Compliance consultants are arguably the most important type of consultant, especially when your business experiences any form of rapid growth. This is because a compliance consultant ensures that your business is adhering to all the relevant regulations and is operating completely within the law.
In the UK, there are numerous laws and regulations surrounding business operations, and these laws are enforced strictly. But even with all the information out there and having a compliance team in place, it sometimes can be difficult to ensure regulatory compliance at all times, especially when your focus is on providing your core business services.
So what can professional compliance consultants do for your business and is it worth hiring one?
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Provides an external viewpoint
A compliance consultant is armed with years of professional knowledge and experience. They will usually have recognised certifications such as CRCM, CAMS or CCEP to demonstrate their regulatory knowledge.
Their expertise and objective perspective as third-party observers will enable them to identify potential problems in no time. Through periodic audits or company ‘health checks’, they will be able to offer the most effective compliance solutions in order to correct any oversights or outstanding issues.
Risk assessments & compliance solution
Your business could be facing risks that you are unaware of. These risks could be related to a wide variety of things based on the industry that you operate in.
Upon your initial meeting with a compliance consultant, they’ll most likely gather as much information as possible and then perform a risk assessment. This involves creating a defined list of risks that your business is currently facing and potential ways in which to reduce or eliminate them.
Training for employees
Compliance consultants provide training for employees on compliance-related topics. This allows firms to adapt to changes in regulations to avoid penalties and maintain good standing. Comprehensive training also ensures there is an element of responsibility passed to employees who can no longer pass off compliance issue as being something they weren’t aware of.
Policies, procedures and regulatory compliance
The policies and procedures of your business are very important and should be included in your business plan. A compliance consultant will be able to carry out compliance audits to assess all of your policies and procedures and see if there are gaps.
This is especially important for financial services firms who usually need to be FCA regulated and meet FCA compliance and who work in a regulatory landscape that is complex, constantly evolving and often time-consuming. Other industries may have regulations that are specific to the sector they operate in.
A consultant could help you navigate often complex regulations and optimise your policies and procedures to ensure that they not only meet legal requirements, but also benefit the company in the best way possible.
File assessments
Assessing all of your files to ensure that everything is in order is another way in which a compliance consultant could really help you. They may come up with a better way in which you could manage your files so that they’ll be better accessible in the case of unexpected audits. They’ll also ensure that you are tracking all of the necessary information.
Project work
If your business is branching out and partaking in a project that it has never participated in before, the use of a compliance consultant could be exceptionally useful. Having a consultant on board for the duration of the project will ensure that everything is done in between the lines, and you won’t have to deal with any compliance-related issues. New projects are often when compliance issues tend to crop up as you’re participating in work that you may not have had much experience in before.
Business development
Compliance consultants look towards the future and the growth of your business and help create development plans. As your business expands, you will be subject to more regulations, and there will be more laws that apply to you, which creates a greater requirement for organised compliance plans. Know what is expected of your business in terms of compliance at every step of your journey with the help of a compliance expert.
Better insurance policies
Did you know that by using an experienced compliance consultancy service, insurers will look at your company as less of a risk and are more likely to give you better or cheaper insurance policies to choose from?
On the topic of insurance, a compliance consultant is also able to review your insurance policies and ensure that you have taken out the right types of insurance considering your employment structures, business model, and range of assets. You could be spending far too much on insurance or putting your business at risk by not investing in the right type of policies.
Works in conjunction with your compliance team (if you have one)
Businesses that have compliance teams often don’t see the need to bring in a compliance consultant, but a compliance consultant will work in conjunction with your compliance team and hold them accountable if anything obvious has been neglected. Consultants are known for their excellent communication skills, so they’ll be able to gather information from your team and lead them when it comes to implementing new strategies or systems to ensure business compliance.
If you’re a business owner, it is definitely worth getting the help of a business consultant at regular intervals to ensure that your business remains compliant and minimises regulatory risk. When looking for a compliance consultant, look for an individual or firm that has experience as well as references and case studies of supporting clients for you to check out.
