Mistakes That Can Be Very Costly for Your Compliance Program


It is an open secret that it is becoming quite difficult for many organizations to mange their compliances as they are engaging them in many different kind of businesses and also the business environment has become too competitive nowadays. The regulations are also regularly updated time to time and such changes often make the compliance program a daunting task. If you are new in this landscape then there is always a possibility of certain mistakes and that can really be too costly to bear at times.

Keeping all these in mind in this article we have listed few mistakes that one must be aware of. Your proper regulatory compliance will make a difference between your failure and success in your endeavor.

  • Missing stakeholder buy-in

When you are going through your compliance program then it is important to secure early stakeholders buy-in in order to be successful. You must involve all your stakeholders so that they also understand your compliance program and contribute effectively from the beginning. You must consider all your stake holders as part of your company and allow them to be part of your compliance program. Isolating them can be a big mistake.

  • Lack of enough training

It is important that both your organization as well as your stakeholders must be fully trained about the concept and all the necessary procedures so that they can help in reaching your goals. Both should be aware about how to implement properly all the compliance program. Your employees should also know their roles properly. Ignoring the proper training can also be a mistake.

  • Not identifying the goals clearly

It is very important that your organization as well as all your stake holders must share the big picture and can easily identify the company goals. So that the objectives of all should be same and there is no conflict in understanding of the goal. Failure to identify the goals may lead to lack of progress.

  • Scope creep

Compliance is an ongoing process and therefore there must be proper recording system so that you know where you are and how far you have to go.

  • Regular update

You need to understand that compliance program is never static. Therefore, once you have implemented you need to regularly adopt the necessary changes in order to make your program more effective. The updates also need to be understood by the organization as a whole and there must be proper system of communication so that compliance program becomes effective.

Awareness of these mistakes is necessary so that you do not fall in the trap.

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