Yesterday, we had a brilliant conversation with two amazing guests as we kicked-off the first session of the June’s edition of The Spark Ignite Series – Harnessing Value From Assets.
This discussion focused solely on the need for organizations to focus on compliance for the smooth running of the company. In this session, we learnt the process of building strong compliance structures in any organization.
Some of the lessons that stood out are shared below:
Understand the Compliance Concept.
When starting out, you need to understand the compliance regulations that are guiding your business. The first question you’ll want to ask is “who are the regulators in my industry?” When you know this, it’s easier to inquire about your obligations to these regulatory bodies.
Start Early and Start Right
To build a compliance culture in your organisation, it has to start from you as the founder of the company. Aderinsola went on to stress that a compliance culture is not a one-off process, it requires consistency. As a founder, you have to be compliant, then it will spread to your team and employees. And for the employees, it’s important that you have deterrents for employees who go against these laws.
In business, no one is an island. To ensure you’re complying to all regulations in your organisation, you have to talk to experts in that field. For the law compliance, you can hire a lawyer; for tax compliance, a financial consultant is great, and for internal compliance, you need an Hr or a compliance team.
These and more lessons laced the session. It was filled with all the right steps needed to play by compliance regulations.
If you missed this session, you really missed. But since we care about you at The Spark, we have the video up for you!
Watch the video here!