There are thousands of new rules issued each year by the federal government that regulates how companies can run and perform business. Additionally, Congress brings about new laws by the hundreds each year. In some cases, new regulations are enacted to replace the old, outdated ones. No matter what, they add levels of complexity to running a business that can be frustrating to keep up with.
Penalties for not meeting laws, regulations and industry compliance standards can be steep. Given the risks of penalization and the ever-changing laws, business owners need to regularly stay informed about legal policy changes that affect their companies. Below are some suggestions on staying up-to-date on new and changing requirements to help keep your business compliant and penalty-free.
Regular Standard Checks
Business owners should make it a habit to regularly check all websites that update compliance regulations and standards for their industry. The Department of Labor, Centers for Medicare and Medicaid and the OSHA websites each offer information and resources that will help people stay updated.
Join Industry-Specific Associations
Business owners can stay ahead of the game by joining trade associations and groups that are connected to their industry. The organizations will often keep all members updated with any compliance changes relevant to their business. These organizations can also be a great place to get compliance questions answered.
Attend Conferences, Training and Seminars
Whether you attend in-person or online, attending regulatory training sessions and seminars for compliance updates can be very beneficial. You will learn new standards, expand your knowledge and learn best practices for the implementation of new industry standards. Business owners will also be able to forge helpful relationships with others in the same industry.
Designate a Compliance Team Member
Appointing an employee with the task of handling compliance matters should be considered. It should be someone trustworthy and capable of the role. They should follow these tips for staying informed with new and updated legal policy changes.
Implement Software Solutions
Governance, Risk, Management and Compliance Software (GRC) is a policy management tool that can help businesses get updates when changes in the industry are made. It can also allow owners to easily automate their policy processes and centralize compliance data in a central location. This makes tracking information related to policy changes easier and more efficient.
Subscribe to Newsletters
Another way to stay updated on policy changes is to subscribe to multiple newsletters. Look for trade organizations, legislators, law firms, regulatory agencies and other organizations that send out a newsletter to subscribers about any legal changes happening. Keep in mind, newsletters are only helpful when ready thoroughly.
Outsource Task to Experts
When you don’t have the time or knowledge to stay updated on policies and regulations, consider hiring an expert to keep your business in the loop. They will be able to keep your company compliant with specific industry standards. They will be able to audit your current practices and identify any areas of weakness that need to be changed. Your company can keep an expert on staff to always be aware of changes needing to be implemented.
No matter which methods your company chooses to utilize, it is crucial to find ways to stay current with legal policy changes. Failing to stay current with changes in regulations and policies can cost your company fees and its reputation.