How to Keep up to Date with Compliance Requirements

Whichever methods you choose, it`s important that you find ways to stay on top of compliance requirements. Not staying up to date can cost your business fines, penalties, and other serious consequences. By subscribing to industry blogs and newsletters, you can receive regulatory updates straight to your inbox. Some regulators publish their own newsletters, such as OSHA Quicktakes. There are also many SSE blogs that publish news and regulatory updates. For example, you can subscribe to our blog to receive industry news, regulatory changes, tips, and resources just for EHS professionals. Here are some other great EHS blogs to check out. Nowadays, a serious breach of compliance cannot go unpunished and can sometimes be exposed in the media, causing damage to the reputation and economic situation of companies and individuals. This is a good time to pay attention to regulations and use all possible resources a company provides to meet the requirements of the law. So what`s the best way to keep up with regulatory changes? Below, we`ve compiled a list of eight of the easiest ways to stay up to date on the new rules in your industry. Following all this legislation, creating and implementing internal procedures, is a real challenge, especially for small companies with mainly operational staff, who are very busy with executing transactions, preparing legal documents, preparing financial statements, recording, tracking all types of correspondence, customer requests, cooperation with external consultants, business development and last but not least, the pursuit of customers to pay their bills. In addition, compliance is often considered “unprofitable” for companies because the time spent on this type of work is not directly charged to customers and involves a lot of paperwork that “bothers” customers. Ethics and compliance programs within an organization provide employees with clear guidance and protect the company from devastating consequences.

For example, Marriott recently reported around $72 million in data breach costs and still faces a massive General Data Protection Regulation (GDPR) of more than $123 million. Similarly, the Equal Employment Opportunity Commission (EEOC), which regulates discrimination and harassment in the workplace, raised $353.9 million for injured employees. Keeping up with regulatory changes doesn`t have to be intimidating if a company has the right tools and resources. Partnering with a trusted third-party provider can go a long way toward meeting business compliance requirements and keeping policies, training, and records up to date. Failure to comply with regulatory requirements can have costly and devastating consequences. Between agencies and federal commissions, thousands of new “rules” are enacted each year, with a few hundred strong laws in the herd. For the average small business owner, navigating this treacherous regulatory landscape can be intimidating. In fact, studies suggest that many SMEs pay more than $80,000 in fines in their first year of operation. Not only is compliance a financial burden from a fines and penalties perspective, but it also requires resources and time to keep abreast of compliance changes and new regulatory guidelines. Subscribing to newsletters from specialized law firms that are also involved in implementing regulatory changes is a small effort, but an effective way to stay up to date. 3.

Review internal processes to keep up with regulatory changes In addition to the day-to-day obligations that are paramount to running a business, employers must comply with regulatory requirements on topics such as anti-corruption, antitrust, privacy, cybersecurity, ethics, and financial crime. Keeping up with new laws and the ever-changing regulatory environment can be overwhelming, even for the most experienced corporate compliance professional. However, a violation of regulatory obligations can result in costly fines and lawsuits for businesses. While many media and media outlets will provide instant notes on a dominant regulatory change, for a full understanding of an update to the law, nothing beats going straight to the source. Here`s how conferences and events can keep a business informed: Become a member of trade groups and associations associated with your industry. These organizations alert their members to important changes that are relevant to your business, and they can usually serve as a resource if you have questions.