Question 1

What are some examples of compliance in business?

Accepted Answer

Ensuring dues are cleared and tax paying dates aren’t missed
The right business license following your state or country
Complying with wage and hour laws 
Protecting consumer data 
Renewing license and reviewing franchise contract 
Determining and analyzing where the risk lies 
Adhering to country-specific labor laws

Question 2

What are the advantages & disadvantages of ethical compliance in business?

Accepted Answer

The use of ethical standards can both reduce the chances of a workplace lawsuit and help create a positive work environment. However, corporate ethical policies, have both advantages and disadvantages for ethical compliance in an organization. Advantages are, improved workplace culture and adherence to laws and regulations.

The disadvantage is that an ethical compliance program requires the comprehensive support of management to be effective. Implementing these compliance programs can be expensive and time-consuming.

Question 3

How can you effectively implement compliance in business?

Accepted Answer

An organization, big or small, needs to create policies, procedures, and processes to address compliance requirements. The management must also ensure that all the employees are aware of them and are on the same page. There are several ways to stay on top of effective compliance procedures. Some of them are:

Stay on track with changing laws and regulations
Involve specialists, and make sure professionals are hired to monitor them 
Ensure employees follow procedures
Schedule regular internal audits
Provide staff training and education
Take corrective action
Establish two-way communication at all levels
Enforce consistent discipline

Question 4

Why the business compliance is essential for smaller organizations?

Accepted Answer

Often overlooked by the lack of business knowledge, time, and focus on other core operations, small organizations tend to miss out on forming an efficient compliance program and implementing it effectively. However, they must set it up for smaller firms to function smoothly in the market. So, it is essential for companies, especially smaller ones to be compliant with the rules, laws, and regulations set forth by the government.

Statutory Compliance

5 Reasons Why Compliance is Important in Business

Understanding 5 Benefits of Statutory Compliance

What is Compliance in Business?

Outsourcing Statutory Compliance A Better Option for Enterprises