At face value, compliance can easily be interpreted as maintaining the status quo, following the rules, and conforming to predetermined and universally accepted norms. And if you choose to believe and adhere to that definition and understanding of the term and the practice, that’s exactly what it will be. But you do have a choice. It’s just like a paraphrase of the old saying: whether you believe that you can or you can’t do something, you’re right.
A Tale of Two Businesses
Consider the following scenarios. Two retail managers each have a chain of locations they are in charge of, with massive amounts of inventory across each chain. One relies on the store manager at each location to ensure that inventory levels are where they should be. So once per month they get a message from each store manager that essentially says “inventory is still good!”, and they leave it at that.
There are aspects of running a business that are viewed by most as necessary evils, but they can be turned into positives with a change in our viewpoint. Compliance falls into this category more often than not. The cost of compliance can be counted in money, time and
On June 21, a bus carrying passengers from a P&O cruise ship on an excursion in Vanuatu crashed into a local bus, injuring 12 of the Australian vacationers and killing 3 locals. According to at least one law firm, the cruise passengers are in a strong position to sue, which could result in P&O having to pay out a “considerable sum”. Apparently P&O had the passengers sign legal waivers which attempted to limit the liability of the cruise line for actions of their agents onshore, something which is reportedly unenforceable under the Australian Consumer Law..
The Brexit Aftermath: Why Identifying And Managing Supply Chain Risk Is More Important Than Ever For Exporters
If you’re an exporter, last week’s shock result in the UK’s ‘Brexit’ referendum has thrown the importance of supply chain management into the spotlight.
Britain’s decision to leave the European Union has rocked markets worldwide, and The Australian reports that some executives and advisers are cooling off on corporate deal-making as boards wait to see how currencies settle and reassess the risk of doing business in Britain.
As exporting begins to ramp up like never before in the wake of ChAFTA, the roles of transportation, freight, and logistics are updating their policies and implementing new procedures as matter of necessity. Incorporating and complying with all of the new sets of regulations involved with such a large opportunity will be challenging, meaning that risk management efforts in these areas need to be elevated as well.
There is often some confusion about the difference between the traditional supply chain and what has come to be known as a “value chain”. In reality, the two usually overlap and can even be the same “chain”. The difference lies in the high-level view of the process, but it can be argued in most cases – if not all – that a supply chain that isn’t also a value chain is a sign of poor business practices.
Today we look at creating a value chain for business, and how effective auditing is just as important as ownership for each link in the chain.
Businesses in Europe and the US are poised to leave us behind. That may seem a bit blunt and perhaps is a slight overstatement, but the essence of the statement is true, according to new global data released by multinational professional services firm Ernst and Young.
The survey in question looked at businesses around the world and how they are managing their risk. While Australia has historically “been at the forefront of risk management”, we are now merely “on par” with our industrial global counterparts, and that is a concerning trend.
Today we consider how real-time risk management is necessary, in order to compete in global business.
Compliance in many organisations is reactive rather than proactive, and perceived as a necessary evil to stay in business. More sophisticated organisations who place a higher value on compliance, however, are using the data from compliance audits to gain competitive advantage and mitigate risk exposure.
Compliance data, when collected correctly, is rich business intelligence and offers invaluable insight into internal and external business process, performance and control metrics. Digitised compliance monitoring systems are a necessity to gather this information in real-time, which is the only way this application of the data is effectively possible. The result of this forward thinking application of data is a state of “predictive compliance”.
Today we consider how real-time audit data can allow businesses to predict and prevent future compliance risks
Workplace health and safety can be a dull topic for employees, in most cases truth be told, but that doesn’t make it any less important. The challenge for management and compliance officers is to create engagement in this area for everyone involved, so that improving work safety becomes a regular part of a team’s goals.
In this article we look at how companies can get employees engaged in compliance measures, to create a safer work environment.