WHAT IS REGULATORY COMPLIANCE AND WHY DOES IT MATTER?
Regulatory compliance can have a different interpretation depending on your industry sector and the specific legislation that applies to your business set up.
Regardless of the industry that you work in, it’s highly likely that you have seen an increase in the amount of Government legislation that has affected your business in the last 10 years. Sadly, these new levels of regulation are unescapable and the cost of non-compliance can be significant. Your business could incur hefty fines or you could be forced to implement a quick fix to rectify the instance of non-compliance in a hurry, without sufficient time to find the most cost-effective or appropriate solution for your business.
One of the biggest areas of change in recent years has been information technology and security where data protection regulations have undergone a notable overhaul. The rules around data protection are now stricter than ever with the update to Privacy and Electronic Communications Regulations (PECR) where a phone number needs to be displayed when making a marketing or sales call. Energy is another area where we have seen a number of new regulations that have affected both clients and suppliers alike. From the simple things, such as whether you have a non-domestic energy performance certificate displayed to more convoluted regulations such as the requirement for a MOP contract and ESOS legislation. Health and Safety is one of the most heavily regulated of business and all businesses need to adhere to the approved code of practice (ACOP) and adhere to the Health and Safety and Work Act. Insurance is also an area where all businesses will need to take out policies to cover Employee insurance and vehicle insurance as standard.
As a consequence of these increased levels of legislation in the UK, there is a persistent need for businesses to adapt and change to cope with these new laws. Our consultants stay in close contact with our suppliers and legislative bodies such as Ofcom and Ofgem to keep up to date and relay the relevant information across our client base, safeguarding their business and re-enforcing their operational foundations.
Our full-service approach provides you with transparent and impartial advice and expertise helping to ensure that your company is watertight and compliant.
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