Compliance and compliance management is imperative to every business, no matter how large or small. If a business is not compliant in relation to laws, regulations, industry standards, key legal agreements and company policies, pose a risk to a business. Throughout a business traineeship, you will learn what compliance is and how businesses respond to compliance requirements.
Compliance and compliance management is part of an organisation’s risk management process. If an organisation does not comply, risks may include: fines, loss of licence to operate, withdraw of funding, damage to company’s reputation, incur legal costs and/or financial losses. Therefore, businesses must have compliance policies and procedures in place, and staff should be monitored to ensure that they are following the policies and procedures in place to maintain compliance and minimise risk of noncompliance. It is the responsibility of the CEO, Managers and/or compliance officer to identify, classify, investigate and rectify any breeches to compliance.
Compliance requirements, such as laws, regulations, industry standards, key legal agreements, are considered to be the driving forces for organisations to be compliant and to implement compliance policies and procedures within the workforce. However, compliance also has another unregulated aspect as it extends to ethics and values, as companies must consider whether they are being ethically compliant.
If you complete a Business Traineeship at Club Training Australia, you will be introduced to compliance and the compliance obligations of organisations. You will also learn how imperative it is for businesses to comply with compliance regulations, not only due to the monetary implications but also to create a safe working environment for staff.