The importance of statutory and regulatory compliance

Negotiating the minefield of compliance can be bewildering for a small or medium enterprise (SME) without the right guidance. Without the right documentation and measures, you can run afoul of statutory and regulatory obligations in a variety of areas. Some SME business owners are surprised at the sheer range of areas of compliance. Let’s look at these, in broad outline.

  • Insurance and financial reporting requirements are basic, but extensive and essential
  • Any form of legal contract, whether with a client, sub-contractor, insurer or supplier comes armed with its own set of compliance requirements
  • Legislations and regulations relating to fair trade, anti-discrimination, environmental protection, worker safety, taxation and a range of trading and licensing practices

These are complex considerations, and are frequently in a state of flux, especially when it comes to legislation. Notifications are not always made easily available, yet the looming threat of having your business penalized is very real, and can’t be fended off with disclaimers of ignorance.

So what do you do? A larger organization might be able to recruit skilled resources and set up the infrastructure required to ensure compliance in-house. When you’re working with a leaner organizational structure, you need to focus a lot of those very same funds on growth. That’s where the services of an outsourcing partner come in handy.

Having already invested in expertise and infrastructure, such a consultant is able to simplify the process and make sure you’re in compliance with all applicable regulations. All this at a price point that is considerably less than building the same competency, to say nothing of the savings in the time taken for the requisite learning and re-structuring. Play it safe, play it smart: get in touch with us to find out how we can handle your compliance needs.

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January 2019