The benefits of being compliant.

In a society where data has become the currency of the future, the much-skirted subject of compliance is only going to become more crucial. Compliance is often regarded as a necessary evil, a box that has to be ticked, and perhaps, due to the introduction of GDPR, there is also a certain level of fear around not being compliant.

Businesses cannot have a serious data offering, whether this is analytics, insights or how the data is managed and stored without the need for compliance. Due to working with semi – state organisations, compliance is an integral part of what we do at FMI. Most data breaches occur due to human error and part of the role of compliance is to monitor and ensure that high standards are maintained to minimize that risk.

For FMI and our clients there are tremendous benefits to compliance that are perhaps not always immediately evident to the general populace.

Some of these benefits include:

Cost Savings
Besides the more obvious cost of the fines of a data breach, the knock – on associated reputational risk and PR disaster for a business can be as crippling, if not more so.

Consumers need to trust you with their data; if this trust is in anyway compromised it is almost impossible to re-establish that bond. As we are appointed to service the customers of our clients, protecting their data is regarded with the highest priority.

Accuracy and Efficiency
Compliance is about accurate, timely documentation of activities. It helps provides clarity and transparency, and this increased visibility is critical for investment and planning, as it helps uncover better data that allows for better insights and better decision making. Compliance allows for less hesitance and inspires more confidence. When rules and policies are known and adhered to it makes people more confident to do their jobs.

Transparency is good for stakeholder relationships and although it is not easy to do, it helps build reputational credit and trust. For us at FMI we can be transparent because we are compliant. This transparency means that we quickly uncover what is working and what requires improvements. The process of simplifying and streamlining makes us more efficient, which in turn drives performance standards across the business.

For FMI it’s about maintaining high standards and better relationships with our clients and their customers. Our focus on compliance allows us to act in accordance with our core values, not just because we are doing what is required, but because we are doing what is correct.
If you have a question on compliance or are in need of a thorough compliance function in your business get in touch with our team today.

Selene McGruer
Compliance Manager