By Fernanda Mathias
Many things are essential to make a business successful; however, one of the pillars of a successful organisation is to ensure your company follows the rules and regulations and partner with ethical and transparent organisations.
Compliance is more critical than ever for companies of all sizes, regardless of industry.
Non-compliance can bring severe consequences for companies. Research shows that in March 2019, 53% of respondents globally agreed that their corporate value would be negatively impacted if their company were associated with financial crime because of lax preventative measures.
Ensuring compliance must be part of the day-to-day activities of a company. This article will showcase the importance of a dedicated compliance team and how it can impact a business.
Why compliance matters for businesses of all sizes and industries
Before understanding why compliance matters, you must understand what it means. The definition of compliance is “the state of meeting rules or standards, the act of obeying orders, rules or requests“. When we apply this definition to the corporate world, compliance means the set of processes and rules of an organisation to ensure that the company and its employees abide by its internal rules of conduct and regulations.
Top 3 reasons why compliance is important:
1. If you are not compliant, you cannot build or maintain trust with others
Compliance is a tool the company can rely on to ensure everyone is honest in their interactions and follows the organisation’s established rules and norms. As a merchant searching for a reliable payment gateway, you need to make sure to partner with a fully compliant company.
2. When you are not compliant, you invite reputational damage
It takes 20 years to build your reputation and five minutes to lose it. Research has shown that communicating honestly about products and services is the first quality consumers demand of companies.
A survey shows that 78% of consumers said it is vital for a company to be transparent. Compliance policies help you to guarantee your company follows the rules. If you are not trusted, customers will not trust you, and partners will not work with you.
3. Compliance can decrease unforced errors
When you have a dedicated compliance team working hard to ensure everyone follows the procedures, your chances of preventing unforced errors (careless mistakes) are higher. Unforced errors are common in an organisation, and compliance policies help to avoid them.
How a compliance team impacts a company
Compliance officers are responsible for ensuring that the company complies with the applicable rules and regulations. It is pivotal that an organisation implements and follows compliance procedures to build trust and integrity, both internally and externally.
“With the growth of compliance demands in our business, it is vital to have a dedicated team to address all matters that arise with due attention,” says Anjali Menon, compliance officer at iPayTotal.
James Anderson, another compliance officer at iPayTotal, reinforces the importance of having a compliance team in the company: “Complying with regulatory and due diligence policies reduce financial risks for the business and are important to maintain a cordial relationship with clients. — Our compliance team focuses on several tasks such as knowing the source of a client’s income, estimating their investment capability, obtaining their complete financial profile and background as a part of our strong due diligence requirement,” he says.
iPayTotal: the right choice for your business
“Compliance is not just about resolving problems once they arise; it is the art of preventing problems before they arise,” says Sen Kugan, president of iPayTotal, adding, “and at iPayTotal, our team of expert financial professionals who specialise in this forte ensure we are at the forefront of all compliance procedures, protecting the interest of all parties involved.”
These practices are part of iPayTotal’s compliance and risk management policies to avoid entering any kind of business relationships with potential clients who conduct illegal activities or financial crime.
At iPayTotal, you will find a committed and reliable company that can offer you customised solutions and payment products suitable for your business needs.
iPayTotal’s application process is easy and fast as well as transparent and ethical.
Compliance comes in many forms at iPayTotal, and you can rest assured that your business is part of a healthy compliance atmosphere.
Contact iPayTotal today and find out more about your best solutions and operational processes.