Compliance Pain Points

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.