“Regulatory Compliance” encompasses so much: anticorruption, securities laws, and compliance with FDA regulations and those implemented by a variety of other government agencies such as OSHA, NHTSA, the FCC, FTC, DOJ, and others. It impacts not only products and services, but the way companies run themselves, manage internal controls, maintain books and records, and report publicly.
If done well, compliance programs and processes can provide a strategic and business advantage. If done poorly, they can cause a company to run afoul of the law, get fined, get bad press, lose government contracts, or even lose the ability to operate entirely.
Compliance programs and processes do not have to be a big burden on the company, but can become another part of the fabric of its routine business processes that align employees in the right direction and with the right way of getting things done. They will even improve profitability over the long run. They can help companies avoid irresponsible discounting, product recalls, and other unfortunate circumstances that disrupt the bottom line. Well-run compliance programs are also deeply appreciated by companies’ customers, who increasingly have an expectation that even the smallest companies will run themselves in a very compliant way—that they will respect labor and anti-corruption laws, respect the intellectual property of others, source responsibly, and so on.
When small to mid-sized businesses can demonstrate that they have rock-solid and efficient compliance programs, it can provide a sustainable—even marketable—competitive advantage. Ephraim Starr, pllc would be honored to help companies implement or improve such programs.