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Why Compliance is the Business Buzzword to Watch

Estimated reading time: 2 mins

As a business owner or manager, you need to be aware of the latest buzzwords and requirements which will ensure you grow and thrive as a company.

One of the essential buzzwords in business is compliance. Compliance is the requirement for a company to adhere to specific laws and workplace rules. There are numerous areas of compliance including the right to work in your country, and workplace equality at all times. This article will discuss why you should be worried about compliance, and what you can do about it.

Recruitment

Compliance is a popular buzzword when it comes to the recruitment of new staff. As the business owner or hiring manager, you’re responsible for a number ofregulatory steps in this process.

First, you need to know that your new member of staff is legally allowed to work in your country. This requirement must be met with every single member of the workforce.

However, you are also responsible for ensuring the recruitment process is equal and fair for all applicants. Discrimination is not only demotivating to all involved, but it is also illegal.

New Regulations

New regulations are released into the business world often. A recent example is the GDPR directive that’s been issuedacross the EU as a means to protect consumer data. Most companies collect such data. Therefore, they are required to comply with this directive. Those who fail to comply risk harsh punishments and hefty fines.

To get up to date on all the latest regulation, you need to keep track of businessnews. You can also keep up to date by engaging with e-learning sites such as Engage in Learning to ensure your staff knows the latest rules and how it affects their roles.

Privacy and Security

Most businesses now operate digitally. Technology has boosted productivity and made business operations far more efficient than in the past, but it comes with its own compliance risks.

One such risk is data theft, hacking, malware or cybercrime. Criminals in cyberspace regularly disrupt businesses through digital means. Therefore, it’s up to you to ensure you’re both aware of, and acting on, the risks of the digital world. Compliance with data security regulations is expected across all businesses, so it’s important to take the time to get up to speed and to protect your data.

Financial Services

Finally, there are a large number of compliance issues in the finance sector. Therefore, it’s imperative you keep aware of it if you want to avoid costly legal battles. You may require the assistance of a lawyer or an e-learning platform to fill you in on the various details of these regulations. However, compliance is easy when you have the right software management. You will be able to enhance your ability to comply with industry standards by using technology which is designed to help businesses operate legally.

There’s a reason why compliance is a business buzzword of the moment. This article shows you the key areas you should be concerned about to guarantee the security of your business.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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SimonStapleton.com located at Watledge , Stroud, UK . Reviewed by 18,205 readers rated: 9.8 / 10
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