Complying with regulations imposed on your business can be expensive andtime-consuming, often threatening future growth and profitability. Thelaw may require you to gather and track data, compile reports, or evenchange your business structure and practices entirely.
Compliance is an industry in itself, with consultants and lawyersproviding advice and counsel for business too overwhelmed to concentrateon both their day-to-day work and making sure they stay on the rightside of the law. In industries such as healthcare and finance,compliance can take up a significant proportion of operational activity,with whole company departments set up just for this purpose.
For small and medium-sized businesses, without the resources availableto keep up effectively, regulation can be a critical threat. But thereare ways to ensure you stay compliant without incurring excessive costs. It’s worth remembering that every company in your industry is facing thesame regulation, and dealing with it in an efficient manner could giveyou an edge over your competitors.
Stay current
Keeping up to date with your regulatory obligations can feeloverwhelming, but the internet provides a wealth of relevant, up-to-dateinformation and advice. The UK government publishes guides on dedicatedwebsites for every industry affected by regulation. Forums and blogscontain advice from the perspective of business people themselves. RSSfeeds and Google Alerts automatically bring you information fromhand-picked sources.
Training
Training can make the all the difference when attempting to meetregulatory obligations on time. Make sure your employees are aware oftheir responsibilities, the wider picture, and why compliance is soimportant. Compliance doesn’t have to be a top-down process, if needsbe, allocate staff obligations based on role and expertise.
Reporting
Many regulatory schemes will expect you to gather data on youractivities in order to provide evidence of compliance. This can be along-winded and confusing process, with spreadsheets, documents anddatabases having to be manually updated to keep up with core work tasks.
Gathering data in real time and keeping a log of all relevant businessactivity makes compliance reporting much more accurate, as well assaving time and effort which can be better spent on more productivework.
Automation
By adopting business process software, you can break your tasks downinto their component parts, and integrate regulatory compliance intoyour day-to-day activities. Having a set workflow for each job gives youa clear overview of what regulations apply, and at which stage.
By setting automatic and reminders and alerts at the appropriate stages,you can ensure you avoid breaching regulations and have fair warning ofany potential problems. Via a user interface, you can get acomprehensive view of how your company is fulfilling its obligations tothe law.
SwiftCase is a cloud-based business process management platform that helps you stay compliant with your industry’s legal regulation, as well as internal benchmarks and service level agreements.
- Plan out and obtain a clear overview of all business processes, andwhere compliance fits into the picture
- Set reminders and alerts to keep up with any regulatory checks andresponsibilities
- Automatically collect business data in real time, in one centralisedsystem, to keep recording accurate
- Keep a comprehensive, easily searchable log of all business activity
Get in touch with us today, for a free, no-obligation demonstration.
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