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What can a compliance consultant do for your business?

What can a compliance consultant do for your business?
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Compliance consultants are arguably the most important type of consultant, especially when your business experiences any form of rapid growth. This is because a compliance consultant ensures that your business is sticking to all the relevant regulations and is operating completely legally.

In the UK, we have numerous laws and regulations surrounding business operations, and these laws are enforced quite strictly. But even with all the information out there and having a compliance team in place, it can be tricky to ensure that everything is being done as it should be.

So what can a compliance consultant do for your business exactly, and is it worth hiring one

Offers you an external view

A compliance consultant is armed with years of professional knowledge and experience. Their fresh pair of eyes will be able to pick up on potential problems in no time, and they will be able to offer the most effective solutions in order to fix these problems.

Risk assessments

Your business could be facing risks that you have no idea about. These risks could be related to a wide variety of things based on what industry you’re in. Upon your initial meeting with a compliance consultant, they’ll most likely gather as much information as possible and then perform a risk assessment. This involves creating a defined list of risks that your business is currently facing and potential ways in which to reduce or eliminate them.

Policies and procedures

The policies and procedures of your business are very important and should be included in your business plan. A compliance consultant will be able to assess all of your policies and procedures and see if there are any flaws or ways in which you could improve them to be in line with industry regulations etc. Essentially the consultant could optimise your policies and procedures so that they benefit the company in the best way possible.

File assessments

Assessing all of your files to ensure that everything is in order is another way in which a compliance consultant could really help you. They may come up with a better way in which you could manage your files so that they’ll be better accessible in the case of unexpected audits. They’ll also ensure that you are tracking all of the necessary information.

Project work

If your business is branching out and partaking in a project that it has never participated in before, the use of a compliance consultant could be exceptionally useful. Having a consultant on board for the duration of the project will ensure that everything is done in between the lines, and you won’t have to deal with any compliance-related issues. New projects are often when compliance issues tend to crop up as you’re participating in work that you may not have had much experience in before.

Business development

Compliance consultants look towards the future and the growth of your business and help create development plans. As your business expands, you will be subject to more regulations, and there will be more laws that apply to you, which creates a greater requirement for organised compliance plans. Know what is expected of your business in terms of compliance at every step of your journey with the help of a compliance expert.

Better insurance policies

Did you know that by using an experienced compliance consultancy service,  insurers will look at your company as less of a risk and are more likely to give you better/ cheaper insurance policies to choose from?

On the topic of insurance, a compliance consultant is also able to review your insurance policies and ensure that you have taken out the right types of insurance considering your employment structures, business model, and range of assets. You could be spending far too much on insurance or putting your business at risk by not investing in the right type of policies.

Works in conjunction with your compliance team (if you have one)

Businesses that have compliance teams often don’t see the need to bring in a compliance consultant, but a compliance consultant will work in conjunction with your compliance team and hold them accountable if anything obvious has been neglected. Consultants are known for their excellent communication skills, so they’ll be able to gather information from your team and lead them when it comes to implementing new strategies or systems to ensure business compliance.

If you’re a business owner, it is definitely worth getting the help of a business consultant every now and then to ensure that your business is running completely above board and nothing is going awry without you knowing about it. When looking for a compliance consultant, look for someone who has experience as well as references and case studies for you to check out.

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