We ensure you are adhering to your regulatory compliance obligations.
Legislative compliance means conforming to all regulatory and legal compliance regulations. These are important goals and outcomes for organisations to achieve in their efforts to ensure that they are aware of, and take steps to comply with relevant laws, policies, and regulations. The quantity of regulations and the need for operational clarity is rising. Organisations must adopt to a consolidated and tuned series of compliance controls. This approach assures that all necessary governance requirements are observed. To ensure regulatory compliance for an organisation is a must. Businesses must investigate all relevant regulations for their industry and follow each law to the letter.
Regulatory compliance is a set of guidelines that an organisation is required to follow in accordance with the law.
Why Legislative Compliance?
An agreed legislative compliance approach enables you to promptly identify issues, manage risk and ensure accountability. Effective compliance supports good decision-making and is driven by a risk culture with controls across key compliance focus areas. Legislative obligations within your compliance focus are of significant strategic and operational importance. Consequently, these obligations are prioritised to ensure your processes and controls that support them are robust and effective, and any non-compliance reporting pathways are understood, documented and accessible. General legislative obligations are also documented to assist your management and business areas to understand their responsibilities more broadly.
The Value Propositions
Privacy regulations are a big focus for businesses today.
Privacy concerns are driving government regulation, and some industries are proactively adopting their own industry-enforced guidelines and regulations to fend-off further government intrusion. Enterprises are in the spotlight and can’t afford to have their household names associated with violation of government and industry requirements.
Small and medium sized businesses must adapt.
Small and medium sized businesses face special challenges and situations as new laws bring more and more of them into the regulatory arena, where they must navigate a maze of mandates laid out in confusing and sometimes vague legal jargon. These cause difficulties to even understand what the requirements are and whether they apply, much less how to meet them. Effective Compliance Management Framework helps organisations in such situations.
For every company and business, legal compliance is of prime importance.
This is especially necessary if the company has entered contracts with clients. When this is done, the company and the client sign and agree to the terms, conditions, and clauses of business in those contracts and agree to be bound by the legal requirements. They also agree to follow and comply with the rules, laws, regulations, and standards in place, with regards to the particular business.
In the absence of legal governance risk and compliance, there is every possibility of being sued in expensive litigation.
Failure to comply with legal governance requirements also comes with accompanying unpredictable damage to the reputation of the company and their business. Non-compliance could also cause a person to be prosecuted - and be obliged to pay compensation to the affected party for the damages suffered. With proper and effective management of compliances, these risks can be avoided.
Compliance is part of your organisation’s duties to its stakeholders and the community.
If you run a business (whether for-profit or non-profit), you benefit from your community’s basic services. In return, you owe a duty to comply with the law. Furthermore, if you use the resources of others (investors, creditors, donors), you need to be able to assure them that you are regulating the conduct of your employees and that you are complying with applicable rules and regulations.
If you have no compliance function, you invite reputational damage.
It takes 20 years to build a reputation and about five minutes to lose one. Research shows that people want to interact with organisations that have a reputation for honest dealings. It’s therefore no surprise that leaders consistently rank reputational risk as their number one worry. If you are not trusted in the marketplace, customers are unlikely to work with you. On the other hand, if you are trusted, customers will give you the benefit of the doubt. However, without a strong compliance function, an organisation is like a blindfolded person - any step may lead to disaster.
Compliance software is increasingly being implemented to help companies manage their compliance data more efficiently. This software will include calculations, data transfers, and audit trails.
How We Do It
Compliance isn’t easy. It is expensive, time consuming, and regulations are constantly changing. It may be hard to get buy-in from employees, or leadership who may regard compliance as a barrier to productivity. It may also be difficult to know when your organisation falls out of compliance. But if you are doing business in a regulatory environment, you will know how crucial it is to meet regulatory compliance and standards requirements.
We work with you to ensure your organisation is proactive about compliance. We help you to keep on top of regulatory changes by ensuring your employees understand the importance of compliance, by constantly monitoring compliance changes and ensuring effective controls.
We are a specialised risk management consultancy implementing the latest technologies and best practices for businesses to manage their risks, build their business resilience and accelerate their growth.
The Vision of Eagle Edge is to be the catalyst for risk transformation, resilience creation and growth acceleration of our client's enterprise value. We turn risks into opportunities.
Complying with regulations improves your business and saves money.
Experts say that the penalties and reputation damage from flouting regulations make one thing clear, that complying with regulations saves money in the long run. There are also other benefits to regulatory compliance.
Reduces legal problems.
If you only have profit on your mind, it is also wise to consider complying with regulations. Certain industries are required to comply with regulations to protect sensitive information. For example, medical organisations that receive, maintain, store, or transmit patient’s health information must ensure they meet all the compliance requirements. Apart from the negative press, a violation can result in a hefty fine along with other legal settlements for an organisation to have to deal with.
Improves operational efficiency and safety.
Many rules and regulations can rather benefit your business more than they can harm you. For example, rules regarding discrimination and harassment in the workplace can help you create a better working environment and enhance employee productivity. Following safety and security rules can help prevent injuries, accidental fires, or building evacuations that can compromise your profitability.
Enhances public relations.
One of the benefits of meeting legal obligations is that it improves your company’s reputation in the eyes of the public, regulators, and other stakeholders. You can then publicise your achievements on your website and in your marketing campaigns. For example, you can include the fact that you are an equal opportunity employer when you post a job advertisement and you do not discriminate based on race, gender, religion, etc. It also makes the decision-making process easier for regulators and stakeholders when they perceive that the company has a high ethical standard and practices.
Fosters customers’ trust.
Arguably one of the most important contributing factors to your profitability is the trust you build with your customers. Indeed, it is the customers that keep your business running. When you comply with regulations, customers will know that you care about keeping their information safe. While lawsuits and fines damage a company’s reputation, a record of compliance will show that the company is running a trustworthy operation.