Compliance gets a bad reputation because it is immediately associated with laws, constraints, inspections, audits and penalties for those who don’t follow the rules.Most organizations understand the importance of regulatory compliance in preventing unethical conduct and violations of the law. It’s the necessary evil that is compulsory, but it also pulls up valuable time, effort and resources from folks who would much rather be working on projects that innovate, inspire, and motivate. The word compliance often conjures up thoughts of what organizations must do rather than what they want to do.
Regulatory compliance can allow your organization to become a lean, mean, high-performance machine. In other words, having an effective Compliance Program is not only the right thing to do, it also makes good business sense.Gaining a status as an organization that fails to meet its compliance obligations can endanger customer trust and loyalty. Reputational risk is so important that being transparent—even about your faults—will improve customer perception and can lead to increased stakeholder engagement.
Having a clear, effective compliance program makes it apparent to stakeholders that compliance is a top priority for your company. It shows your commitment to doing business the right way and to the highest ethical standards.
Many consumers seek out and want to do business with vendors and suppliers who share their values and compliance principles. For example, when a company can demonstrate a conflict-free supply chain, stakeholders are reassured that the company is compliant and will impart confidence among suppliers, customers and partners, which can help establish lasting and trusted business relationships.
Further, in addition to building a reputation as a good corporate citizen, having a well-documented and effective compliance program demonstrates your company’s expertise related to all relevant laws and regulations.
Professionals at Creative Bharat analyze the risks, identify and prioritize implementation practices and secure your businesses. If you think your business could be at risk, talk to our consultants. It could save you unwanted losses and help preserve your brand equity.