If you’re wondering if it’s time to hire a compliance manager, ask yourself how often you think about regulatory compliance and whether your business is across all regulatory obligations with appropriate controls in place. If the answer to the last question is not enough or no, it may be time to take on such an employee.
A dedicated compliance manager can immediately free up precious time for other members of senior management by taking on the compliance burden. With a specific person tasked with staying up-to-date on regulation changes, communicating new requirements and emerging issues, developing and implementing policies and procedures as well as conducting routine audits, you’ll have more resources to focus on growing your business.
You know you need a compliance manager when…
- You want to avoid penalties and disruptions to your business operations
- You don’t want to waste valuable and expensive resources on inefficient compliance programs
- You’d like to attract the best talent available in your industry by offering comprehensive benefits programs that are compliant with current laws
When you need to hire a compliance manager, it’s important to keep a few things in mind. The right compliance manager will have their finger on the pulse of this rapidly changing world and will be able to stay one step ahead. They’ll also have:
- An understanding of the regulatory environment
- An understanding of the business
- The ability to communicate compliance requirements effectively
- The ability to implement effective controls across the organization
- A code of conduct that embodies your organization’s values and culture
This gives them a big advantage over other internal employees who may not have that credentials or experience.
For most companies, the cost of hiring a compliance manager is far less than the cost of getting into trouble.
A compliance manager can help you avoid disaster by having an in-depth understanding of your obligations and implementing systems to ensure that all employees understand their responsibilities. A single breach could be a disaster for most businesses.
Compliance is achieved by a systematic approach supported by a culture that encourages compliance. Compliance is ultimately about meeting the expectations of the community, your customers, regulators and the law