Ensuring Cadent's compliance with various regulations and requirements is a holistic approach involving regular audits, a robust compliance management system, and fostering a compliance-focused culture. Regular compliance audits are crucial, scheduled quarterly, and led by a team of internal and external auditors. By analysing past reports, Cadent can pinpoint recurring issues and ensure the creation of corrective action plans.
Implementing a compliance management system involves integrating reliable software with existing processes. This system, tailored to Cadent’s operations, ensures clear roles in compliance oversight. Regular updates and training help maintain the system’s effectiveness, enabling continuous alignment with regulations.
A compliance-focused culture is vital for ingraining compliance into Cadent's ethos. Regular leadership communications and employee training sessions underscore its importance. Reward systems for compliant behavior and a confidential whistleblower mechanism solidify this culture. By appointing compliance champions and encouraging departmental collaboration, Cadent ensures that compliance becomes a shared responsibility across the organization.
The strategies
⛳️ Strategy 1: Conduct regular compliance audits
- Schedule routine compliance audits every quarter
- Develop a comprehensive checklist including all regulatory, industry, and company-specific requirements
- Assign a team of internal and external auditors to oversee the audits
- Analyse past audit reports to identify recurrent compliance issues
- Ensure all audit findings are documented and stored securely
- Develop corrective action plans for any identified non-compliance
- Review audit processes annually to incorporate new regulations or requirements
- Train audit team regularly to ensure up-to-date knowledge of compliance standards
- Verify the implementation of corrective actions in subsequent audits
- Report audit outcomes to senior management and suggest improvements
⛳️ Strategy 2: Establish a compliance management system
- Choose a reliable compliance management software system
- Map out all applicable regulations and requirements for Cadent
- Design a compliance framework tailored to the company's operations
- Integrate the compliance management system with existing company processes
- Define clear roles and responsibilities for compliance oversight
- Provide training sessions for employees on using the compliance system
- Regularly update compliance requirements within the system
- Collect feedback from employees to improve the system's usability
- Monitor system usage to ensure effectiveness
- Conduct bi-annual reviews of the system's performance and make necessary adjustments
⛳️ Strategy 3: Cultivate a compliance-focused culture
- Initiate regular communications from leadership emphasising the importance of compliance
- Develop a compliance training programme for all employees
- Introduce a reward system recognising compliant behaviours and reporting
- Establish a confidential whistleblower mechanism for reporting non-compliance
- Organise workshops highlighting real-world implications of non-compliance
- Appoint compliance champions within each department
- Encourage cross-functional collaboration to address compliance challenges
- Embed compliance expectations into employee performance evaluations
- Conduct annual employee surveys to gauge compliance culture
- Regularly update the company's compliance handbook and distribute it to staff
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
