MANY small businesses, especially those working within the process industries, are exemplars of ensuring regulatory compliance across their activities.
Indeed, sectors such as chemicals and pharmaceuticals are often viewed as a positive example to be emulated by other businesses.
However, regulatory compliance requirements continue to develop all the time and it is important to keep abreast of these. For example, the Corporate Manslaughter and Homicide Act 2007, the Environmental Damage Regulations 2009 and the Bribery Act 2010.
There is a constant stream of developments in many areas that businesses small and large need to understand, including climate change, information processing and health and safety, to name a few.
High-quality work and compliance standards in the UK set businesses here apart from many global competitors, but failure to follow compliance requirements can lead to criminal investigation, prosecution and even civil claims. In an increasingly competitive global market it is vital that businesses stay at the forefront of legal compliance, protecting their reputation and their bottom line.
For businesses that develop robust and efficient compliance monitoring systems, rewards can be significant: less red tape, improved efficiency and smaller risk of business disruption from a major incident.
Despite the constraints of the recent recession, we have noticed a significant trend in process industry businesses seeking out compliance advisory support to enhance their own internal capabilities. Increasingly, we find ourselves working closely with directors and senior managers to coordinate compliance planning and guidance.
Businesses should be able to expect sensible, commercial advice that makes a positive difference to the business. This might be working with clients to complete a compliance check of their activities, supporting new ventures by ensuring robust compliance measures are in place from the start, providing 24/7 emergency assistance or training people on the legal issues they face every day.
For a chat about how Dickinson Dees can support your business, contact Head of Chemicals, Peter Snaith or Head of Environment and Safety, Stuart Wardlaw on 0844 984 1500.