New Jersey business owners and executives know they must operate their companies ethically and legally. The need for this is fueled in part by the need and desire to avoid costly fines that can be associated with compliance violations. However, a strong corporate compliance program can do more than just help a company stay out of trouble. When properly developed and managed, a compliance program can fuel a business’ success.
In today’s society, a company’s brand reputation and image can be one of its most valuable assets. As explained by Forbes, many compliance violations can wreck havoc with a company’s reputation in the public eye. Once this damage has been done, it can take a long time and a lot of money to rebound from that experience. In the meantime, competitors may gain an advantage that only adds to the challenge for the company trying to come back from such an experience.
Several things can go into ensuring a business has a strong compliance program. Inc. magazine recommends that businesses develop holistic programs that span all departments and functions rather than instituting multiple processes and procedures for individual departments or functions. Also important is the need to keep up-to-date with technology and utilize advances that provide greater data security as well as fast and accurate retrieval of that data.
In addition to developing stringent standards internally, companies should conduct thorough checks into their vendors and other business partners to prevent being associated with a company that does not comply with important legal or ethical standards.