Regulatory compliance is when a company obeys the laws, rules, and regulations that have been created for that company’s industry, but when you hear “regulatory compliance”, what do you think of? Rules? Annoying paperwork? Repetition? Stress? Expense?
The truth is, good regulatory compliance is of critical importance. How a company’s records are controlled, can make all the difference for the organisation’s welfare and future.
When regulatory compliance is specific to filing and record-keeping, it means that all files, records, and paperwork are documented properly under those rules and regulations.
The benefits to a company from keeping compliant records is huge. It will it help with any legal issues, but the company will also benefit from improved measuring / information standpoint, which can result in reduced product / service liability.
The information in a company’s files can be anything from records of illness and accidents, to how their machinery works, to simple HR paperwork. Generally, these records tend to be things such as payroll and personnel info, contracts, permits, leases, licenses, insurance, and copyrights.
Office administrators and filing clerks should be very well-prepared and trained to ensure compliance when filing. It’s also important that they understand not only the penalties for non-compliance, but the even bigger threat of the damage it can do to a company, even if that company is thriving.
As you might imagine, regulatory compliance varies from industry to industry, but the principle is still the same. Firstly, there are a few practices that record keepers and office clerks should be sure to always abide by, no matter what the industry:
Practice the appropriate legal policies and procedures to ensure a company’s audit ability, because should the situation arise, an audit should be made as smooth as possible by having all records and information in place.
Practice methods that will deliver record information in a quick and convenient way, and keep records documented and filed so that they’re convenient to access and in a format, that’s easy to understand.
Practice maintenance of records, considering legal, regulatory, fiscal, operational, and historical requirements.
From the biggest companies to the smallest, it’s crucial to file correctly and review records to make sure everything is conforming with regulations and laws. Having correct records can help prevent potential liabilities. For example, with HR records for recruitment, employee pay, benefits, policies and procedures, performance reviews, and employee discipline and termination, the correct and compliant records would help greatly in any HR dispute.
PDM put systems in place that not only conform with a company’s obligations and compliance, but make these systems paperless.
PDM are experts in content management for businesses.
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