MP&O - Legal & Compliance - updated - 02

Ensuring compliance is a main priority for most businesses. As there are potential serious consequences for businesses who do not meet their legal obligations, it is essential to ensure that their organization’s operations are running according to the law. Thus, I would like to share some of the steps every organization has to consider to ensure compliance.
• Stay on track with regulatory changes
• Involve specialists
• Schedule regular internal audits
• Outsource to a vendor

Stay on track with regulatory changes

You toned to be able to continuously be on the look out for changes that have been made as there can be changes in the rules and regulation that will not be announced in the usual channels. You want to make sure to identify which laws and regulations apply to your organization and stay on top of the changes. Even if your organization does try to follow the laws, if you are not up to date on the changes, you might unintentionally be breaking laws and show that the organization is not compliant and can lead to the consequences.

Involve specialists

Even if you are already familiar with the updated laws and regulations, and are starting to think of taking action to be compliant, you can also hire specialists to ensure that every action and procedure is compliant.

Schedule regular internal audits

Regular internal audits are an excellent way to discover inadequate and ineffective procedures that lead to noncompliance. Internal audits can concentrate on the organization’s financial, operational, technological, or regulatory aspects of the organization.

Outsource to a vendor

The last but not least, this will be one of the options you might want to consider. You want to outsource it to services providers, especially when you just want to focus on your business and do not want to give time for that or if you are not familiar with the laws but want your organization to be compliant. By outsourcing to a vendor, they will help you ensure everything is in order as they have a narrow scope and are best positioned to keep on top of changes to the laws.

Hay Soe

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MP&O® was founded by the leaders of Myanmar’s best recruitment and corporate secretarial service firms to minimize legal exposure and maximize operational success for their existing clients, who consist of some of the most prominent local and multinational companies.

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