Complying with regulations imposed on your business can be expensive and time-consuming, often threatening future growth and profitability. The law may require you to gather and track data, compile reports, or even change your business structure and practices entirely.
Compliance is an industry in itself, with consultants and lawyers providing advice and counsel for business too overwhelmed to concentrate on both their day-to-day work and making sure they stay on the right side of the law. In industries such as healthcare and finance, compliance can take up a significant proportion of operational activity, with whole company departments set up just for this purpose.
For small and medium-sized businesses, without the resources available to keep up effectively, regulation can be a critical threat. But there are ways to ensure you stay compliant without incurring excessive costs. It’s worth remembering that every company in your industry is facing the same regulation, and dealing with it in an efficient manner could give you an edge over your competitors.
Keeping up to date with your regulatory obligations can feel overwhelming, but the internet provides a wealth of relevant, up-to-date information and advice. The UK government publishes guides on dedicated websites for every industry affected by regulation. Forums and blogs contain advice from the perspective of business people themselves. RSS feeds and Google Alerts automatically bring you information from hand-picked sources.
Training can make the all the difference when attempting to meet regulatory obligations on time. Make sure your employees are aware of their responsibilities, the wider picture, and why compliance is so important. Compliance doesn’t have to be a top-down process, if needs be, allocate staff obligations based on role and expertise.
Many regulatory schemes will expect you to gather data on your activities in order to provide evidence of compliance. This can be a long-winded and confusing process, with spreadsheets, documents and databases having to be manually updated to keep up with core work tasks.
Gathering data in real time and keeping a log of all relevant business activity makes compliance reporting much more accurate, as well as saving time and effort which can be better spent on more productive work.
By adopting business process software, you can break your tasks down into their component parts, and integrate regulatory compliance into your day-to-day activities. Having a set workflow for each job gives you a clear overview of what regulations apply, and at which stage.
By setting automatic and reminders and alerts at the appropriate stages, you can ensure you avoid breaching regulations and have fair warning of any potential problems. Via a user interface, you can get a comprehensive view of how your company is fulfilling its obligations to the law.
SwiftCase is a cloud-based business process management platform that helps you stay compliant with your industry’s legal regulation, as well as internal benchmarks and service level agreements.
Get in touch with us today, for a free, no-obligation demonstration.