The Hidden Risks of Non-compliance
Globally, companies who fail to comply with regulations face serious issues with their brand reputation, apart from legal penalties/fines and even lose access to key markets. Failure to comply with stipulated regulations can cost a company millions of dollars in the form of fines and stop-shipments, as well as the cost of lost opportunity. While managing the cost of penalties may be temporary, the damage done to the brand’s reputation is hard to measure, taking years to rebuild trust in the marketplace.
ComplianceXL is a one-stop solution for all your regulatory compliance needs and supply chain sustainability. Our compliance services range from Consulting, Training, Documentation, Supplier Engagement, and Compliance reporting across various regulations such as RoHS, REACH, CA Prop 65, Conflict Minerals, IMDS and so on.
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The most common problems faced by organizations in meeting compliance needs are
- Lack of expertise to assess and identify gaps in the current compliance program.
- Internal bandwidths crunch due to which roles and responsibilities are unclear.
- Lack of the internal processes, systems and resources required for compliance.
- No dedicated supplier engagement program, poor supplier documentation
- Compliance is run ‘separately’ and not integrated across functions.
Mitigate the Risks of Non-compliance
- At ComplianceXL, we have dedicated Subject Matter Experts, who as consultants can guide you on your compliance obligations and be your knowledge partner in meeting requirements. Apart from assessing risks, the Consultant will also help you design systems that can ensure you have a clear compliance strategy and roadmap, on how to meet your compliance obligations.
- Once a compliance strategy and roadmap is in place, the ComplianceXL team can fully support you through the journey, supporting you with documentation, technology, reporting and maintenance of Effectively ensuring that you have good control over the compliance program and ensuring reduction of your risks of non-compliance.