Compliance Business Process Outsourcing
Compliance management is the process by which a company’s managers, plan, organise, control, and lead operations and activities in the company that ensure compliance with laws, standards in an ethical manner.
Why And With What Should A Company Comply
WHY SHOULD A COMPANY COMPLY
- To reduce the company’s exposure to: penalties, fines, closure, loss of permits/ licences, litigation, financial losses, injury or death to persons or imprisonment of directors and/ or members of management
- To protect the company against negative publicity, which can harm its reputation
- To provide a baseline for risk management
- To enhance corporate governance
- To assist the company in the adoption of best practices
- To enhance organisational effectiveness
- To improve the sustainability and growth of the company
- To increase customer trust
- To be a responsible corporate citizen
- To increase employee morale and effectiveness
It is the right thing to do!
WITH WHAT SHOULD A COMPANY COMPLY
- Applicable international, national, provincial and local legislation and regulations, including by-laws
- International and national industry codes and standards
- Agreements and other contracts
- Internal policies, rules and procedures
- Best practices, Standard Operating Procedures, Guidelines and Directives
WHO IS RESPONSIBLE FOR COMPLIANCE MANAGEMENT?
The company’s Board of Directors is ultimately responsible, but it should delegate to management the responsibility for implementation and execution of effective compliance management. (Principle 13 – King IV- Code on Corporate Governance for South Africa 2016).
Benefits Of Outsourcing The Compliance Process?
Outsourcing of the compliance function is an alternative which can be considered by small and medium companies when applying King IV.
- An independent, broader exposure to the discipline of compliance;
- Suitably qualified and experienced compliance functionaries;
- Independent verification of internal compliance processes;
- Access to subject matter specialists;
- Reduced burden on internal infrastructure and resources;
- Broad industry experience;
- Reduced management responsibilities;
- Control of service offering by written agreement;
- Better budget control;
- Assist SME’s to address compliance demands while staying focused on their core business functions.
How Can Inlexso Assist You?
- Full compliance function
- Compliance services per function, e.g. labour, commercial, etc.
- Establishing and supporting the compliance function on behalf of the company
- Implementation of the compliance risk management system and process (or selected phases of the process e.g. identification, assessment, monitoring, reporting, etc.)
- Training, awareness and culture creation