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COMPLIANCE ISSUES

GOVERNMENT LEGISLATION

One of the biggest challenges for most organizations is ensuring compliance with Government Legislated requirements. Compliance generally applies to ensuring adequate employee training for handling / transportation of dangerous goods, compliance with financial reporting requirements, operating machinery and equipment, generating unusual transactions reports, ensuring all licenses and certifications are in place.

INDUSTRY REGULATION

Often industry implements regulation through self-regulatory organizations that establish rules and requirements without government involvement.

The International Organization for Standardization (ISO) is an example of a non-governmental industry organization that helps businesses increase productivity while minimizing waste.

In order to be competitive and qualify to do business with organizations such as defense manufacturers and/or aerospace companies, businesses must comply with certain industry compliance requirements.

Mitigating risk

Mitigating risk of is a major objective for businesses that can lose their license to operate for non-compliance with government and industry regulations. Constantly changing rules and regulations requires businesses to perform risk assessments on a regular basis, establish processes, and train personnel accordingly.

Adapting to Change

The compliance requirements for every business are constantly changing. Adapting to these changes requires companies to effectively use technology to ensure their compliance with government and industry requirements, and pre-empt non-compliance issues that may arise.