It can be difficult to juggle a wide range of laws and regulations relating to your chosen industry or sector but with an effective compliance program, you can ensure your business remains compliant and maintains a solid reputation. It is, after all, no longer an option but a necessity to protect your business and your employees by adhering to a series of guidelines, specifications, and policies. If you are interested in making your existing compliance program more effective, continue reading to find out everything you need to know.
Establish written standards of conduct
If you expect your employees to obey your compliance program, they must be made aware of established written standards of conduct that clearly outline your compliance expectations and how they contribute towards consistency within your company. In addition, you must ensure your standards of conduct are in line with current rules and regulations and your short-term and long-term goals for the business.
Provide first-class training and education
In order to make your compliance program more effective, your entire workforce must be thoroughly trained and educated on established written standards of conduct if they are to comply with them on an ongoing basis. It must clearly outline the requirements of your compliance program with room for annual or bi-annual refresher courses to inform employees of any upcoming changes or updates or simply remind them of their basic duties for company-wide compliance.
Introduce a system for tracking and monitoring
It can be tempting to judge the effectiveness of your compliance program by eye, but this only leaves room for error with no proper procedure for identifying mistakes and adjusting your strategy as necessary moving forward. It may, therefore, benefit you to introduce a system for tracking and monitoring both internally and externally, such as carrying out formal audits, to allow you to measure the effectiveness of your compliance program on an ongoing basis and recognise common risks before they exacerbate.
Improve company-wide communication
It is no secret that communication is the key to long-term business success and your compliance program is no different. It may, for example, be worth taking the time to improve company-wide communication by reminding employees of your expectation of them to communicate in a timely manner regardless of whether it relates to a minor issue or major problem. It can trigger something of a domino effect that encourages employees to speak up when it comes to asking a question or query, addressing an ethical concern, or reporting a compliance-related issue that may involve fraudulent or illegal behaviour in the workplace.
If you are interested in making your compliance program more effective, there are a number of steps you can take to ensure your business is following proper procedure. Let Neopay help – our Virtual Compliance Service is designed to help you gain the support needed for the practical application of regulation to ensure that you are compliant with the latest FCA standards. This includes access to our dedicated teams of experts and annual reviews to ensure that your business is always in line with compliance regulations. Contact us today for more information.