Compliance is a critical aspect of modern business, affecting organisations across various industries. Regulations are ever-evolving, and it is important that compliance officers and business owners remain abreast with updates—finding effective ways of navigating the complexities while being mindful of associated expenses.
Sabinet, a leading provider of information services, deliver a range of solutions for compliance, risk, and legal teams. Complimented with free resources, organizations can plan for and manage risks, safeguard their valuable reputation, and ensure the safety and security of their employees and consumers.
The High Cost of Non-Compliance
Non-compliance comes at a substantial cost to companies and risk to brand reputation. Financial penalties, legal repercussions, and reputational damage are only a few of the potential outcomes for organisations that fail to adhere to industry-specific regulations. Not only does non-compliance have an impact on an organisation’s finances but could result in fatalities too. Lack of compliance to safety regulations, for example, could result in loss of life.
To better illustrate the high cost of non-compliance, one need simply to reflect on the impact of the Protection of Personal Information Act (POPIA). Failure to comply with the Act can result in severe consequences, including administrative fines and even jail time being issued to the responsible parties. Data breaches could additionally result in costly lawsuits.
The Benefits of Compliance
Being compliant and staying updated on legislative changes comes with several benefits. Funds spent on compliance must be viewed as a positive investment, as it allows organisations to avoid the costly consequences of non-compliance. Cost-saving is not the only benefit of being compliant.
Compliance with industry regulations minimises the risk of legal and financial penalties, and loss of business as a result of the associated reputational damage. Demonstrating a commitment to compliance boosts an organisation’s reputation, positions them as a responsible corporate citizen, and ultimately leads to customer/client loyalty and builds trust between consumers and brands.
Remaining compliant also increases operational efficiency and enables organisations to streamline processes. Compliance with safety regulations serves to prevent workplace accidents and injuries, and it ultimately saves lives.
Sabinet’s Free Resources for Compliance Management
Sabinet has a range of free resources designed to support compliance, risk, and legal teams across various sectors. Taking advantage of the free resources helps guide organisations toward compliance and reduces the costs associated with compliance management.
Sabinet’s resources include guides and insights, that help simplify compliance. By leveraging the free resources, and subscribing to one or more of Sabinet’s service offerings, organisations can become proactive in their approach to compliance and focus more effectively on the long-term success and sustainability of the organisation.
To move towards compliance and reduce risk, visit Sabinet’s Resource Centre for the free resources and various solutions for compliance to better navigate the legal landscape.