Businesses face challenges all the time. There is always something new that needs to be handled. As the business evolves, the industry and the wider world evolves too, and you will have new problems to face from all of them.
Regulations are no different. They can be influenced by a number of things, and so are constantly offering new problems to match. But there are a number of elements that make it harder than it sounds when it comes to complying with regulations. If you’re running a business, read our guide to find out the biggest hurdles in regulations and how to overcome them.
- Growing globally
If you think you have a handle on how you are complying with regulations in your own country, you’re likely in for a shock if you were to expand internationally. Once you get out of your own nation, you’ll find that everyone does everything differently. There are different cultures and societal measures to adhere to, and the way you do things at home might not be accepted abroad.
Things like tax laws, payroll and benefits, and data protection will all change, and that’s the generalities. Then you can get into what materials are and aren’t allowed to be imported or used and what to do about your waste, etc.
- Outsourcing where you need to
It’s natural if you have a business, you enjoy your job, or you have some semblance of loyalty to the company, to want to keep things close to the chest, especially when it comes to complying to regulations. It’s hard to know what you’ll be fined for when things are constantly changing.
Hiring a compliance solution specialist can really help in this way. Hiring someone you trust to handle keeping an eye on new regulations and ensuring they are enacted will take a constant strain off your back so that you can focus on running a business.
- Lowering the cost of compliance
Budgeting season for a lot of companies is always an extremely rigorous time of the year. Normally situated around October time, this is when it is time to consider the cost of compliance. Many organisations must keep themselves levelheaded as they try and keep up to date with the numerous regulations. Ultimately, this means that firms must invest in their compliance strategy to ensure that they are functioning in the correct manner and complying to regulations.
- Keeping on top of changes
When it comes to complying to regulations, things are always changing. Regulations are created based on a number of factors, including societal changes, scientific and tech advancements, and world events.
That can be a lot to follow. You will have to read every headline with the mind of “Will this effect regulations?” and that’s if you see the headline at all. Regulations don’t tend to make for tabloid fodder. But it’s important to keep on top of these changes so that you will know how to adjust your business to comply to these changes.
- Cybersecurity
Throughout 2021 there was a string of crimes putting businesses on high alert: cyberattacks. The cybercriminals’ methods are adapting to security and have proven to be effective. It’s one of the biggest issues facing businesses in 2022 due to the number of people working from home.
This is where complying to regulations can help. By installing the right security measures in laptops that are going home to connect to open or public networks, your company can avoid a nasty sting that might cost them a lot.
- Penalties leading to slow growth
It stands to reason that if you break the rules, or aren’t complying to regulations, there are going to be consequences. This is likely to come in the form of fees and fines, and they can be debilitating. You can gain a hefty 10 million Euro fine from the EU or the GDPR for a data breach, and that is considered low. This can be a problem, especially for smaller businesses trying to make a profit. Fines can feed into your growth, especially if you are offered a percentage fine rather than a lump sum.
As a market leader in the compliance industry, we ensure that regulations are met accordingly. If you would like further information and advice, please contact us to see how we can help.
