Keeping Your Compliance Costs Down
Compliance, compliance everywhere. In our modern society, new legislation are being authored all the time to protect the interests of various stakeholders.
Unfortunately new laws, however useful or relevant they might be, do not cover the financial costs of compliance - that cost is passed on to business.
Here are some strategies that can help minimize the cost of being compliant to all the regulations that businesses have to deal with.
Review business processes periodically
Look at repetitive processes that generate redundant output like multiple checking tasks or multiple documentation.
Draw or diagram your processes and workflows. Pictures always makes things clearer.
If you are caught up with your business, try hiring an external Business Analyst to help you out.
Sometimes what worked before does not neccesarily mean it will be the best approach for the future.
Analyze Your Workforce
Stop gap measures often costs business more in the long term.
A Human Resources Manager should not be a very expensive filing clerk.
An Accountant/CPA is completely wasted on doing records management.
If your files are digital and stored centrally all employees can share data between them, no need to photocopy or go around looking for files.
Chances are what QA Auditors would need, are what ISO auditors would need.
What Internal Auditors would need, are what Finance Personnel or your Customers need.
What the Data Privacy Act (DPA) would require, are what the General Data Protection Regulation (GDPR) require.
Manage Record Retention Processes
Records retention is a very expensive business process.
Keep what is prescribed and manage the destruction of the rest.
Keep it simple
Follow the KISS principle and keep processes simple.
What's Wrong With Copies?
Simple, they cost money
Copying costs are not going down.
They bring efficiency down.
Each copy adds to the files a person needs to sift through to find records.
You have to house them and pay their rent too.
Photocopies always manage to end up in records storage and thus incur even more cost.
They are a security risk.
Uncontrolled copies might end up with unauthorized people. This even adds more costs to securing documents.