Whilst compliance has always been critical to the operating of any business, many sectors have arguably paid lip service to compliance apart from sectors such as banking, financial institutions, telcos and the mining sector who face heavy fines and / or in extreme circumstances could lose their operating licenses for non-compliance.
Compliance is often seen in a negative light as being an inhibitor of business. However, this is not the case; compliance when implemented effectively is a necessary and very positive discipline assisting the organisation to run a ‘tight ship’ in accordance with the laws (locally and internationally) as well as demonstrate good governance thus protecting the organisation’s reputation and enhancing stakeholder value.
Now more than ever, especially with the advent of GDPR and POPIA (effective 1st July 2021) and the ‘teeth’ that the new information regulator of South Africa has at its disposal, compliance is foremost on the radar even for small to medium sized businesses. Add to this the huge increase in cyber-attacks with data theft and ransomware attacks and one realises that compliance is no longer negotiable.
Thank you very much Cherryn for presenting at our info-sharing event held on 30th September 2021. We had a great turn out. Thank you to all those who attended.
The culture of the organisation is a critical element and the compliance (and risk) function needs to help people understand the risks that they are running and for the business to take responsibility. For this to happen, we as compliance professionals need to take our stakeholders along the journey with us and explain the ‘why’ as well as the ‘what’.
In summary, compliance may be painful to implement and the benefits may not be seen immediately, however taking compliance in bite size chunks and applying a sound methodology goes a long way to easing the pain, getting the buy in from your various stakeholders and guaranteeing success. Compliance is a critical building block in the building of a more capable and resilient organisation.
http://www.barnowl.co.za/knowledge-centre/ and http://www.barnowl.co.za/videos/
Once again thank you Cherryn for your time and for your informative presentation and thank you to all those who attended our info sharing session. We look forward to seeing you at our next info sharing session. Please keep a look out for our upcoming events at: http://www.barnowl.co.za/events/
Director – BarnOwl GRC and Audit software
Paige Law is a commercial legal practice which brings you high quality legal services, at the speed of business and, where possible, at fixed cost, ensuring you stay within budget whilst adding value. We work with you to understand your business, so that we are well positioned to balance your legal, operational and commercial risks in your agreements, resulting in your contracts being living, workable documents that enable rather than hinder your business.
We take the pain out of contracting, working with you to understand your business and take care of your contracting needs whether they are big or small, simple or complex.
Do you have an in-house legal department? Struggling to measure their productivity or efficiency even though they’re on the verge of burn out?
Does your company have high volumes of low value contracts which you are either paying an external attorney an exorbitant hourly rate for, or leaves your in-house legal team drowning, not able to focus on high value, strategic contracts?
All businesses must comply with the Protection of Personal Information Act.. That means that you need to protect the personal information of other businesses and individuals. To help you do that, you need some policies in place. We also have experience in dealing with the European equivalent of POPIA, known as GDPR. We can draft the necessary policies and contractual amendments for you.
If you have a business, chances are, there are a number of pieces of legislation that you need to comply with. Do you know what these are and what you need to do to ensure you’re compliant?
Paige Law is an official compliance content provider to BarnOwl for its compliance software solution.
BarnOwl is a fully integrated governance, risk management, compliance and audit software solution used by close to 200 organisations in Africa, Australasia and the UK. BarnOwl is a locally developed software solution and is the preferred risk management solution for the South African public sector supporting the National Treasury risk framework. Please see www.barnowl.co.za for more information.