WHY YOUR COMPANY SHOULD

INVEST IN COMPLIANCESOFTWARE FOR 2017

Intro

Compliance: Types & Trends

Takeaway

6 Ways Compliance Helps Your Business

Compliance Software: Types & Trends

Why Legal and Regulatory Compliance Exist

Key Benefits

Why Compliance Training Makes for a Good Investment

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Table of Contents

Most companies gravitate toward the areas they thrive in, and for good reason. Why wouldn’t you want to showcase your company’s talents? But oftentimes that means losing sight of the areas many consider overwhelming. For most, that area is compliance.

Compliance deals with making sure a company or corporation acts responsibly within its industry and community. Laws and regulations determine how they conduct their business, how they manage their staff, and how they treat their customers.

Compliance, needless to say, is essential in ensuring the safety, security, and sustainability of a company.

Complying with rules and regulations puts a company in an advantageous position. It builds up a company’s image, and we all know business success depends highly on public perception.

So, Why Should Your Company Invest in Compliance Software for 2017 (and beyond)?

Well first, when a company loses compliance, it loses the trust and confidence of the general public in their products and services. This also means

costly audits or criminal charges. Compliance with rules, however, upholds a positive image and develops consumer trust.

Second, job applicants find appeal in companies that run their business honestly and safely. Employees are more fervent to work when they feel well compensated for their efforts and that they are safe within the business’ reach.

Adhering to internal compliance ensures that employees are satisfied, and that all complaints or issues are monitored and addressed properly before they grow and affect the entire corporation.

Last, and perhaps most importantly, is environmental evolution. Over the last several years environmental and sustainability compliance has become an increasingly trending topic. And this trend will only continue to grow as the environment continues to change and regulations try to control it.

Countless and ever-evolving regulations keep a business within reasonable boundaries.

With functional compliance management software, a company can stay on the right side of the law.

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WHY LEGALAND REGULATORY COMPLIANCE EXIST

“Good compliance manifestly is good business.”- Robert Biskup, Corporate Compliance Insights

Businesses are often challenged by effectively making the business case for — and explaining how – an integrated approach to governance, risk, and compliance translates into bottom-line financial benefits for the company.

The main part of the challenge lies in how professionals are trained to think about the regulatory drivers of compliance, rather than the equally compelling operational opportunities. Also, how it translates into making the critical points resonate convincingly with the management.

Simply put, while there are no specific regulatory compliance rules for all companies, a business must undertake certain measures because regulations say so. Naturally, if rules aren’t followed, there will be big fines or penalties to pay, as well as possible reputational harm.

While the legal drivers certainly are critical, these shouldn’t be the only emphasis points when communicating the operational advantages of governance, risk, and compliance integration to senior executives and employees alike.

There are many reasons why compliance exists, and why it’s important. When a business keeps up with legal and regulatory compliance, it builds a critical connection between strong compliance processes and tangible results in areas as wide ranging as revenue enhancement, reputation and brand protection, customer attraction and retention, higher profitability / lower costs, improved workforce performance, assets protection, and so on. In other words, many of the key attributes of an effectively run business.

The ultimate benefit, of course, will be fostering a productive, efficient environment in which all elements work together toward a common strategy of detecting and preventing compliance breakdowns. But, there are also potential tangible benefits that directly correlate with other issues of importance to stakeholders.

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COMPLIANCE:TYPES & TRENDSBusinesses face constant challenges in compliance. But not all face the same types of challenges, and 2017 expects to see some big ones.

HEALTHCAREIn recent years, amendments to healthcare legislation have had a direct impact on many larger businesses. Companies with 50+ workers must provide healthcare coverage. Federal agencies, especially the Department of Health and Human Services, continue to issue regulations that effect how large employers design these benefits.

For 2017, employers should determine whether updated state benchmark plans for essential health benefits and final ACA non-discrimination rules affect plan designs contemplated for the next plan year.

FINANCE + RETAILEmployers must also account for any benefit impact arising from the 2017 finalized Fair Labor Standards Act regulations that entitles employees to overtime compensation. You might want to consider amending benefit plans to keep overall staffing costs as neutral as possible.

The Securities and Exchange Commission (SEC) proposed amendments to forms and rules that require filers of statements and reports to submit all filings in HTML format. This is in line with a digitized future. The SEC also announced that in fiscal year 2017, the registrant fee will increase to $115.90 per million dollars, from the current $100.70 per million dollars.

ENVIRONMENTALEnvironmental regulations will continue to capture the focus of fossil fuel power plants. While most of the concerning regulations were initially stacked against pollutant emissions, the focus has now shifted to CO2, water, wastewater and ash management. Energy enterprises must also consider endless revisions to the EPA’s Clean Air Act and Clean Water Act.

With the Obama Administration coming to a close, it’s difficult to say what the Trump or Clinton Administration will push for, but even still, the EPA has a set number of regulations they must mandate each year. And with the environmental regulations made this year, they will really only take a major hold in the year or years to come. Just look back to the Paris agreement that has barely begun, and will take full force in 2020.

6 WAYSCOMPLIANCE HELPS YOUR BUSINESSCompliance management should be a top priority among conscientious business owners. When you follow health and safety regulations, you reap several benefits from maintaining compliance. Take a look at these six.

1. Trust and Brand LoyaltyEstablishing a clear, effective and broadly communicated compliance program signals to stakeholders that compliance is a top priority for your company. It demonstrates your commitment to doing business the right way, to the highest ethical standards. It shows your expertise related to all relevant laws and regulations. Customers, employees and vendors seeing this commitment have a higher overall feeling of trust in you. And such trust, studies have shown, breeds brand loyalty.

2. Investment for the FutureBusiness managers or owners should see safety training and compliance as an investment more than an additional expense. Accomplishing training promotes the longevity and legitimacy of a business, and prevents distractions brought about by legal action.

When a company undergoes a government audit, for instance, imminent failure to comply with safety standards leaves a company vulnerable to serious legal consequences and expensive fines. By complying with standards and training all your employees according to industry standards, you give them all the tools to be responsible for their safety, which takes pressure off management.

3. Increase ProductivityRules regarding discrimination and harassment help a company create a better work environment for your employees, which can lead to more worker productivity.

The more employees feel they work in a fair, professional, and safe environment, the more likely they will stay with you. Thus, better retention for the company. Remember to include policies and procedures in your employee handbook that mirror your legal compliance obligations.

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4. QualityImprovements

Quality encompasses all. From the quality of your company’s environmental, health, and safety aspects, to the quality of your products or services. Maintaining compliance means preventing errors at an early stage, which reduces the need to redo tasks. Quality and compliance go hand in hand – or rather, product in hand.

Minimize risks and costly audits with Quality Management Software (QMS). Ensure right from the start of daily operations your employees and products are in a safe, healthy place.

5. Boost Data Privacy & Security

Remember the data breach that affected Target in 2013? This cost the company about $39 million in bank lawsuit settlements and targeted nearly 40 million customers. Don’t fall victim to security issues such as this. Maintaining compliance boosts privacy and data security risks.

To avoid this, implement regular risk assessments to ensure appropriate technologies are in place. This can be accomplished by an employee training program on handling sensitive and confidential information.

6. Createa Diverse Workforce

A Forbes insight report states that 85 percent of businesses believe in a diverse and inclusive workforce because it drives innovation and creativity.

Gender inequality persists today, as seen in Norway’s 40 percent quota for female directors in the boardroom. Quotas are also imposed by Malaysia, Brazil, Belgium, Iceland, Italy, Spain, and the Netherlands.

To dispel such inequality and HR compliance trouble, a company must identify and attract talent from a diverse candidate pool. It must also build support for a long-term diversity outreach, recruiting, and retention.

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• Higher quality information that leads to more informed decisions

• Process optimization: eliminate non-valuable activities and streamline valuable activities to reduce downtime

• Better capital allocation because areas of redundancy and inefficiency are identified. Thus, financial and human capital are better distributed

• Protected reputation: managed risks enhances company reputation

• Lower costs contribute to overall ROI gains

OTHER KEY BENEFITS INCLUDE:

COMPLIANCE SOFTWARE:TYPES & TRENDSBy now, you’re a compliance expert. You’ve discovered why compliance exists, what trends to expect in 2017 and beyond, even how your company can thrive when you follow necessary rules and regulations. But how do you intend to do that? Gensuite offers several software solutions and tools to lead you into the future.

AUDIT AND COMPLIANCE SOFTWAREThis type of software simplifies regulatory compliance audit inspection processes by streaming Environmental, Health, and Safety (EHS) audit data and inspection programs.

The Gensuite Audit Software and Compliance Assurance system surpasses other software providers, allowing you to meet 2017 requirements with some up-and-coming key features.

• Meet program requirements (ISO, TS, GMP, OSHA) and ensure regulatory compliance with safety management tools

• Track inspection and corrective actions with a suite of audit tracking tools

• Integrate results through performance trend charting and business insights

• Proven, field-tested EHS Mobile Software

AUDIT ASSISTANTEnter, manage and review audit observations across audit teams within a collaborative Audit Room; Export finalized findings into Action Tracking System for corrective action follow-up. In use by over 230 internal and external/third-party auditors within 1 year of launch. Used by a fortune 10 multinational conglomerate subscriber to standardize data collection across global audit teams, and to share logistical information and streamline post-audit report outs.

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CONTINUED...

COMPLIANCE SOFTWARE:TYPES & TRENDSCOMPLIANCE CALENDARSchedule periodic/recurring tasks and obligations; assign responsibility with email notifications & intelligent escalations; track & report status.

REG TRACKERMonitor and track new and updated regulations by country/jurisdiction with customizable, subscription-based user notification emails & dashboards.

ENVIRONMENTAL COMPLIANCEThe Gensuite EHS software suite streamlines management of key environmental aspects, with a focus on air, water and waste regulatory compliance/program requirements.

• Centralize operating permits & actionable conditions • Easily track emissions controls and parameter sampling, monitoring & reporting

* WATCH ALERT for the FUTURE: wearables and beacons for on-the-go compliance

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WHY COMPLIANCE TRAINING MAKES FOR A GOOD INVESTMENTEffective compliance risk management can be viewed as a cultural ethic that should function like any other business asset that puts an organization at an advantageous position. An effective way to get there is through an intelligent risk framework that brings compliance into the open — running throughout all business processes, with responsibility shared among all employees.

When moving a company in that direction, the chief compliance officer will need to gain the backing and support of stakeholders from across the organization, including executive peers, business unit and functional leaders, and the board of directors. The best way to achieve compliance is to make it an unalterable part of your corporate culture. By creating a “culture of compliance,” you might not solve all your problems, but you should be able to show that non-compliant employees are just that, rather than symptoms of a systemic problem. That critical distinction can reduce the cost of enforcement actions should they become necessary.

First, make sure you have a firm grasp of your current organizational culture and its existing compliance problems. Then, make sure to get buy-in from department heads by explaining to them what’s at stake. Once they take compliance and its best practices seriously, their teams are much more likely to get on board. Also, remember to loop in the corporate legal team, which has a large stake in compliance issues.

Compliance isn’t about any individual part of business, though it must be implemented at granular level. The same ideas that relate to data compliance have parallels throughout a business. The universal goal is to get everyone working together.

“Real generosity toward the future lies in giving all to the present.”

Albert Camus

Compliance is essential in all areas of your business. Don’t wait for a major mishap to make compliance important in your workplace. Invest today, for tomorrow.

Trusted partners, both internal and external, can mean the difference between success and failure in transforming corporate culture. Risk management software providers, lawyers, accountants, consultants, industry groups, and even employees can all help companies understand compliance issues.

If it helps, a company can seek the assistance of a proper compliance assurance software. These are effective tools for maintaining compliance within organizations. They enhance data maintenance and decision-making processes, smooth work-flows for accountability and transparency, as well as help track health and safety incidents with high levels of accuracy.

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About Gensuite

Gensuite is a leading cloud-based compliance and risk management software company that provides businesses with superior tools for resolving compliance problems across the globe. Gensuite serves functions from Environmental, Health, and Safety (EHS), sustainability, quality, security, responsible sourcing to product stewardship. The innovative applications are developed on a patented architecture, enabling clients to turn complex compliance requirements into actionable processes. Gensuite applications never stop evolving thanks to a team with a deep understanding of digitization, process needs, operations and business aims.

www.Gensuite.com