Compliance in SMEs

Compliance is mandatory, even for SMEs

Many small and medium-sized companies are conscious of compliance and aware that there are risks in the company. However preventative measures are either only partially implemented or not implemented at all due to a lack of expertise and resources.

Getting started with compliance, but how?

It’s often the case that company managers do not know how to practically implement individual measures from existing procedures and standards. In such cases, there is a clear need to conduct a compliance risk analysis, raise awareness among employees and implement accompanying communication measures, for example.

Reasons often include a lack of time and financial resources and the additional burden of compliance bureaucracy. However, investing in compliance pays off in every respect, particularly because it is possible to implement an effective compliance management system on a small budget and with a reasonable amount of effort.

The benefits of compliance

In addition to minimising risks to your company, a compliance management system also sends a strong signal to the outside world. It shows business partners that the company has reached a certain degree of maturity in the area of compliance and that they are working with a business partner with integrity. What’s more, it also constitutes a market advantage over the competition. This is because some large companies and groups see the lack of a CMS as an obstacle preventing the establishment of business relationships. In contrast, the existence and evidence of a proprietary code of conduct increasingly simplifies collaboration with ‘big players’ and can bring about benefits when it comes to awarding contracts, for example, in the context of tenders.

Do you represent an SME and have the task of promoting compliance in your company? Get in touch with us. We will provide you with the necessary support!

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