It's no secret that SMEs face unique risks when compared to the average business, given their size and financial limitations.
However, recent research revealed that the biggest concern facing SMEs has nothing to do with managing costs, but rather following the law.
In fact, nearly 60 per cent of SMEs reported that the most worrying risk for their business is regulatory compliance. Regardless of size or industry, your SME can't afford to ignore compliance concerns.
- Conduct routine staff training on relevant regulations to ensure employees know how they play a role in maintaining compliance.
- Make sure all workplace policies reflect regulatory compliance. Always include compliance in your routine risk assessment.
- Purchase proper cover to protect against non-compliance risks.
The content of this Profile is of general interest and is not intended to apply to specific circumstances. It does not purport to be a comprehensive analysis of all matters relevant to its subject matter. The content should not, therefore, be regarded as constituting legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice. Further, the law may have changed since first publication and the reader is cautioned accordingly.
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