The cost of corporate compliance seems to have grown exponentially as it reflects the growth of regulations that govern
corporate operations these days. You need to have someone watching over all the
newest laws and how they apply to your organization. And then you have to
ensure that your company complies in all your processes…from fair hiring
practices to the laws regulating sales across borders worldwide. Sometimes new
policies must be put in place; sometimes new equipment must be purchased. All
in all, compliance is a huge job and it can be expensive.
And yet, corporate compliance training
experts say, non-compliance can be even more expensive. Fines may be levied.
And, much worse, any publicity on non-compliance can cost your business. Once
the news is made public, there can be a very negative reaction. You can lose
prospective customers (Think Target’s Credit Card Scandal) and also the loyalty
of your long-term customers.
Bottom line: an investment in ensuring
corporate compliance is one you need to make for the future health of your
organization. It should be analyzed,
managed and valued like any other investment in the business.
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