Business compliance is actually a catch all phrase that encompasses how well your business adheres to the policies and laws governing its production. If ignored, potential external legal constraints (i.e. your business’ internal controls, auditors, government requirements) can negatively affect your business in a number of ways. For example, if you ignore internal controls, you may find that internal controls aren’t tight enough to prevent a substantial loss. Likewise, ignoring government requirements could see your business excluded from vital parts of government regulation.
One of the main reasons why businesses have a corporate veil
(i.e. the business name becomes part of the public domain) is to minimize any perception of ‘clause creep’. Clause creep is where a new regulation is introduced with no obvious connection to the original regulation. For example, the UK’s Fair Trading Act 2005 states that it is obliged to give effect to the European Union’s Fundamental Rights Order 2005. The same law then states that a business must not take action which would have the effect of discriminating against people based on their nationality, color, sexual orientation or ethnic background, or whether they have a disability or illness.
There are various ways a business can demonstrate compliance as a service and it can be easy to forget that there is so much else to do. However, the most important thing to remember is to make sure you implement the various measures which are set out by each annual SPA inspection report. This not only ensures that you have implemented every element of the Order which covers your business, but also gives an indication as to whether your business is compliant in other respects. By following this strategy, small businesses will also notice other benefits such as improving staff relations and reducing paperwork which can save you both time and money.
To help you understand which elements of the SPA Regulation are important to consider when you are preparing your business compliance documents, it is useful to look at the five points which outline its basic structure. These include: the purpose, scope and key performance indicators. The purpose of the document is to provide an explanation to your company as to why it is complying with the order and what it intends to achieve. The scope is the scope of what the order demands, which can cover a wide range of matters. Key performance indicators, meanwhile, refer to targets which must be met and reports must be submitted which detail how these targets are being met, where successes and failures are being measured and how they affect your business in general.
One of the main reasons why small businesses think about implementing SPA
Order properly is that it can help protect them from liability claims if they fail to comply with important internal business compliance requirements. This can be especially important if you have employees that work in offices that are considered below the minimum health and safety conditions set out by the regulatory body. For instance, some authorities require employers to ensure their employees are given a regular induction training program, while others insist on giving refresher training once every year. By making sure you meet these internal business compliance requirements, you are doing your business a favour by ensuring that your employees are well-informed and that they know how to report instances of lawlessness within your company, and the knowledge of these incidents can bring to the office as a whole.
A good way of assessing whether or not your small business is compliant with relevant orders is to ask to see copies of documents related to them, as well as requests for information or comment filed with the regulatory body responsible. It is also advisable to contact the SPA to find out whether any changes have been made since your last inspection report (or before this if you had made one). You should not rely solely on this as the only means of judging compliance – you should also check to make sure your staff understand exactly what you are checking and whether there has been any revision made. If anything is unclear, it is best practice to make sure that your business compliance solution includes a full assessment by your legal advisor to determine whether your business is compliant with the orders in question.
- Business compliance professionals offer a range of other services.
- Some offer consultancy services that will help you understand and plan your business’s compliance procedures.
- They may also be able to assist with drafting letters of intent, reporting requirements, risk assessments and other legal obligations, depending on their experience.
However, not all consultants will be experienced in handling your unique legal obligations, so it is important to choose those that are. It is also a good idea to hire a compliance consultant who can make sure that your policies and procedures follow the regulations.
It’s important that you choose your compliance consultant carefully. Choose someone with expertise in criminal charges, small business compliance, fraud and identity theft, as well as a vast knowledge of the latest industry developments. It is also advisable to choose a compliance consultant that offers a free initial consultation and a comprehensive free small business compliance assessment. By choosing a consultant with experience in handling your unique legal obligations you can be sure you are getting the best advice and a clear understanding of your business’ legal obligations.