10 Great Tips for Business Compliance
If you are a small or medium-sized business-owner, your hands are already full, aren’t they? You are working almost around the clock just to keep your momentum and make ends meet. During this you have never paid attention to the small details coming within the job. But those small details can be sometimes a killer, e.g. compliance. Managing taxes, business license and regulatory may not be on your priority. But they have to be addressed, so as to avoid fines, penalties or lost opportunities. Take the help of a reputed compliance solutions company like Pragmatic Compliance Services. Let’s see what else you can do.
Today there are lots of changes in regulations to keep track, as per a senior executive of a reputed company which offers solutions for corporate business compliance. According to him, things are prone to fall through cracks. And the penalties for not being in compliance can range from hundreds to thousands of dollars.
Here are 10 great tips for proactive business compliance.
Evaluate Your Compliance Solution
How many of your resources are specifically being dedicated to compliance? Such resources include time, staff and money, and a fast, informal audit will reveal that it’s not only the individual with compliance with their title who is included with compliance activity.
Decide upon which department has to be given the central responsibility for compliance of business. Usually, the legal department is chosen for this. If you do a fast audit like mentioned above, it will give you a realistic idea of staffing requirements and workload.
Get the Control on Your Calendar of Compliance
With all the execution of compliance staying in one area, you can put all important dates on one master calendar. An internet-based calendar is perhaps the best as it enables you to populate compliance necessities and other frequently occurring dates in the business automatically.
Communicate and Cooperate
Make standardized procedures and processes for how the information between other divistions, departments and subsidiaries, and the centrally authorized compliance department should flow. Set up controls for answerability and create enough flexibility for cooperation.
Productivity Tool for Consolidating Compliance
Executing an internet-based compliance tool can be very efficient. With such a tool, a list of routine tasks can be produced from the calendar and personalized email alerts can be delivered to responsible persons and parties.
Centralize Info in One Place
Centralizing info in one place would ideally be the same productivity tool as mentioned above. An internet-based tool will update the needs automatically as they alter as per the FCA regulation, removing the requirement to check in continuously with each state. These updated needs will update the central department, therefore precise dates will be available always to everyone.
Using Pre-filled Forms
Added to populating the calendar, a central repository of important company info has to pre-fill too in re-usable forms. Re-utilizing data and repurposing it will save several hours of efforts and enhance precision.
Storing Evidence for all Filings
Storing and organizing evidence for all the filings is important for all compliance activities. Electronic confirmation of every finding can be stored in the document archive thus a thorough history of everything associated to filing can quickly be accessed.