identity fraud that the compliance department had to deal with, such as fake driving licence and passport details, fraudulent wage slips and other information used to deceive my employer for the purposes of obtaining a mortgage by deception.
If my employer did not have a compliance department in place, they would almost certainly face criminal proceedings against them for their lack of checks.
Compliance helps your business to build on its reputation
Interestingly, one way that you can build up your brand’s good name in the public eye is to have compliant internal processes.
Software such as Riliance Assist can help any business or organisation be compliant and remain legal, so that customers can feel reassured that they are working with someone that takes care of their responsibilities.
Some customers even stipulate that they will not do business with other firms unless they can prove that they are compliant. As you can see, compliance is also a great way of winning business from high-profile companies!
Your business will be more productive if it embraces compliance
Businesses have a number of different departments, many of which interact with each other on a daily basis.
By having the right compliance processes in place in your firm, you will be promoting a positive working environment for your employees. Regular auditing will also ensure that everything works as it should, and will make your firm one of the best organisations that people want to work for!