How to Ease Your Compliance Anxieties

Raffa Financial ServicesRaffa Financial Services on 12/05/2017

Are you constantly worried about staying in compliance? This isn’t necessarily a bad thing. When you’re dealing with a part of the business that is regulated with potential fines and lawsuits, you want to make sure you’re on the safe side of the street.

If you let these things slide, non-compliance fines, fees and litigation can literally bring down your business.

No one said it was easy

Staying up-to-date on constantly changing legislation and the resulting compliance regulations and responsibilities is difficult and time consuming. In fact, some days it can feel darn near impossible. But that’s no excuse for not getting it right.

If you do fall out of compliance, the “I didn’t know!” defense isn’t going to get you off the hook.

It’s your job to know your organizational responsibilities and operate within them. If you don’t have the right team, resources, and processes in place to manage it all, things can go wrong. And fast.

Non-compliance can result in some or all of the following:

  • Fines and penalties
  • Litigation and attorney expenses
  • Diminishing confidence in leadership
  • Damage to your organizational brand
  • Exposure to increased Workers’ Comp fees
  • Inefficiencies due to lack of training and procedures

If you think compliance is hard now, try adding in one or more of the above and see what happens. If that idea sounds terrifying, it should. Luckily, there are ways to avoid putting yourself in that scenario.

Staying in the know

The key to being compliant is staying up-to-date, but the challenges of staying up to date are real. Things change quickly and often, and your leadership and HR roles requires you to wear many different hats. Compliance officer is just one of them.

At Raffa, we work with businesses all over the greater Maryland, Virginia and Washington, DC area, helping to make sure that they’ve got compliance covered.

Thanks to our comprehensive compliance review process, we recently brought a new client into compliance while avoiding millions of dollars in potential penalties. The financial risk was overwhelming to the business owner, but working with us was easy. And, to make things even easier, we made sure their ongoing compliance requirement would be automated and effortless by migrating them to our on-demand compliance suite.

Needless to say, they were more than happy.

Need helpful compliance tools?

Keeping your HR administration team, leadership, and staff up to date on regulations and communicating clearly and often are two critical elements to keeping your organization in compliance.

If you’re looking for ways to make staying in compliance easier, we have tools that can help:

  • Legislative Briefs, written and reviewed by a team of lawyers, provide overviews of changes in legislation and how those changes are likely to affect you as an employer
  • Informational videos for employers on health care reform regulations
  • Easy-to-understand employee communications including articles, videos, and posters
  • Documents that detail employer requirements and deadlines for implementing changes
  • Compliance Calendar - an on demand resource designed to help you track and meet key federal compliance deadlines associated with your benefit plans.

Being proactive in these areas will help you avoid compliance issues, and costly non-compliance penalties. It will also give you the peace of mind that comes with knowing you’re not just on the right side of the law— you’re also doing what’s right for your business and employees.

 

Struggling with benefits administration and compliance? We’ve got tools to make it easier. Get in touch to find out what working with a true employee benefits consultant feels like. At Raffa Financial, this is what we do for Washington, DC area employers every single day.

 

Photo by Kiosea39

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