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How an experienced part‑time Legal Director can help you to keep your business compliant—now and in the future
The last few years have seen an unprecedented increase in regulation and legislation targeting corporate governance and corporate behaviour.
From anti-bribery legislation to The Modern Slavery Act, and from data protection to the need to maintain a register of Persons of Significant Control, businesses these days face a growing number of compliance requirements.
But meeting these compliance requirements can be difficult. Precisely which laws and regulations are applicable to your business? What exactly does compliance involve? And how best to stay abreast of changing compliance requirement going forward?
In each case, one of our part‑time Legal Directors can help you. Below we summarise the ways we can help your business to meet its compliance obligations—now and in the future.
The complex corporate governance compliance landscape
The corporate governance compliance requirements faced by businesses are very different from traditional industry-specific rules and regulations concerning—say—food safety, health and safety at work, or employee welfare.
Corporate governance regulation typically requires board-level action, director-level monitoring, and organisation-wide compliance. And unlike traditional industry-specific regulation, it generally calls for more than basic training, and monitoring through inspections.
Your business may need registers and statements of compliance to be maintained and published. Ongoing audits carried out. Procedural changes may be required, and even changes in organisation culture.
And practically, it can be difficult for organisations to know—and understand—their full compliance obligations.
Which leaves many organisations at risk. At risk of being found to have employee or customer data on a stolen laptop computer. At risk of a remote branch office being found engaging in illicit trading practices. At risk of being found to have modern slavery in its supply chains. Or at risk of any one of a number of other serious corporate offences.
And remember, in respect of corporate governance compliance, culpability is at board level.
How will The Legal Director work with you to help you to meet your compliance obligations?
Fulfilling your corporate governance obligations starts by understanding just what those obligations are, and how—or if—they apply to you.
So we start an audit: which compliance obligations actually apply to your business?
We then look at risk. Where is confidential employee and customer data kept, for instance? Is it encrypted? Where are the servers on which data is stored? Is Modern Slavery a characteristic of your industry’s supply chains? Is bribery a feature of the cultural norms of your industry? Does the ownership structure of your business include Persons of Significant Control?
Such questions, carried out in conjunction with the compliance audit, highlight the overall compliance landscape that your business must address.
Next comes compliance itself: drafting and publishing the applicable statements, policies and registers, and putting in place training and reporting mechanisms. All of which needs ongoing monitoring.
Finally, it is important to stay abreast of changes in the compliance landscape, as new rules and regulations coming into force, and changes to existing rules and regulations affect their applicability to your business.
How does The Legal Director's advice and approach differ from that of a traditional firm of solicitors/law firm?
The advice you receive from us, certainly in legal terms, we would expect to be much the same as that from a traditional law firm. However, two things in particular make The Legal Director stand apart.
Firstly, we give legal advice from a business perspective. All of our lawyers are highly experienced in business, all of us have worked in industry, and all of us are well-versed in how businesses work in practice.
Secondly, The Legal Director is proactive rather than reactive. Our approach to compliance is to proactively ensure that your business will be compliant now—before compliance problems arise—but also in the future. Rather than helping you to deal with problems after they have occurred—which is too late—we strive to anticipate potential problems and put in place protective mechanisms ahead of time.
The three key areas where one of our part‑time Legal Directors can help you to meet your compliance obligations
- We help you to understand which corporate governance compliance obligations apply to your business, and where your risks of non-compliance are greatest.
- We work with you to achieve compliance: drafting and publishing the applicable statements, policies and registers, and helping you to put in place training and reporting mechanisms.
- We help you to stay abreast of changes in the compliance landscape, as new rules and regulations coming into force, and changes to existing rules and regulations affect their applicability to your business.
Then call 020 3053 8613 for further information and advice.