Don’t Let Compliance Slow Your Growth
Compliance reporting is not new. But as accountability and transparency become increasingly important within the business community, compliance is becoming standardized for organizations across the globe.
Delivering tired reports and a list of numbers won't cut it anymore. Companies are being pushed for transparency and accountability by both financial institutions and the general public.
Thorough compliance reporting, internally and externally, takes time and resources. The Wall Street Journal reports that compliance can mean less business and slower growth.
To help, we’ve compiled three ways you can protect your organization from poor reports, negative backlash, and slow growth.
- Stay diligent about accountability Strive for transparency throughout your organization, and don’t wait until the last minute to prepare your reports. By staying up to date on relevant information across your company, reports can be compiled and shared more easily.
- Choose technology that makes the process easier You've updated your cell phone to the latest model, so why haven't you updated your clunky, outdated systems yet? These relics are difficult to deal with, and using them can have some seriously negative consequences. The level of detail that compliance reports need is so nuanced that older systems can't provide the information that's required.
- Keep up with new laws and regulations Regulations are constantly changing and evolving—it's crucial that you stay on top of them, so your company is compliant. Whether you are filing a document to the SEC or creating and editing Sarbanes-Oxley (SOX) documentation, being knowledgeable of new laws and regulations will keep you risk-free.
By following these three tips, your organization can continue to grow while staying compliant. Implementing a smart, flexible plan will work to your advantage now and in the future.