New survey exposes a key legal compliance problem for businesses

New survey exposes a key legal compliance problem for businesses

Most small and mid-sized businesses don’t have the luxury of a dedicated Environmental, Health & Safety (EHS) department. In many cases, EHS responsibilities are delegated to one or two people who wear multiple hats within their company.  If this situation sounds familiar, be aware that you may be leaving yourself open to compliance management risks that you can’t afford to take.

Nearly half of businesses in a recent survey said their top compliance management challenge is keeping compliance policies up to date with new and changing regulations (NAVEX Global research).

If your EHS compliance is DIY, you need to develop a plan to address ever-changing compliance regulations.  Getting it wrong can mean fines or even prison sentences.  Getting it right is therefore the only option.

A recent survey spanned respondents at small (25%), midsize (31%), and enterprise (43%) businesses, as well as government and non-profit organisations. Nearly half of the business and organisations (47%) said their top policy management challenge is keeping compliance policies up to date with new and changing regulations.

Other top policy management challenges included;

  • Training employees on policies (40%)
  • Out of date policies and inaccuracy (32%)
  • Demands related to legal compliance (31%)
  • Easy access to policies and procedures (28%)
  • Document management (23%)

Nearly 50% of the organisations said they are not aware of the cost of compliance within their organisations. Typically in these cases, where companies have gone on to implement compliance management software, they have saved significantly on costs.

The report found that integrated management software such as that provided by icet solutions, improved compliance management execution by improving the efficiency of policy quality, communication, workflow, and access.