What Does Compliance Mean?
Compliance is an American legal term meaning a company and its employees are obeying all legal laws, policies, procedures, and regulations pertaining to how they operate their business and treat their staff and consumers and visa versa.
The theory of compliance is to ensure that corporations and their employees act responsibly and within the law. This is important in a business because non-compliance can bring severe penalties and fines and lawsuits that can bring significant damage amounts; you can also be arrested and charged criminally.
If your business is not in compliance, contact our office right away to make sure your rights are protected by our expert and highly-skilled attorneys.
Can Noncompliance Really Be Criminal?
It’s obvious that no business owner or employee wants to face criminal charges for not being in compliance. Yet, because there are so many different regulations and laws on how a business should manage itself and its business operations, sometimes it is easy to stray into the dark side—especially if you do not have a compliance officer.
There are so many categories that compliance encompasses like employee and public safety, environment, advertising, financial dealings, communications, audits, etc., that it is impossible to list them all here. Corporate compliance is really about eliminating risk.
Let our firm assess your risk level and if your employees are participating in any misconduct that has to do with fraud, waste and abuse.
What Do Fraud, Waste and Abuse Have To Do With Compliance?
What is fraud, waste and abuse when it comes to compliance?
Fraud is the intentional action of deceiving, misrepresentation or concealment in order to get something of worth. For example, billing for services that were never given; billing for services at a higher rate than normal; deliberately misrepresenting services resulting in unnecessary costs; improper payments or over-payments.
Waste is the exploitation of services and the misappropriation of resources.
Abuse is the unwarranted or improper use of services or actions that go against acceptable business practices such as charging in excess for services or supplies or unnecessary services.
Why Is It Important To Be Compliant?
Your business being profitable depends on its public image. Hence, why Yelp is so prevalent these days. When a company is suddenly facing several lawsuits, or one of its officers is headed to jail, the public will lose their trust in that company and sales and services will eventually fall.
Compliance ensures that a company can maintain a positive image while building consumer trust and earning profits. This also transcends into consumer loyalty, since customers are more often than not going to return to a company’s service or product they see as trustworthy.
This is why it is extremely important you call us today if you suspect non-compliance amongst your employees or if you have been accused of any of the above examples of noncompliance. It is important you get the best legal help available to ensure the process is fair and the end result in the best outcome there can be.