In a recent post we mentioned our simple financial model of the basic costs of getting ahead with compliance versus the financial ramifications of responding to an unwitting breach. That is one reason to firmly consider in adopting a compliant philosophy, however let’s take a minute or two to consider some of the other potential benefits.
First of all, let’s move the perception of being compliant from one of policing and dodging threats to making it a philosophy that works with and FOR your organisation. With commitment from the top down an organisation can be compliant right to the ‘shop floor’. Protecting your organisation from outside investigation (and the drain on resources), pecuniary penalties and other attendant disadvantages can add other benefits (the following list is not exhaustive):
- More management time available to concentrate on core business
- Staff feel safer in their working environment – may reduce staff turnover
- Involve staff in creating operational procedures to cultivate commitment to the organisation as well as to a compliant culture
- Less danger of staff feeling ‘compromised’ by compliance issues
- Presenting a positive face for clients and suppliers
- Possible reductions in insurance premiums
Compliance and best practice go hand in glove, and whilst there are attendant financial benefits from being compliant certainly managing compliance and risk can contribute to a more effective workplace.
Compliance Essentials can assist with all your compliance and risk management needs, why not contact us on 1300 602 880 or via our website www.complianceessentials.com.au
The Compliance Essentials Team