Why Reducing Your Cost of Compliance can Save you Money

Everyone knows staying compliant saves money. It prevents hundreds of thousands of dollars in regulatory fines. Beyond that, it seems that compliance only costs money. Time, effort and dollars go into keeping your organization compliant. If this is how you feel about your compliance program, there’s probably room for improvement.  A compliance program should be saving your organization money.

Save on Reputation

A program that is out of compliance not only runs the risk of getting fined by regulators, it runs the risk of having those negative issues published to the media. Public media embarrassment could cost your organization in more ways than one. Having your reputation tarnished could ultimately result in losing customers, prospective employees and the time and money it takes to repair that reputation.

Employee Injury

There are many employees who have direct contact with regulated practices and thus, need to be trained. Without this key aspect of a compliance, program organizations are increasing the risk of employee injury. Employers pay almost $1 billion per week in workers’ compensations costs alone. A top-notch compliance program should provide constant training for employees and aid in discovering compliance mistakes before they happen. Ultimately, an adequate training and education program will help save on employee injuries and paid leave.

Greater Efficiencies

In addition to keeping employees safe, having an adequate training program and organized management plan helps streamline your program, make it more efficient and ultimately save on labor and process issues. The best compliance programs are those that not only teach the employee what to do but results in buy-in from the employees. Employees will help keep your program compliant rather than hinder it. One way to improve your program’s efficiencies is by developing a compliance calendar.  This will help to report and assure regular tasks are done in a timely manner.

Get Your Free 30 Day Trial of Compliance Management Software Now!

How can we help?

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates all risk, compliance and operational functions allowing to manage regulations and requirements, policies and procedures, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform. It enables automation through artificial intelligence. 360factors also offers consulting services in the areas of air, water, and waste permitting and compliance, site investigation and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management.  Its Managed Services incorporate outsourced risk and compliance services using Predict360.

 

Remain up-to-date on industry news / updates through our  Twitter & Linkedin profiles.

*All images are property of their respective owners.