Compliance is one of the most important parts of a business that a company can face, and yet so many are still making errors. This is not something that should be taken lightly. Compliance is a vital part of a company’s business, and a lot of work must be done to make sure that the challenges presented in this area are overcome. Let’s take a closer look at what some of these challenges are.
Post-COVID
Restrictions surrounding the pandemic do appear to be easing in many parts of the world, but this means that many changes need to be made to accommodate changes to the overall workplace. It is quite likely that we will see several businesses adopting a hybrid work schedule where employees spend some time in the office and the rest of the time working from home.
As an employer, it is important that businesses measure the productivity of those both in the office and working from home, and make reasonable adjustments for those who are working remotely. In the office itself, it is also vital that this becomes a space that is safe and COVID-secure, for both employees and any potential visitors there might be to the business.
Fraud
There has always been a need to defend a business from fraud, but this has only become even more important given external pressures and various world events. Many watchdogs have reported a rise in attempted fraud in the past few months.
Businesses need to make sure that they are being more vigilant against attempted fraud. The FCA are expecting many businesses to improve their anti-fraud protocols to avoid the risks presented. Engaging with compliance consulting firms is a great move that can help to identify some of the weaker areas within your company. With criminal parties looking to exploit a company’s vulnerabilities in the post-pandemic world, anti-fraud measures are a challenge that all businesses need to address as soon as possible.
Brexit
Companies either based in the UK or who have business with there need to be aware of many of the changes that Brexit has brought about. The UK no longer has equivalent status with the EU and this has produced a lot of issues that need to be addressed. Many companies are likely to be affected by these changes in status. Even something as simple as an executive flying from the UK to the EU could change rapidly.
All companies with any ties to the EU needs to make sure that they are fully compliant with any of the changes that might be presented to them by Brexit. If they have not already put measures in place, this needs to be changed as soon as possible. This can include a wide variety of issues including data protection, sanctions, and the Solvency II regime. If your company is involved with any of them, it is vital that you are prepared for changes.
Company Culture
Every business has its own company culture that it develops, and it is vital that diversity within the company is well-documents. This is an area that is receiving a lot of pressure at the moment, especially as regulations and awareness of diversity and inclusion rises.
All companies need to be open to employees with different ethnic backgrounds, sexual orientations, gender identifications, and more. Companies need to be as inclusive as possible, and must be compliant with various anti-discriminatory laws. This is a must for everyone who wants to create an inclusive and welcoming workplace.
Employee Wellbeing
The effects of issues like COVID are being felt widely by many different employees. It is high time that companies look beyond physical health and wellbeing and include mental issues too. There are many factors that could affect an employee’s mental health, and an employee with stress and burnout can have quite the effect on a company if not allowed to recover with the right care.
Likewise, businesses need to make sure that they are creating environments in which their employees feel comfortable. They should feel able to speak up if they feel that an issue needs to be raised. Even if mistakes have been made, they should not feel that they are being disproportionally blamed for any issues that might have come about due to their actions.
Compliance is an area that every company needs to face, but not enough are ensuring that they are fully compliant with all issues. There are so many things that can go wrong within a company if properly compliance is not adhered to. No matter what industry your business is in, you must make sure that you are fully compliant with all of the regulations and standards that apply to you. It simply is not worth it to try to operate otherwise.
