5 Tips to Help Your Firm Stay Up To Date With Legal Obligations
Laws are constantly getting stricter and harder to evade, which means firms who want to remain compliant have to constantly update their knowledge on new laws and regulations which could affect the way they work.
Often companies learn about changes last minute or after the law has already been passed which puts their practice at risk, but, how can a firm ensure it is constantly prepared for any legal updates? Here are the Elia & Elia tips to keep your firm organised and on track with legal legislations:
- Hire a professional and experienced in-house compliance officer whose sole job is to ensure all practices of the company are within the law. If you have a big firm invest in a bigger compliance team so they can manage external laws and internal implementations.
- An alternative is to collaborate with an outsourced law firm to perform the same job as a compliance team especially if your compliance officer is already overloaded. An external law firm will offer more experience and a high quality level of legal consultation to keep your company safe.
- Review and reassess your internal procedures to make sure all new law requirements are communicated on time and implement into existing procedures.
- Expect a certain level of compliance knowledge from every employee – not just the compliance team. If all your employees keep an eye open for any possible loopholes it will decrease your chances of missing a change.
- Keep a database with all the regulation changes and make it accessible to all your employees so everyone is informed on the changes and will implement them in their work and when communicating with clients.
For more information on how to keep your company compliant speak with the Elia & Elia team.