No matter what your business provides, every company has a set of regulations that they must comply to, something that amongst the bustle of a heavy workload, can get lost. Resulting in a non-compliance, without the knowledge that it is occurring. What we want to outline for you today is 5 of the main compliance issues companies face, to keep you aware of if these could be going on within your company.
- Vague wording of legislation. This can cause non-compliance due to a lack of understanding of what the regulation means in relation to the company.
- Rapid increase in regulations. The number of regulations is rapidly increasing, this creates an obstacle for companies having to keep track of all the different regulations, to ensure compliance.
- Costs of fines are rising. One of the reasons that compliance is so important to running an efficient business is the rising costs of fines issued for non-compliance within companies.
- As companies grow, so do audits. The increase in traffic within a company that comes with a growth in the company means that it is easier for companies to lose track of compliance needs.
- Quite simply the ease of not complying. While you have a busy workload, it is easy to skip over forms that aren’t necessary to complete a task with an upcoming deadline.