The Vital Role Of a Compliance Manager In Business
All businesses in the UK have compliance rules and regulations they must follow. If you have a medium to large-sized business, you may want to consider employing a compliance management professional, either full-time or on a contract basis.
If you don’t pay close attention to compliance laws, you could find yourself on the wrong side of the law in some respect. The result could be a fine, a lawsuit, or even the closure of your business. This is where a compliance manager can literally save the day and help you avoid these unsavory scenarios.
Let’s take a closer look at the important role a compliance manager plays in modern businesses and why you might want to consider hiring one.
Not every business will need to hire a compliance manager. Still, to help you understand if your business requires something, it’s important to comprehend what a compliance manager actually does.
The major role of a professional and experienced compliance manager is to make sure that your business and everyone involved in it is complying with the rules and regulations that govern your industry. This can also include your tax obligations, along with things like workplace health and safety standards and expectations, negating harassment in the workplace, and so on. Compliance laws are there to protect business owners, employees, and customers.
A good compliance manager will always be up to date on the current rules and regulations and always study the industry to be aware of any changes. Being abreast of changes and remaining up to date on current laws will help ensure your business doesn’t stray off course when it comes to compliance.
Let’s now look at some key duties a competent compliance manager will take ownership of:
- A compliance manager will study the rules governing your industry and draw up a list of rules everyone in the company must follow;
- Compliance managers will also initiate changes to these rules as new laws are implemented;
- They will assess and monitor company processes to ensure compliance standards are being met at all times;
- Regular compliance reports will be compiled and presented to owners and management;
- Compliance managers will make certain that everyone involved in the business is fully aware of what the compliance rules are and that they are followed;
- Compliance managers may also take charge of the risk management processes of the business as well, as risk management often ties in with compliance management.
Arm Your Compliance Manager With Compliance Management Software
Equipped with a compliance management system software, your compliance manager will be better armed to deal with compliance duties and more readily ensure that your business operations remain compliant at all times. It’s all about making the job easier, which will be necessary for larger operations, and ensuring that nothing important is missed or lost in a stream of processes.
Compliance software can be tailor-made to suit your business. It will give compliance managers access to the latest laws, enable incidents to be reported to the appropriate authority, your business can be constantly monitored, reports can easily be generated, and so much more.
If your compliance manager needs to be out on the road at any time, there are even compliance apps associated with the software downloaded to a smartphone. Compliance software is an investment in your business.
One of the most important roles a compliance manager will perform is to educate everyone in the business on compliance laws and what’s expected of them. Employees can’t be expected to comply with the law if they don’t know what the rules and regulations even are.
Business owners will definitely want to avoid a lawsuit brought against them by a customer who was injured due to your business not being compliant with workplace health and safety regulations. Not only is a lawsuit possible, but governing bodies will no doubt investigate the incident and could issue the company with a fine or even shut you down. To ensure business longevity and profitability, you must remain on the right side of the law at all times. Your compliance manager is the person who will ensure this is the case.
Compliance Manager in Business: The Takeaway
If your business is a decent-sized operation, then hiring a compliance manager could be the best move you ever make.