Corporate leaders and business owners are responsible for ensuring that their organizations comply with relevant regulations. Depending on the size of your organization and the resources available, you may take any of these actions to ensure regulatory compliance.
Do It Yourself
If you are a solopreneur and feel confident that your business’ regulatory landscape is relatively simple, you may own compliance all by yourself. Your work may be as simple as submitting a licensing form once a year or as complex as periodically submitting to a detailed inspection or audit. Be ready to conduct due diligence, identify relevant regulations, and then implement systems for compliance
Third-Party Support
Hiring an attorney, compliance consultant, or auditing firm may be a worthwhile investment that can mitigate your risk of fines, business closure, or even incarceration for violating regulations in your business.
There are three ways these resources can support your business. Your business may need a one-time consultation to identify relevant regulations and implement compliance systems. Your business may need periodic reviews to ensure systems are working as intended, or your organization may need ongoing support that fully oversees your regulatory compliance.
Internal Resources
Similar to hiring outside support, leveraging internal resources may mean establishing an interim project team to launch compliance systems, assigning compliance to a specific employee or team, or establishing a full-time Compliance Officer or Compliance department.