Managing regulatory compliance is not easy. It is costly, time-consuming with frequently changing regulations. Some employees also view compliance as a challenge to their productivity. But, with an effective regulatory change management system, you can do it quickly. Regulations are vital in protecting your data as well as your customers. If you fail to comply, you can pay twice the amount to maintain compliance requirements.
Tips to enhance regulatory compliance
Be aware of regulatory changes
It is vital to be aware of all regulatory changes, including standards. Otherwise, you may find that you are non-compliant over time. Tracking the changes can be tricky since they keep changing from time to time. You will always get a notification of any change, and you need to keep track of all changes. Some companies get up to 200 updates daily. Keeping track of all changes enables you to be aware of all changes and maintain compliance.
Create employee awareness on compliance
Employees who do not understand the significance of compliance will not cooperate. They need to know the company compliance regulations and their relevance. The best solution is to train and explain the rules and why the company needs to be compliant. By understanding how it affects their daily jobs, they will support the standards.
Assign the compliance task to one person
Everybody has a role to play in compliance. However, you need to assign an individual the task of tracking changes. It ensures the company meets compliance regulations. You can employ a compliance officer to address the essential aspect. Giving the role to an individual makes them accountable. They can monitor, track updates and standards and inform other employees of the same. Doing this will reduce the risk of being non-compliant and attracting heavy fines.
Teamwork between security and the legal team
Many companies have their security and legal team working differently on compliance. However, that is not ideal as both have similar roles to play in regulatory compliance. The legal team and security team can review risks, policies, and public disclosures. The teamwork will help your meet and maintain compliance. It will also enable other company stakeholders to take the regulations seriously.
Use the right tools
Checklists are not enough to check compliance. They only enable you to know your status when it is being completed. But, you need to use appropriate tools that will make your work easier and more efficient. It is best to consider using automated tools for continuous updates and assurances. The automated system reduces the risk of human error that leads to compliance gaps. It also enables you to have peace of mind knowing that company and clients’ data is safe. Automated tools also save time in tracking developments or changes in regulatory compliance.
Regulatory compliance is significant for any business. It enables you to check and track developments to avoid being non-compliant. Failure to be compliant will cost you double the money in fines.