The only result of lawlessness is anarchy, this is perhaps the reason why a set of rules and regulations is always needed to help anything function properly. So are the corporate world and the business entities. They too need to be guided by certain codes of practices, standards, legislation, and rules that help them function optimally and in the most effective manner. Scott Tominaga, the chief operating officer at Partners Admin LLC since 2008, has an experience of nearly 17 years in the subject and thus endorses the importance of the inclusion of compliance and its management.
Compliance, basically refers to the adherence of a business to the set rules and legislations, both by the governing body of the country as well as that of the state in which it is located. Compliance helps a business move in the correct direction and aids it to flourish by leaps and bounds. It acts as the guidelines and the benchmark that any business should set for itself to become visible among its contemporaries.
Compliance, as experts like Scott Tominaga, emphasize can be both negotiable and non-negotiable. This is possible because, within the compliance policies of any company, the management could also choose to add some of their own rules that they deem important for the good functioning of the business. When this happens, then there is a possibility of it being negotiable. However, if it is a law, then it becomes non-negotiable.
There are primarily two approaches to exercising compliance within the organization. There will be different sets of rules to be followed depending upon the industry of work. But it is left to the discretion of the business as to how and all that they would like to include in their compliance policies. Irrespective of what is included within the compliance policies of the organization, the way to approach them is as follows:
- Being the enforcer by laying down the law – it is important that every individual working within the company be aware of the laws that guide the business. It is only when they have the knowledge of what is to be done that, they can exercise them in their dealings. For instance, an employee may be negligent of some health and safety regulations of the company. The management should step forward in such a case and take strict actions against it so that the other employees do not feel encouraged of repeating the same thing. It is thus, the responsibility of the management to ensure that the terms and policies of the company clearly define its legal compliance strategies.
- Allowing a little flexibility and being the correct judge – as previously mentioned there are rules that are negotiable, in cases like these, a little flexibility may be exercised by the management. However, expert Scott Tominaga would agree that the management ought to be appropriately judicious to the extent of the flexibility. That is to say that they should be able to put a stop to certain antics that may begin to go overboard.
Thus, using the right kind of approach with regard to compliance will certainly help boost one’s business considerably.