By Martin Katz
“I hate compliance” – “compliance is boring” – “the business prevention department” – common sentiments thrown at compliance departments large and small.
If this is your view of compliance then you – or your business – might be missing something.
When set up and implemented correctly – compliance systems add value to your business – robust effective compliance systems reduce risk for owners, managers and customers alike, and when the time comes to sell, a lower compliance risk increases the saleability and or price of the business.
Yes – inflexible, rules based, compliance systems are frustrating as hell, demotivate your staff and deter new clients.
But intelligent ‘risk based’ compliance systems which EVOLVE to meet business needs allow businesses to onboard more of the clients they want, more efficiently and less expensively.
Onboarding more ‘good’ clients increases your business’s profitability.
Increased profits and decreased risk enhances shareholder value. That is good business and it’s definitely not boring
For most regulated businesses investing in their compliance processes is the single easiest way to increase the value of their business.
Kaizen – continuous improvement is the best way to approach this. This is about evolution not revolution.
Compliance systems should not exist in a vacuum, they should be ingrained in culture, be understood by everyone and implemented across businesses. All staff in every department should feel responsible and take ownership for compliance.
The role of the compliance department is to identify the legal and regulatory obligations of the business, develop the systems and processes, monitor and adjust where necessary.
Business wide compliance systems are – better at sifting out bad clients – better at finding ways to take on more good ones and better at protecting your business.
At Rowany – we love compliance, and we are not afraid to admit it. We are on a mission to ‘bring compliance to life’ and to help you improve your business at the same time.
They say a journey of a 1000 miles starts with the first step – we offer a range of compliance support services to help you manage your business better.
Give Francesca or Martin a call to learn more about our services including compliance training and mentoring service, our compliance system review service, and compliance support.