By Norman Ford
What happens when compliance is integrated into your business systems rather than operating as a separate entity whose sole purpose is to ensure adherence to obligatory government regulations?
Lots, but three outcomes in particular stand out.
#1 Your employees have a higher level of satisfaction resulting in improved productivity and employee retention
#2 Your brand’s reputation is improved resulting in better economic performance in the marketplace
#3 Your safety records improve reducing both cost and risk.
What happens when compliance and business systems do not work together?
Take your pick – lawsuits, hiring difficulties and brand damage. The news regularly features a litany of companies who have received large fines for misconduct and other breaches of regulations. And even when the fines are large, as in the case of Wells Fargo and their $100 million fine for illegal sales practices, in truth the sum, according to recent reports, could have been as high as $10 billion.
And yet, despite the obvious financial and merits of the compliance and business systems integration, too many companies are not making this connection.
Again there are many reasons for this, let’s call it a reluctance to embrace compliance, but in my experience it boils down to money and seeing compliance as an expense that produces no return, to a lack of support from management and the pervasive and damaging perception that compliance is merely for legal reasons and should not be part of the larger, overall organizational picture.
To address these roadblocks and to begin the journey from a compliance checkbox mentality to a fundamental and holistic business strategy, we developed the Skillsoft Compliance Maturity Model™, a five stage process that establishes a framework for organizations to follow. To get the specifics about each stage and how to identify where you are in the journey, read our white paper: Integrating Compliance with Business Strategy: The Skillsoft Compliance Maturity Model™.
However, I think we can all agree that sometimes the most difficult part of a journey is taking that first step. And in matters of business this can present even more of a challenge given the other factors that need to be considered; particularly when what is involved requires a shift in mindset, a new perspective, which as we can all attest to, can be the hardest part of any change.
To help give you that extra nudge, our new whitepaper Shifting mindsets: Adopting a Compliance Journey is packed with information and advice, everything you need to get moving. We’re also hosting a webinar on December 15 that will talk you through the process and give you practical tips and guidance to ensure that not only do you begin this important and valuable journey, but that you complete it successfully.
Sign-up here to register for this webinar.
Norman Ford is the VP of Operations at Compliance Solutions for Skillsoft.