What are the benefits of compliance for companies? What advantages does having a compliance management system or, on a smaller scale, a criminal offense prevention plan brings to a company? Why should a company consider compliance as an advantage and not as an expense?
What benefits does compliance bring to your company?
The main benefits of compliance for many companies are the detection and prevention within the company of behaviors that violate internal regulations and external laws and regulations, as well as the possibility of exempting or mitigating the company’s criminal liability for crimes committed by its members.
Therefore, in the following points, we detail some important benefits of compliance for companies; and reasons you should consider if you are hesitating whether or not to hire a compliance plan.
1. Identify and mitigate compliance risks
One of the first steps to developing a compliance plan or program is to make a map or maps of compliance risks to which the company may be exposed, based on those laws and regulations that affect it due to its context (location, size, number of workers, activity, etc. ). Identifying these risks allows the company to know which are the most critical due to their level of probability and impact and to determine what controls and measures to implement to reduce said probability of materialization and negative impact on the company, as well as allocate the necessary resources to do so.
2. Attenuates or exempts from criminal liability
It is understood that by having an effective and efficient compliance plan, the company has fulfilled its duty of control and supervision, that it has the mechanisms and controls to prevent the commission of criminal acts, and that if one of its members has committed a crime, has done so by skipping and circumventing said controls.
3. Avoid Sanctions
If all members of the company know the legal obligations that they must comply with in the development of their activities, it will be easier for them not to incur irregularities that involve any regulatory violation (such as data protection, equality regulations, labor regulations, etc.), thus avoiding the imposition of administrative sanctions.
How can regulatory compliance software developed by Nimonik help you realize the points above?
Regulatory compliance software is what you need to deal with all obligations, both internal and external. External obligations are usually related to all kinds of regulations, standards, and laws related to your organization or company while internal obligations include signed contracts, obligations to employees, and so on. All of these obligations must be integrated into a compliance management system that is facilitated by an automated system, in this case, regulatory compliance software. Based on our long experience, only a handful of regulatory compliance software can be relied on, one of which is the one developed by Nimonik inc..
Nimonik’s regulatory compliance software implements an integrated system, which means that all internal obligations can be aligned with external obligations so that each of them can be complied with properly. The database owned by Nimonik software covers more than 400 thousand regulations, 40 thousand standards, and 2 thousand audit checklists. The database continues to be updated every year so that it guarantees that users, in this case, you, will not be negligent in complying with any obligations that bind your organization/company.
Nimonik is an EHS compliance system development company based in Canada. After all, its presence has gone global and it is supported by dozens of experts within it. There have been many companies that have entrusted their compliance systems to Nimonik and many of them are big names such as Boeing, AtlasCopco, and BIMBO.
