what are some benefits of maintaining compliance

^{Maintaining Compliance for Businesses - Guest Blog}

• Reduces Legal Problems. If you only have profit on your mind, you should also consider complying with federal regulations. ...
• Improves operational efficiency and safety. Many rules and regulations can rather benefit your business more than they can harm you. ...
• Enhances Public Relations. One of the benefits of meeting legal obligations is that it improves your company’s reputation in the eyes of the public, regulators, and other stakeholders.
• Fosters Customers Trust. Arguably one of the most important contributing factors to your profitability is the trust you build with your customers.
Better Employee Engagement and Retention. Employees can jeopardize your company's compliance efforts. ...
Helps To Realize A Company’s Mission. A company’s mission statement usually includes information about corporate responsibilities, the importance of patients’, and the benefits they bring to society.

Why choose a career in compliance?

• Keys to compliance. As I discussed in my previous post, money laundering and terrorist funding have severe adverse effects that reach well beyond the immediate impact of the crimes.
• Consequences for noncompliance. ...
• Reasons that institutions might choose to cut corners on compliance. ...
• The rewards of working in compliance. ...
• Wrap-up. ...

What is compliance in business and why does it matter?

Why Compliance Is Important. Compliance is important for at least eight reasons. 1) Compliance is part of your organization’s duties to its community and stakeholders. The first reason is most basic. If you run a business (whether for-profit or nonprofit), you benefit from your community’s basic services.

What are the requirements for compliance?

The organization also promotes certifications for IT compliance professionals that include:

• Certified Information Systems Auditor
• Certified in Risk and Information Systems and Control
• Certified in the Governance of Enterprise IT
• Certified Information Manager

What are the benefits of regulatory compliance?

but our partnership with Glemser and the work we're doing within the pharma industry is bringing more attention to the benefits it provides in terms of accuracy, speed and regulatory compliance ...

What are benefits of compliance?

A good compliance solution can add transparency, improve rigor and reduce the risk of regulatory compliance breaches. Among the key benefits of compliance solutions are your ability to: Reduce the cost of risk management and compliance: A streamlined, efficient compliance process saves time and therefore money.

What are some benefits of maintaining compliance in the workplace?

The main benefits of a strong workplace compliance program include:Prevents illegal or unethical actions committed by uniformed employees.Encourages reporting of illegal and unethical actions of administrators, managers, and colleagues.Reduces the likelihood for waste, fraud, abuse, discrimination, and corruption.More items...•

What is importance of maintaining compliance?

Enforcing compliance helps your company prevent and detect violations of rules, which protects your organization from fines and lawsuits. The compliance process should be ongoing.

What is compliance and why is it important?

Compliance is the set of processes and organization uses to ensure that employees and the organization as a whole abide by internal rules of conduct and external rules and regulations.

What is maintaining compliance?

Compliance management is the continual process of monitoring and assessing organizational systems to ensure they comply with security standards, regulatory policies, and other industry requirements. Maintaining compliance falls on the shoulders of everyone within the organization.

What are some benefits of maintaining compliance How can you make employees and managers care about compliance?

Improved Operations and Safety For example, rules regarding discrimination and harassment help you create a better working environment for your employees, which can lead to more worker productivity. Following safety and security rules helps prevent injuries, fires or building evacuations that hurt your profitability.

What is the value of compliance?

Compliance can add value to a business. It plays a vital role in ensuring an organisation moves in its desired direction — yet too often it is seen as a burden rather than an asset to the business. True compliance goes well beyond simply meeting the requirements of regulatory frameworks.

What are some examples of compliance?

Examples of Compliance A student helping another student with their homework when asked. Buying an item because a saleperson encourages you to do so. Helping a friend because they ask you for a favor. Assisting someone because they have helped you in the past.

What are the 7 elements of compliance?

Seven Elements of an Effective Compliance ProgramImplementing Policies, Procedures, and Standards of Conduct. ... Designating a Compliance Officer and Compliance Committee. ... Training and Education. ... Effective Communication. ... Monitoring and Auditing. ... Disciplinary Guidelines. ... Detecting Offenses and Corrective Action.

How does a company maintain compliance?

Schedule regular internal audits. These audits are usually conducted by your employees or a compliance officer to check how strictly your business adheres to its internal guidelines and code of conduct. More importantly, they help your business prepare for external audits conducted by government or regulatory agencies.

Why is compliance important in business?

In the early stages of starting a business, proper compliance can help you and your clients avoid future legal and financial problems. The following areas of compliance can benefit massively from the careful attention of an attorney or other licensed legal professional:

What should a business have before hiring employees?

Clients should have a written employment handbook as well as a written employment agreement in place before hiring staff. These documents should provide clear terms for employment including time off policies, explain workplace harassment and reporting procedures, and also discuss topics such as breaks and work schedules. If any workers are independent contractors, meaning they are not employees but they do perform work for the corporation, they should sign a separate agreement and their roles and functions should be distinct from those of employees.

Why are compliance rules important?

Many compliance rules and regulations help a company to act in ways that are consistent with those stated values. This is because well-designed policies and procedures also tend to address a company’s internal and external aspirations and not just external laws and regulations.

Why is it important to be HIPAA compliant?

Arguably one of the most important contributing factors to your profitability is the trust you build with your customers. Indeed, it is the customers that keep your business running. When you comply with federal regulations, customers will know that you care about keeping their information safe. For example, a HIPAA compliant healthcare provider will be able to easily gain their patients’ trust and the patients’ too will know that their personal health information is well protected. While lawsuits and fines damage a company’s reputation, a record of compliance will show that the company is running a trustworthy operation.

What are some examples of HIPAA compliance?

For example, organizations that receive, maintain, store, or transmit patient’s health information must ensure they meet all the HIPAA compliance requirements.

What is your mind about when managing a business?

When you are managing a business, your mind is probably more focused on the customers, the level of service, and the margin of profit. Ensuring compliance with government-mandated regulations may be the furthest thing from your mind.

How do rules and regulations help businesses?

Following safety and security rules can help prevent injuries, accidental fires, or building evacuations that can compromise your profitability. In addition to learning the bare minimum that organizations need to do to meet legal requirements, you also need to review suggested business practices to strengthen and safeguard your company’s operations that are provided on agency websites, such as the U.S. Occupational Safety and Health Administration and U.S. Equal Employment Opportunity Commission.

Why is meeting legal obligations important?

One of the benefits of meeting legal obligations is that it improves your company’s reputation in the eyes of the public, regulators, and other stakeholders. You can tout your achievements on your website and your marketing campaigns. For example, you can include the fact that you are an equal opportunity employer ...

What happens if employees access sensitive information from their personal mobile or laptop devices?

For example, if employees access sensitive information from their personal mobile or laptop devices, then there is a possibility that a breach may occur . As you work on your security for compliance, you also need to bring your workforce in the process. Employees play an important role in protecting sensitive data.

Why is compliance important?

Let’s face it, ensuring compliance entails a great deal of repetitive, menial tasks that can be both tedious, time-consuming, and prone to human error. A compliance management system automates most processes, including task scheduling, compliance monitoring, etc. and helps an organization drive agility, efficiency, and accuracy. As a result, you’re able to put your resources to better use and focus on the things that really matter.

Why is compliance management important?

By streamlining compliance and regulation monitoring processes, automating compliance workflows, and providing data-driven insights into your efforts, a compliance management system makes it significantly easier for an organization to ensure adherence to business and regulatory requirements, reduce risks associated with non-compliance, and boost customer confidence in their products and services.

Does a compliance system save money?

In fact, with the right system in place, you can even save money. Not only does it automate compliance monitoring and eliminate the need for investing in more personnel and resources, but it also proactively tracks regulatory changes and flags risks before they hurt you financially.

Why are compliance programs voluntary?

For years, the compliance programs were largely considered voluntary, being mandated only in pursuit of settlement negotiations with the government for identified wrong-doing. But healthcare reform and increased scrutiny of certain providers and suppliers has changed the landscape considerably, mandating compliance programs for any provider ...

What is the OIG compliance program?

For nearly two decades, the Department of Health & Human Services, Office of Inspector General (“OIG”) has pushed the virtues of compliance through such mechanisms as Special Fraud Alerts, Special Advisory Bulletins, Advisory Opinions, Self Disclosure Protocol and industry-specific Model Compliance Program Guidance (CPG). [1] For years, the compliance programs were largely considered voluntary, being mandated only in pursuit of settlement negotiations with the government for identified wrong-doing. But healthcare reform and increased scrutiny of certain providers and suppliers has changed the landscape considerably, mandating compliance programs for any provider participating in federal healthcare programs (Medicare, Medicaid and CHIP).

What are written policies and procedures?

Written policies and procedures, including standards of conduct; Designation of compliance officer and compliance committee; Appropriate training and education; Effective lines of communication; Enforcement of standards through publicized disciplinary guidelines; Regular internal monitoring and auditing; and.

Why is compliance training important?

One of the key benefits of compliance training is that a positive compliance culture promotes accountability among employees. When employees feel they are acting ethically, they feel invested in their organisation. Leaders can help staff members by rewarding them for displaying values that align with ethical ways of doing business.

What is the best way to show your commitment to compliance?

Your commitment to compliance, safety and ethics can be a competitive advantage. Social media updates, blog articles, organisation values, news alerts and more can all be used to show your commitment to compliance and compliance training.

Is a non-compliance fine a once off?

You might think a non-compliance fine is a once-off impact on the bottom line. That isn’t so. The resulting damage to an organisation’s reputation could wind up costing a lot more. Potential clients, investors and media will all have their focus on your organisation.

Is it enough to provide compliance training?

It’s not enough to ‘provide compliance training’ – you must be able to prove that it occurred. First, from a legal perspective, your organisation needs an accurate audit trail which can clearly show which employees are compliant in which topics. Besides, you cannot merely rely upon ‘someone attended training’.

How does compliance help?

A healthy compliance function can help make that waste visible, by tracking core metrics that may show areas of underperformance and friction. It can prevent disputes and misunderstandings .

Why is compliance important?

Compliance is important for at least eight reasons. 1) Compliance is part of your organization’s duties to its community and stakeholders. The first reason is most basic. If you run a business (whether for-profit or nonprofit), you benefit from your community’s basic services. In return, you owe duty to comply ...

What happens if you have no compliance function?

3) If you have no compliance function, you invite reputational damage.

What is compliance in business?

Compliance is the set of processes and organization uses to ensure that employees and the organization as a whole abide by internal rules of conduct and external rules and regulations. It may include your company’s written values, its ethics policy, the employee handbook, and policies for complying with legal obligations ...

What is the purpose of compliance?

5) Compliance helps define and regulate an organization’s “how.”. Continuing reference to Sinek’s work, compliance also helps an organization define and monitor its “how.”. Compliance focuses on what behaviors will and won’t be permitted in execution of the “why.”.

Where is compliance located?

In smaller organizations, compliance tends to reside, informally, within the functions of the chief executive officer, chief financial officer, and head of HR.

Why is nonprofit acting with nonchalance?

In particular, nonprofits often act with nonchalance about regulating employee conduct and scrupulously adhering to regulations and laws. The unstated assumption seems to be that because the nonprofit is “doing good,” it can be lax about the way in which it does good. That assumption is profoundly risky.

What is compliance program?

Compliance programs have forced a big clean-up of nomenclature and definitions, including the harmonization of systems and data, and ensuring clarity around what things are and what they are called. They also force the complete, accurate and timely documentation of activities and expenses.

What is a company's mission statement?

Most companies’ mission statements include information about corporate responsibility, the importance of patients, and on the benefits they bring to society. Behaving in ways not consistent with their stated values can render them not only useless but also damaging.

Why is compliance important?

Proper compliance doesn’t just protect your employees. It protects you as well, from lawsuits and other penalties. It’s important to make sure your employees know that they’re safe from exploitation, discrimination, and harassment, and that they have legal recourse if they ever face these things.

What happens if a CEO is non-compliant?

If the CEO, a board member, or another high ranking executive is non-compliant in some way, they need to be held accountable, without fear of repercussions. That’s the only way such a program works.

What happens if you don't adhere to the rules?

Failure to adhere to these rules can result in serious penalties. It may seem like a hassle, but these rules are in place to protect your workers, making sure they receive fair treatment and aren’t exploited. Therefore, it’s essential that you know what the rules are and what you need to do in order to ensure compliance within your organization ...

How to make sure you cover all areas adequately?

The best way to make sure you cover all areas adequately is to establish a corporate compliance program within your company. Such a program would handle training and education in a variety of capacities, so that all employees know their rights and responsibilities under the law.