How mid-sized firms can drive a culture of compliance

August 11, 2019

Company culture is regularly cited as one of the most important factors when candidates look for a new role, and it’s of equal importance when it comes to retaining talent. Part of this company culture involves elements such as work / life balance and how that impacts the individual, but it also includes areas such as compliance.

How an organisation conducts itself is rightly seen as very important – is that firm properly governed, is it compliant with all the required regulation and does it conduct business in the right way? This ‘culture of compliance’ is increasingly attractive to candidates and there is a range of different compliance software available that helps organisations address much of the above.

But what else can mid-sized firms do to ensure that compliance is a focus amongst their employees and that they maintain a culture of compliance?

The importance of compliance

Compliance has long since evolved from the box-ticking exercise it was once perceived as, to a business function that is regarded as essential to the successful running of any smart business. To be non-compliant runs the risk of a major fine and carries with it potentially huge reputational damage too. That’s why organisations are investing in compliance software or GRC tools in such great numbers to ensure they do not run into such problems.

The idea of reputational damage is where compliance intersects with company culture. Not only can reputation have an impact on how customers and investors see a business, but also employees and potential new recruits.

The recent Glassdoor Mission & Culture 2019 research, surveyed workers in the US, UK, France and Germany to measure the importance of a shared mission and company culture in today’s workplace.When looking for a new job, 77% of respondents said they consider a company’s culture before applying, while 89% said that it was important for employers to ‘have a clear mission and purpose’.

Larger firms, with their greater resources and budget, mostly find it easier than mid-sized firms to create a culture of compliance that is so appealing to potential employees. But there are ways for mid-sized firms to do likewise – it requires that senior level buy-inand also involves using the best and most appropriate technology to get the job done.

Leadership must show compliance is important

As with many elements of GRC, it is imperative for the leadership team to set the agenda for the rest of the organisation. They need to demonstrate that compliance and doing business in the right way is a priority for the organisation and they need to get everyoneelse in the organisation thinking about their own responsibilities.

This goes beyond issuing a set of rules and guidelines– althoughwith regulation such as GDPR it is advisable to outline what employees must do with regard to data in order to remain compliant – and focuses more on setting the right example in terms of behaviours and attitudes.

This can include setting compliance goals, providing clear accountability structures and offering incentives to reinforce the sense of a culture of compliance.By demonstrating that it’s an organisation that cares about doing business in the right way, the board in a mid-sized firm can help lead the way for others in the company to do similar.

Organisations need to use the right compliance tools

There are many GRC software vendors offering a range of compliance software and GRC solutions that can make a major difference to any mid-sized firm looking to drive a culture of compliance. Regulatory compliance is such a complex task that the right GRC tools are essential and managing those requirements using Microsoft Excel or other analogue tools.

One such GRC tool is Oxial’ssGRCsolution. It has been designed to meet the compliance requirements of modern businesses, quick to implement and delivering value from the start. Because it approaches compliance from a digital perspective, it means that organisations can be 100% certain that all compliance requirements will be met and that nothing will slip through the net.

It’s a compliance solution that provides peace of mind to the GRC function, but also one that can help set the tone for the rest of the business, in terms of establishing and growing a culture of compliance.

Continuous compliance and the modern business

Remaining compliant and demonstrating that it is a well-run organisation can have many benefits for a modern business. Avoiding fines is something that attracts a lot of headlines, but doing business in the right way is increasingly an important part of what attracts a potential employer to a candidate.

Organisations must therefore do all that they can to foster a culture of compliance. Part of this involves the use of compliance software to ensure no regulatory requirements are missed, but it also means that a culture of compliance must be promoted throughout the organisation, from the top down.

Continuous compliance is the most effective way of approaching compliance in modern business. If you think that your organisation could benefit from Oxial’ssGRCsolution when addressing compliance and creating a culture of compliance, then why not get in touch with one of our compliance experts here?