The side effects of non-compliance are widely known. Businesses can suffer penalties, reputational damages, and lost revenue-building opportunities.
Many managers and business owners need to recognise the advantages of staying compliant with rules and regulations. Doing so doesn’t just reduce the cost of penalties, etc. It can also help businesses have a competitive advantage. This blog post explores how you can transform your compliance regime into a competitive edge.
Five Ways To Transform Compliance into Competitive Advantage
1. Foster The Right Culture
Every cultural change must be committed to upper management and the board. Suppose upper management and board members are not committed to effective compliance management in gaining an advantage over business competition. In that case, generally, employees will also view compliance as a hindrance rather than an advantage. Changing this scenario needs involvement and cooperation from all levels of the organisation and the implementation of proper policies and procedures. Fostering a culture of prioritising compliance will be rewarding in the end.
2. Proffer Appropriate Incentives
Employees may not always be keen on paying attention to compliance requirements. They tend to focus more on individual tasks and progress rather than working on compliance management requirements. One way to encourage prioritising compliance amongst employees is to reward their efforts. Create measurable compliance goals and assign appropriate incentives. Employees who work towards achieving these goals rather than just focusing on their routine work and business must be rewarded.
3. Leverage Technology
Technology has transformed the way modern businesses operate. The function of compliance management is included in technological advancement, too. Automation in the form of compliance management software has changed the time and costs required to manage compliance and avoid risks. Investing in the right regulatory compliance management technology has become a critical decision for organisations globally. It can reduce efforts, time, and costs, along with providing better features to help achieve higher compliance.
4. Impart Compliance Training
Compliance training provides your employees with the ongoing support and resources they need to meet compliance standards. It helps convey the message of top management regarding the importance of compliance in business processes and workplaces. It communicates the compliance standards that are expected to be followed by all employees. Compliance training helps align employee efforts with the business compliance goals, resulting in low non-compliance risk.
5. Conduct Effective Communication
Becoming a compliance leader will make little difference if it’s not communicated correctly. Letting your customers and competition know about the standards of compliance management you have achieved can help enhance your market presence. This can be done using business communication, such as emails, newsletters, advertising, news releases, etc., to reach out to the public and present your brand as legally compliant.
Having well-designed compliance management software in place can help leverage the advantages of automation and rise above the competition. Sentrient’s compliance management system covers comprehensive features that not only automate compliance management tasks but also allow management more time to spend on decision-making and strategic planning. Contact us today for more information.