The increasingly global nature of business operations requires organizations to effectively manage HR compliance across different regions and countries. This regulatory demand requires a deep understanding of local rules and regulations to ensure compliance.
Getting this wrong can be costly and damaging for your business. So, what can your company do to maintain compliance across different countries? You must reassess your current compliance processes and take steps to improve compliance throughout your company.
Tackling The Ever-Shifting Landscape Of Regulations
As regulations morph and grow, businesses must ride the wave of change and adapt their business. Falling behind isn’t an option. Safeguarding your company and its employees is a priority.
If you make an error and a regulator takes action, the penalties for breaches can be astronomical. For example, under the General Data Protection Regulation (GDPR), you could end up paying a fine of up to 4% of your global company turnover.
Navigating different terrains can be a challenge. For example, North America and Europe have entirely different biometric data laws, which is only one example. Hundreds of rules and regulations differ globally, and they are changing constantly.
Streamlining HR Compliance Can Make A Real Difference
Managing global HR compliance is like conducting an orchestra. All instruments must work together harmoniously, or the whole thing can collapse. It is the same for compliance departments. Everything needs to work together in unison.
Naturally, it can take a lot of work to stay on top of all the demands from different countries. That’s why streamlining your compliance needs is the most logical step. Automation is a simple and proactive approach to compliance.
Global compliance experts like Deel have a global HR compliance platform that can grow with your business. Access to platforms like this helps your compliance team manage HR compliance more effectively.
Main Benefits Of Automating HR Compliance
There are many benefits to automating your HR compliance. Here are a few of them to see how they can help in practice.
- All of your documents are in one centralized hub. This centralization makes it easier to access documents quickly. Also, all documents are completely secure. This requirement satisfies regulators worldwide.
- Automation can eliminate any problems associated with different time zones. For example, it is easier to share documents with colleagues in other countries, regardless of the location. It can be as simple as pressing a button.
- An automated system can update new rules and regulations as they happen. Your compliance department can receive an alert for any changes so you can take immediate action.
Automation Bonuses That Are Overlooked
There are additional benefits you can get working with automated compliance systems. Here are two areas where automation can further improve your regulatory compliance.
Cultivating A Data-Safe Culture
Data protection is critical in the current climate, especially with more cyber attacks yearly. Customers and employees need to know their data is secure. An automated system can drive a data-safe culture in your organization.
- Knowledge is power for your company. An automated system means your team will always be well-informed if there is a problem. This setup is ideal as a first line of defense in an attack.
- As technology advances rapidly, it can take time for businesses to keep up with it all. An automated system gives you 24/7 compliance coverage. Also, it doesn’t matter where your business is in the world.
Detailed Customer Checks
In any business, it is advisable to know who your customers are. Working with a compliance company that runs deep customer checks is best. It protects your business and demonstrates your commitment to security.
- You should do Know Your Customer (KYC) checks on every customer who uses your platform. Also, you should screen every transaction and beneficiary against anti-fraud lists and international sanctions.
- Enhanced Due Diligence (EDD) checks can see if a business can operate in a particular industry and location. Traditionally, anti-fraud and payment teams manage these checks.
- Many automated compliance providers have strong collaborative relationships with regulators. It doesn’t matter where the regulator is in the world. This reach is highly beneficial for businesses working globally.
Manage HR Compliance For The Future Of Your Business
Automating your HR compliance can help you stay compliant in an ever-changing world. Streamlining is key. You can manage different time zones, access documents in one central area, and stay on top of new regulations.
You have an opportunity to boost HR compliance in your business. Consider doing a demo with a specialist organization for HR compliance. It will help you assess your compliance accurately to protect your company.