Risks of Non-Compliance

The Hidden Risks of Non-compliance

Meeting regulatory compliance norms is an inevitable responsibility for any organization, and supply chain compliance norms are evolving every day, creating bigger challenges for companies.

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.

Globally, companies who fail to comply with regulations face serious issues to 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 forms 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 reputation is hard to measure, taking years to rebuild trust in the marketplace.

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 bandwidth crunch due to which roles and responsibilities are unclear
• Lack of internal processes, systems and resources required for compliance
• No dedicated supplier engagement program, poor supplier documentation
• Compliance is run ‘separate’ 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 in place, the ComplianceXL team can fully support you through the journey, to support you with documentation, technology, reporting and maintenance of your compliance program. Effectively ensuring that you have good control over the compliance program and ensuring reduction of your risks of non-compliance.