What is a Compliance Manual?
A compliance manual is a document containing rules that staff members of a specific company should follow. No worker is spared, including general employees and executives. They have no choice but to follow them to the letter. Failure to do so will see the culprit face the music. Interestingly, the fate of anyone who defies the rules is also documented in the compliance manual. Therefore, the employees know all too well what is expected of them and what will happen to them if they don’t meet them.
Some things come in handy to assist an organization comes up with the document. After all, internal checks, laws, and regulations are so many. The firm should base them on its business lines, corporate culture, and characteristics to summarize them accordingly.
The importance of Compliance Manual:
As a company, here are reasons to have an outstanding compliance manual.
- Regulatory compliance
In Singapore, compliance with regulations includes creating a compliance manual. It discusses the rules and regulations of a certain company. The company also states how the guidelines will help it observe various policy standards and deal with vices amongst its employees. When the annual audit takes place, a lack of documented rules and regulations may impact that report. After all, it shows a weakness in the internal control or other policies.
- Internal control
Rules and regulations are also crucial for the smooth running of any organization. Since a compliance manual includes the regulations that apply to the employees, it is easy to maintain control within the company. After all, everyone knows what’s expected of them. They also know the consequences hence won’t complain of unfairness once punished.
- Employee training
The document also contains processes of doing specific tasks. Therefore, a new employee takes little time to figure them out. Consequently, they will work efficiently with little or no errors. It also becomes easy when an employee takes a leave of absence and a substitute takes over.
- Establish Consistency
The manual will assist the firm in enhancing and enforcing its culture. No wonder you will find that each organization has a way of doing things. So, regardless of who does it, there are high chances that they will follow the same process. Consequently, the result will always be the same, notwithstanding the person in charge.
It highlights expected risks and possible solutions. Therefore, the organization will be in a better position to deal with such issues once they arise.
No one wants to be on the wrong side of the law. If your business is operating in Singapore, one way of ensuring that is through a compliant manual. It saves you the trouble of penalties and fines since it is part of the compliant policy. Work doesn’t have to stop just because an employee is absent. No one will be suing you for discrimination or unfairness since the rules and consequences are well-documented. When everyone knows what to do, they play their roles well, making goals easy to achieve.https://rtcompliance.sg/