There probably isn’t a general counsel out there that would argue they don’t strive to maintain a compliant organisation. However, corporate legal departments have difficulties creating a truly compliance-based culture with all the scrutiny they face from internal and external parties, increased regulatory activities, and pressure to “always do the right thing.” By following a few best practices, legal departments can create a compliance-based office environment.
Adopt the right technology:
The majority of legal departments still haven’t made the complete transition to digital because they wrongly assume that by adopting compliance technology they are giving up the controls. Compliance management software helps corporate legal departments track regulatory processes and receive alerts ahead of time so they don’t have to worry about missing deadlines.
Put compliance at the top of your to-do list:
The good thing about a New Year is that it allows you to put everything negative that happened in the past year behind you and make a fresh start. Why not start off the new year by reviewing your compliance plan? Being up to do date on the latest regulatory guidelines prevents you from discovering any unpleasant surprises later on in the year.
Be prepared to change:
If you’re following the exact same guidelines to reach the same goals as last year, don’t expect to see any growth or change. A good place to start? Integrating your compliance program with the rest of your risk management strategy. In order to have a successful outcome it is important to anticipate any possible obstacles that could prevent the compliance program from having its intended impact.
Identify gaps:
Your compliance program isn’t going to be effective unless employees are aware of the regulations and the impact they have on the organisation. Work with your colleagues in other business units to identify gaps and how they can be addressed. An annual training session on the organisation’s compliance program can help assess what areas employees are knowledgeable about and which areas need improvement.
Ask employees about effectiveness:
The best gauge as to whether the company’s regulatory objectives are being met is to ask your colleagues. Follow up on training sessions by collecting feedback from colleagues in the form of a short survey or focus group.
Takeaway:
While there are some sectors (particularly financial and healthcare) that have considerably strict compliance requirements, the truth is that compliance will continue to affect businesses and create risk. The fact that laws may vary from industry or country makes compliance even more difficult. Organisations that fail to comply face hefty penalties and are often unaware they are at risk.
Legisway helps legal departments to adhere to the latest compliance standards as well as streamline their internal processes to increase efficiency.
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