the Network together with AIN prepared a special project in which we explained all the subtleties and details of compliance
We often receive questions from local companies, such as: what is compliance, why businesses need it, and how to start building it in the company.
In order to be understandable to the business, the Network together with AIN prepared a special project in which we explained all the subtleties and details of compliance: https://bit.ly/3TmTR0r
And today we begin to share with our readers the answers to such common questions.
So what is compliance?
Not to get in trouble (fines, reputation stains, financial losses) every company has to follow certain rules. Legislative rules above all. That’s what compliance is about — whether a company complies with all the necessary principles and strictly follows all the laws: from labour law to business integrity while working with partners, from international and local legislation to internal company rules. As a result, the business is getting a solid reputation on the market and gaining its clients’ trust.
More specifically, compliance is a set of measures aimed at preventing its staff from breaking corporate ethics or the law. It is about risk management and control related to breaking the law, rules, standards, and recommendations (in particular issued by regulatory bodies).
Compliance helps businesses to minimize the risks and cover all bases, to avoid complaints from authorities, partners, clients, or investors. It grants an opportunity to find and deal with flaws before others spot them. For all this to work efficiently, all the staff has to comply with it, starting from top management and to the C-level managers.
And what does compliance mean to you and your company?