| So, what happens when organisations ignore regulatory compliance? Adverse Effects of Non-Compliance
The most recent case is that of the second largest automobile producer in the world, Volkswagen. It installed dubious emissions systems on 11 million of its Type EA 189 engine-fitted diesel vehicles that could allegedly manipulate the all-important emissions tests. As a consequence, the company is said to have earmarked billions for repairs and reputation management! In 2015, Fiat Chrysler Automobiles admitted to violations of the US Motor Vehicle Safety Act and paid millions of dollars in civil penalties. In South Africa, miss-declared cargo weights and incorrectly secured contents have resulted in the forced adherence of the new IMO/ILO/UNECE Code of Practice for Packing of Cargo Transport Units (CTU) from July 2016. Instances like these must serve as a wake-up call for other companies to embed compliance into the culture of the business by making it a priority. Ensuring your business is compliant and functioning in line with industry regulations also leads to: As the recognised independent professional body for all compliance officers in the country, the Compliance Institute Southern Africa provides training and the Generally Accepted Compliance Practice framework to guide companies in understanding the components of corporate responsibility. For more information, CLICK HERE and subscribe as a member. | 