A meticulous corporate compliance plan brings in efficient operational governance, reduced costs and cut down the risk mitigation efforts. However, an inadequate plan can result in additional liabilities, unwanted publicity and tarnish the brand for good.
A Perfect Corporate Compliance Management Solution
The success concoction has to be a painstaking mix of few crucial aspects at all stages of the corporate compliance program which include:
1. Focal Point of Responsibility and Attributed Hierarchy
Understanding compliance laws is a scrupulous task and not everyone’s cup of tea so like other specialized functions say marketing, accounts, sales, compliance should also be one of the dedicated functions in your master plan with a dedicated Director or Head who is experienced and qualified to take control of the compliance plan, policies and building a dedicated team to execute.
2. Devoted Budget and Resources
Compliance budgets are the least preferred in any organization since it’s never considered as a profit center. However, if you do not have a devoted budget plan for the same, your non compliant activities are going to incur costs to the company since that bargain includes penalties, fines and disruption of licenses. Hence let the compliance wisdom prevail and have a dedicated compliance budget and allocation of required resources part of the master plan from the very beginning.