More turnover through certified compliance solutions

Why compliance with laws and regulations is important for companies

Why is it important for companies to comply with laws and regulations? Well, there are a number of reasons. Firstly, it is important to comply with regulations to ensure that the company operates legally. If a company violates regulations, there can be legal consequences that can hit the company hard. On the other hand, compliance helps to improve the company’s image. Customers will be more likely to trust and want to work with a company if they see it playing by the rules. Moreover, compliance can help reduce risk for the company. By following regulations and laws, the company minimises the likelihood of penalties or claims for damages. In short: there are many good reasons for companies to comply with regulations and laws. These reasons range from avoiding legal consequences to improving the company’s image. Ultimately, compliance is crucial for any business.

Why supplier compliance is important

Supplier compliance is an essential part of supply chain assurance and risk mitigation on the customer side. Compliance with supply contracts, quality standards and other aspects of the supplier relationship is crucial to minimise the risk of supply bottlenecks which not least can jeopardise the entire functioning of the supply chain. Supplier Compliance Programmes such as TISAX or SAQ 5.0 are used to define supplier selection criteria, improve supplier relationships and thus avoid or minimise shortages and risks in the supply chain. Compliance programmes are a structured and efficient way for customers to work with suppliers and are therefore becoming increasingly important.

How certified compliance solutions can help increase turnover

In many companies, certifications are an essential element for cooperation with customers and business partners. Certification enables suppliers to demonstrate their reliability and quality to customers. Independent certification bodies and auditors ensure the integrity of the certificates. As a result certified compliance solutions reduce the efforts on the customer side. They can help save time and money for customers by reducing the need for audits. Certified compliance solutions therefore offer clients a clear advantage in purchasing over non-certified solutions. They reduce the effort for verifications and allow a wider selection between different suppliers. For suppliers, certified compliance solutions are a good way to increase their turnover by improving cooperation with customers and making it smoother. But the certificate is also often a prerequisite for access to new customers. It helps potential customers to assess new suppliers and ensures confidence in the products and services offered. Certified compliance solutions are therefore an essential factor for increasing the turnover of companies for both existing customers and new customers.

Conclusion

Compliance with regulations and laws is important for companies for a variety of reasons. Certification can be an important part of a compliance programme and help demonstrate a company’s reliability and quality to customers. For suppliers certified compliance solutions offer an opportunity to increase sales by improving and streamlining collaboration with customers.

Memex Consulting – Your business partner for compliance advice

If you need help to ensure that your company complies with all current laws and regulations, contact Memex Consulting today. We specialise in supporting companies with their compliance and building a compliance organisation so you can focus on your core competencies. We can help you create a compliance plan that is suitable for your business. Contact us today.