Overcoming the many costs of non-compliance
June 1, 2021
Non-compliance is costly. Not only does it often mean hefty fines, but it also has the potential to hurt an organizations reputation, decrease the morale of its employees and restrict its ability to perform key functions. What makes compliance particularly challenging is that laws and regulations are ever-changing. New York, for example, recently introduced stricter sexual harassment legislation and now requires every New York employer to have in place, and distribute to its employees, a sexual harassment policy that meets its very specific requirements in accordance with the law.
Organizational leaders aren't oblivious to these costly fines and other related risks. In fact, 54 percent of executives call better compliance management a “high priority,” according to a Brandon Hall report. So what can you do to protect your organization and better prepare for the complex, resource-intensive, and challenging task of managing compliance?
For one, you need the right technology—modern tools that automatically assign training, centralize disparate compliance efforts, manage certifications and provide tracking. But beyond the technology, you must also adopt a more proactive mindset when it comes to compliance, getting ahead of upcoming regulatory changes and anticipating potential pitfalls before they happen.
Read on to learn the ins and outs of compliance, from what it takes to engage employees with required training and adjust to new wellness program regulations to how to prevent your artificial intelligence-powered systems from sabotaging compliance capabilities. Our seven featured pieces, in combination with the right tools, will prepare you to face your next compliance audit with confidence.