How to ensure Compliance?
If you haven’t done a compliance risk assessment in the last twelve months, make that a top priority. Regulators' expectations have evolved, and they now expect to see a risk assessment conducted every 12-18 months.
As companies gain expertise, however, they often expand their compliance programs to focus on avoiding minor or even critical enterprise risk. By using tools and processes to automate compliance efforts, these programs can increase efficiency, reduce related expenses, and accelerate cost savings, especially for internal and external audits.
You must also ensure that it meets its legal obligations in other areas to mitigate its risks. These include:
- complying with lease, licence or tenancy agreements
- complying with contracts
- having relevant insurances, displaying a current Employers' Liability certificate,
- having public liability insurance covering general risks such as fire, theft, flooding and legal action
- maintaining accurate and secure financial records and information and complying with income tax, national insurance, other tax and VAT regulations