UU����ֱ��

The proliferation of multiple news channels, an increase in social activism and the rise of social media, all mean that regulatory compliance has never been as important for the reputation of companies as it is today. There is a seemingly never-ending stream of scandals involving issues such as money laundering, data leaks resulting from cybersecurity incidents, flouting of competition law by tech giants and even breaches of modern slavery legislation. 

Many modern businesses are going beyond legal requirements to try and demonstrate their progressive ethical credentials. But it’s important to first get the basics right - so let’s take a look at a few steps to ensure your business meets its regulatory compliance requirements.

1. Compliance policies and procedures

It’s a good idea to have a range of company policies which contain the main principles of any relevant regulatory compliance, outlining the duties and expectations of employees. For example, an anti-money laundering policy should ask members of staff to be aware of any red flags and report any concerns to management.

Policy documents should provide clear instructions for members of staff regarding the process of reporting concerns, highlighting the main steps involved. There should also be provisions for whistleblowing, along with reassurance that any compliance reporting will be supported by management and will not result in any discrimination.

2. Training for all employees

Since the regulatory climate is constantly changing, staff should be provided with regular updates, along with training sessions, to ensure they are kept up to date with the latest legislative provisions and good practice.

Providing information and training is a good first step - but it’s also important to find out if members of staff are actively following regulatory compliance and reporting their concerns. 

The compliance officer should routinely assess the progress of any regulatory incidents and cases of whistleblowing, to ensure that matters are being handled in a timely fashion.

3. Compliance surveys

Anonymous surveys can be helpful, both in terms of gauging the level of understanding of compliance requirements amongst employees, and discovering any hidden regulatory problems. 

Often members of staff will be reluctant to raise concerns openly, as they might worry that they will be perceived as “troublemakers” and cause headaches for their line managers.

This is where anonymous surveys can help - but it’s also important to engender a culture of openness where management welcomes employee concerns.

4. Get Regulatory Compliance guidance

Having access to regulatory compliance guidance and tools can transform the ability of businesses to stay up to date with the latest requirements and ensure they don’t fall foul of any new legislation.

UU����ֱ�� Regulatory Compliance is a valuable online resource which offers concise guidance for businesses on exactly which regulations they should follow and how to ensure they remain compliant and adopt best practice. Modules include data protection, cybersecurity, anti-money laundering, anti-bribery, biosecurity and competition law, amongst others.

Guidance includes regulatory compliance checklists and templates, real time alerts for legislative changes, and integration with Governance, Risk and Compliance (GRC) systems.

5. Compliance officers

Certain regulated professions require specific members of staff to be designated as having responsibility for compliance issues. For example, under the Solicitors Regulation Authority (SRA) rules, each law firm must appoint a compliance officer for legal practice (COLP) and a compliance officer for finance and administration (COFA) - although this can be the same individual. Meanwhile, under the UK General Data Protection Regulation, public authorities - or companies which carry out certain types of data processing - must appoint a data protection officer (DPO).

But all businesses should ensure that at least one person is responsible for compliance matters. In SMEs this will often be the job of one of the company directors, but larger organisations will sometimes have a dedicated compliance officer who takes care of regulatory matters.

Find out how UU����ֱ�� Regulatory Compliance modules can help your business stay ahead of the latest changes and successfully manage regulatory risk.