According to a recent article in the Australian Institute of Company Directors (AICD) regarding the 6 major corporate trends in 2020, compliance is a trend that has just “got hot” (and is about to get hotter).
Safetrac’s CEO, Deborah Coram provides interesting points in the article that highlight the impact of compliance on your organisation – a key determining factor in the growth and sustainability of corporate culture and business. With rising temperatures in the corporate climate in relation to decreased brand integrity as a result of non-compliance, the trend is one that is not going anywhere, anytime soon. Compliance in fact, is equal to sustainability for your business and integrity for your brand.
As an authority on compliance in Australia for the last decade, Ms. Coram outlines why this is so:
- A shift from a tick the box exercise to a pivotal business focus. Think Royal Bank Commission, the #metoo movement and the underpaying of award rates across the hospitality and retail industries. Compliance is keeping the top-line of organisations up at night as they ponder the consequences of basic non-compliance with the law and industry regulations.
- Opening up your business to public scrutiny and less than favourable market reputation. Not to mention, significant revenue loss. Non-compliance is as serious as it sounds. Now, more than ever, organisations are open to the pressure of regulators. A non-compliant business affects your reputation – affecting how well your business is received in the marketplace and will continue to perform in the long-term.
- Ownership and responsibility. Compliance has become so important that different departments are now fighting over who should take responsibility over it. According to Deb, it’s the Head of Risk. After all, implementing adequate compliance practices essentially mitigates any potential human and business risk to the organisation.
- Compliance is an educational necessity. No longer just a regurgitation of dry legislation, the digital age and improved technology has encouraged the creation of courses that are interactive, based on adult learning principles and relevant to unique work environments. This means greater knowledge retention, and practical application of good conduct in the workplace.
Essentially – compliance is brand protection and integrity. The implementation of effective training and education in your organisation is a crucial element in creating a work culture that is protective of your brand values, employees and therefore, your business longevity.
To find out more about Safetrac’s courses, and to remain on top of your compliance click here.
To read the full article on trends visit the AICD website.
Deborah Coram, Safetrac’s CEO, will regularly share industry-relevant news to keep you informed on what’s happening in the world of compliance and brand protection.
As an authority on compliance training for almost 20 years, Deborah’s insights are thought-provoking, relevant and timely.