Three Most Important Facts About Regulatory Compliance

When it comes to regulatory compliance, even the most enthusiastic managers can quickly get bored. It’s not hard to see why—regulatory compliance can be a long and frustrating process if you are trying to stay compliant without any professional help. Because regulatory compliance is so complex, it can be difficult to understand some of the legal concepts behind the process. That’s why we’ve broken down the three most important facts, so that you can easily know what’s vital to your business without having to pore over dozens of policy documents or looking through legalese.

1. You Need Physical and Digital Security Policies

Sure, digital security policies get all of the press. And they are absolutely critical to your company’s regulatory compliance, as well as your long term success. But you need physical security policies too. You need to specific which employees are allowed physical access to particular facilities. This includes guests and vendors too—you have to be able to know who is able to access server rooms and other rooms that house critical IT infrastructure. These policies breed accountability. In order to uphold these physical security policies, you can use key codes, badges, or other ways to regulate access.

2. Compliance Issues Must Be Relayed To Employees

Because regulatory compliance issues are so complex, it can be difficult to make them seem relevant and purposeful to employees. But if your regulatory compliance efforts are to succeed, you must let your employees know the importance of compliance and train them to make sure that they are up to date. The best way to do this isn’t to throw complex legalese at them, but to use simpler terms. Compliance isn’t always black and white, there are always grey areas, and your employees need to know what is expected of them when they encounter a grey area.

3. There Are Hidden Benefits To Compliance

Often, it is assumed that there are no benefits to regulatory compliance other than avoiding fines and penalties. That isn’t true. There are hidden benefits to compliance that your business can take advantage of. Compliant businesses are more up to date on industry trends, and generally have more streamlined employee processes, where employees know what the appropriate decisions are. Compliance can improve standardization across your business, which can ultimately result in greater efficiency as well. Businesses that are compliant tend to have greater transparency, with workers at all levels—from the top down—more aware of what is expected of them.