While there have been some efforts to roll back the regulatory tide, the secular trend is clear: governments will continue to place more and more onerous regulations on business for as long as they can get away with it.
Companies, therefore, need to develop robust responses to this threat that both enable them to avoid financial penalties and cut compliance costs.
Many firms, however, haven’t adjusted to the new regulatory landscape and are still using old-school approaches to compliance that leave them open to regulatory risk.
If businesses are to thrive, they need to develop robust compliance and risk management systems. But what do these terms mean, exactly?
The Difference Between Compliance Management And Risk Management?
It turns out that compliance and risk management systems are not the same thing.
Compliance management has to do with developing procedures that allow companies to stick to the rules, no matter how challenging or arbitrary they may be. Companies, therefore, need to implement training and management systems that ensure every facet of the business adheres to current regulatory stipulations.
Risk management is all about taking steps to manage the uncertainties that come with new regulations and dealing with government bureaucracies with the legal power to impose sanctions. It, therefore, involves developing strategies that will undermine any regulatory case against a firm and exonerate it from blame.
As you might imagine, you can’t develop an effective compliance management strategy without a proper risk management protocol in place and vice versa — the two work hand in glove.
The Need For A New Compliance And Risk Management Paradigm
Some leading firms have significantly changed their approach to risk and compliance management in the light of recent changes to the regulatory environment. The reactive compliance and risk management of old is no longer sufficient. Companies need to be responsive to threats coming down the pike from regulators. Audit readiness is vital. What’s more, it’s no longer enough for compliance to be piecemeal — something that the compliance department does. It needs to be holistic and applicable across the entire organisation.
The new paradigm, therefore, is that compliance needs to be both intelligent and span the entire organisation. Companies need a central plan, orchestrated by senior management and implemented throughout the organisation. With a single, company-wide protocol, firms can cut risk, improve customer satisfaction, and reduce shareholder losses to penalties.
The Need To Create Enterprise-Wide Compliance And Risk Management Solutions
Creating enterprise-wide compliance and risk management systems is more complicated than you might imagine. While some companies have the expertise to do it in-house, the majority do not. It’s vital, therefore, that they seek professional services that can provide them with frameworks that they can implement in their organisations to ensure long-term compliance and slash risks.
A unified compliance framework helps to generate a culture of compliance across an organisation. A combination of training, more collaboration between the various arms of the business, and professional tools to manage risk can all help firms navigate challenging regulatory requirements. What’s more, it helps to bolster transparency, improving public relations.
Thus, these changes are, in essence, the explanation for shifting conceptualisations of compliance management.
Frequently Asked Questions from our Customers
Yes we can, we can assist you with any of the accreditation featured on our website. We have a 100% record of securing any of the accreditation in the first audit for all our customers for the last 13 years.
More to the point, I ask clients how quickly can you start. We can have a consultant working on your accreditation within the hour if you are ready. The only things that take time are the audit dates, these are issued to the client by the certification body so it is out of our control.
This depends on how much the client has in place already. The more they have, the easier it becomes to work on their accreditation. The gap analysis that we carry out is free of charge and afterwards will give you an exact fixed price.
The fixed price will include the following –
- Carry out all the work ( creating documents & processes tailored to your company )
- Attend the audit ( as your expert consultant ) or make the desktop submission.
- Make any corrections that the auditor may highlight to ensure that you obtain your accreditation the first audit.
Initially, we need to talk to you to carry out the free gap analysis. Afterwards, we would require you to forward all the relevant documents. After that, we can complete the work with the minimum of your input, leaving you to concentrate on doing what you do best for the company.
Yes! Let us Manage your Accreditations with Ongoing Support and Maintenance. With us managing your accreditations, your team can then focus on business growth and development. This gives you peace of mind knowing your compliance is being routinely managed by professionals. Ongoing support and maintenance avoids panic in your business when suddenly faced with an audit, knowing at all times you are well prepared.
Achieve Accreditation and Compliance with JVR
JVR Consultancy was formed in the year 2008 and their head office is based in Windsor and Maidenhead. We noticed that there was a gap in the market, for companies who work in the construction, rail, utilities, oil and gas sector who were not fully supported in the way that they could be when it came to industry compliance and certification. That is why our highly experienced team of compliance consultants can serve these sectors by providing over 135 years of combined experience with all compliance needs. In short, you won’t find anyone else who cares as much, or who tries as hard as we do.
Speak with one of our experienced consultants. At JVR, we know that time is precious, and you want the answers to your questions quickly, especially during an audit!. Once we speak with you for the first time over the phone, we need around 10 minutes to fully evaluate which accreditation you need support with and a brief introduction into you and your company.
Managing Director at JVR Consultancy, Steven Sandhu, is passionate and committed to supporting his clients within their chosen Compliance accreditation. With over 15 years of experience across multiple compliance industries, Steven prides himself on delivering 100% accreditation success for his clients, mixed with a passion for providing excellence by understanding the goals and the needs of his clients’ businesses. All this, combined with his strong breadth of skills and knowledge by routinely researching industry requirements changes and introducing new regulated requirements
Our consultants have an extensive level of experience in developing solutions and offering guidance for our clients and their businesses. We offer a free GAP analysis, which will help to assess the difference between your business performance and your goals. It’s a fantastic way for you to find out if your business needs are met, and if they aren’t, it gives you the insight and confidence you need to deliver improvement before an audit. Learning more about what is Gap Analysis and how will the report benefit you.
With a success rate of 100% and a team who will go above and beyond to make sure that your expectations are met, you know that you can trust in us to provide you with the knowledge, resources and expertise you need to make a difference. Contact us today to find out more.
To identify the objectives and benefits that are needed to achieve your desired level of compliance, we offer a FREE, no-obligation Gap Analysis. Our analysis will assess your current systems and documentation. Just start your journey by filling in the form below, and one of our specialists will contact you (typically within one working day) to make arrangements.
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Book a Free Remote Gap Analysis during Covid-19 for your business. To learn more, why not read our What is Gap Analysis blog article and understand how a Gap report would benefit your company.