5 Ways to Improve Regulatory Compliance

If your business has to follow regulatory compliance, you know that it can be stressful and disruptive. However, it’s important to boost compliance within your organization so that you can avoid fines and ultimately stay in business. But how do you improve business compliance? Here are five tips to consider.

Understand What You Really Need to Comply With

It sounds so obvious, but if you have very little understanding about what your staff must comply with and ensure the responsibilities are well defined and based on your business and your industry.

If you require GIPS standards verification, which relates to the Global Investment Performance Standards in investment firms worldwide, you can then demonstrate a commitment to ethics and transparency.

GIPS standards are voluntary, but if you understand the universe in which you should operate, you’re going to see far better compliance alongside well-defined responsibilities.

Know Your Business

Gaining a deep understanding of your business processes, the supply chain, and the end product will ensure that you can effectively integrate compliance into your operations and processes.

Often we can find ourselves bound by several different practices that we think we should follow, but when you understand your business properly, you will be better prepared for how you should give your employees and your processes the truly essential components of compliance.

Learn From the Past

Mistakes are going to occur, and feeling like we have to follow the rules can be overwhelming. But what we must remember is that when mistakes occur, we should consider changing our compliance rules as this will avoid repeating the same mistakes.

One of the most important ways to do this is to continuously monitor and review your compliance processes as this will help you address the risks and the vulnerabilities in the most visceral sense. Taking time to regularly assess how compliant you are about the changing regulations will help you to stay agile.

This will help you to integrate compliance into your culture rather than thinking of it as merely following the rules.

Using the Right Tools

It is so important that when following the rules we use the right tools because it helps us streamline processes and simplify compliance management, and it goes beyond mere spreadsheets.

When we utilize automated tools to manage aspects of compliance, whether it’s training or certifications, we are reducing the overall risk associated with purely relying on the manual aspect of compliance.

Integrate Compliance into the Culture

Whether it’s a restaurant business or a manufacturing organization, it is critical to foster a strong company culture where compliance is seen as an integral component of the broader strategy. We should encourage learning and personal growth rather than merely following the rules.

This is why something like a growth mindset is so important. It’s essential to follow the standards; however, it’s your responsibility to stick to the rules, not your employees, and therefore it’s important to ensure that you are encouraging a group of people who are focused on delivering the best. And when you do this, you will naturally follow the rules.