There is a lot to consider when running a business in Australia and it’s not all about business processes and profit margins. Every business operating in the country is governed by compliance law and compliance rules and regulations are in place for a reason. Read on to learn why compliance management is essential for every Aussie business owner.
What Is Business Compliance?
Every Australian business and industry is governed by a series of rules and regulations that business owners are expected to adhere to. The laws don’t exist to be a hindrance, but rather they are designed to protect businesses, customers, employees and the general public alike.
Compliance law covers important aspects of business, such as maintaining high standards of health and safety, fair treatment in the workplace, anti-discrimination, eliminating sexual harassment, fair and ethical business practices, privacy concerns and more.
Why Should You Care?
Maintaining a business that’s compliant with the current rules and regulations helps protect the reputation of your business for one thing. In the modern world, where news regarding your business – positive or negative – can spread rapidly, maintaining a good reputation is more important than ever.
Another very important thing to remember is that if it’s discovered your operation is in breach of compliance laws, you could find yourself faced with an expensive fine or even the possibility of business closure in extreme cases.
Maintaining a compliant workplace also has some definite benefits. Your employees will be happier, more productive and also more reliable and loyal. Business operations will be improved, streamlining processes and overall making the business more profitable in the long term. Compliance also leads to establishing a more satisfied customer base that trusts your business model.
What Is Effective Compliance Management?
The very first and most logical step in effective compliance management is to gain an awareness and understanding of the compliance rules and regulations that govern your business. You can’t hope to be compliant with the law if you’re unfamiliar with what it entails.
If you’re running a large operation, you may even want to consider hiring a compliance management professional to oversee compliance in the workplace. At the very least, consulting with a compliance expert will help put you and your business on the right path.
Another very smart move would be to acquire dedicated compliance management software. Sophisticated software will take your compliance management to the next level, making it far easier to become compliant and remain that way. Software helps you monitor your business and also makes tasks like reporting workplace incidents a breeze. It can all be done via the software. The software can even be automated to alert you to potential risks and compliance breaches. Consider compliance management software an investment in your business and its future success.
Become familiar with compliance law, purchase compliance software, consult with an industry expert and then put in place a plan to ensure compliance at all times.
Compliance Is the Responsibility Of Everyone
Compliance isn’t just the responsibility of those running the business. In order for your operation to become compliant and maintain compliance, every single employee needs to take on the responsibility of compliance management.
Once again, the first step is to educate everybody by holding team meetings or training sessions so everyone understands compliance obligations and what’s expected of them. Compliance training needs to be carried out periodically, as it can be human nature to become less diligent over time, so periodic compliance training sessions help to keep compliance obligations fresh in the minds of all involved.
During regular team meetings, everyone can have their say regarding compliance concerns and offer feedback on how business processes can be improved. These meetings are also a good opportunity to convey any recent changes in compliance law. Another very important aspect of business – risk management – can also be discussed during these meetings. Both risk management and compliance management tend to overlap anyway.
Compliance management and adhering to compliance obligations should never be taken lightly. Effective compliance management will ensure you remain on the right side of the law and also comes with numerous benefits that will ultimately prove to be profitable for the business as a whole.