Compliance management and why it is prone to errors.
When things have to be changed manually, error is more likely. Many things could go wrong when this happens, especially if staff are often changed or new people who perhaps don’t have enough or the right training or knowledge, look and change the spreadsheets. In addition, there may be many steps to adjusting a document, and if they are not checked over this could cause huge problems for a company.
When businesses increase in size, so do the amount of regulations, laws and guidelines. Therefore, if the company doesn’t have enough people, strategies or efficiency for working on compliance then they could face big lawsuits.
Read below for an article on common compliance errors.
https://www.inc.com/drew-hendricks/the-3-most-common-compliance-errors-every-company-makes.html