Beware of These Common Compliance Issues

When it comes to statutory compliance, forewarned is forearmed. It’s important that employees are aware of how compliance issues relate to their daily work life. Here’s a short checklist of some important things to look out for:

• Do not look into a colleague’s confidential records; they may contain items shared under an NDA (Non Disclosure Agreement) which you are not privy to, for example
• Do not share passwords which give access to confidential information
• Only raise invoices or bills for services which have already been rendered
• Provide complete documentation for any services

Compliance is crucial for a number of reasons. It sends a clear message both internally and externally. It protects your enterprise from legal repercussions. Just as importantly, it enables the following:

• It demonstrates an honest, responsible culture
• It makes it easier to spot and deal with illegal acts
• It improves quality of services and business repute
• It emphasises an internal culture of accountability and fairness

Compliance impacts the business prospects and standing of any business deeply; this can be especially crucial in the SME segment, as you work towards carving out a more substantial market share. Reputation is everything, and one slip can undo years of hard work. But the nitty-gritties of ensuring compliance across your processes can demand a degree of knowledge and experience that is hard to procure in-house. Which is why it makes sense to focus on your core business while entrusting your compliance functions to a trusted partner like Alp Consulting.