Contractor Compliance: Problems and Solutions for CEOs
Mar 05, 2018
Companies of all sizes are looking for ways to expand into new countries with minimal investment and optimal levels of productivity. When entering international markets, companies must learn and implement new standards and regulations, as well as take steps to ensure compliance with both domestic and international compliance laws for each industry.
Without the use of a contractor compliance management system, companies looking for significant expansion may be left vulnerable to noncompliance penalties and fines, which could result in lost business or damage to a professional reputation.
Problems and solutions for CEOs
A recently released a survey of CEOs from around the world covered challenges their organizations face and what strategies they are adopting to overcome obstacles and advance growth. Researchers found that companies in mature Western markets are more concerned with consistency and solidifying corporate reputations.
European, U.S., and Asian CEOs varied on their level of preoccupation with global risks, government regulations, innovation, and retaining human capital, but all three groups must strike a balance between the various issues. Although each region has unique problems and strategies associated with growth, all CEOs must find a way to ensure they and their contractors observe industry laws about safety and operational compliance.
Some of those external shocks and pressures may include the government regulations that monitor activities in various industries. For instance, the financial and reputational fallout that may come when a company contractor fails to observe safety regulations and comply with corporate guidelines can hamper a business' growth trajectory.
U.S. CEOs need to keep tabs on their own compliance with government regulations, as well as the compliance of their contractors. When contractors', vendors', and suppliers' actions result in safety violations or contradict corporate social responsibility guidelines, it reflects poorly on the company. It can also increase a business' risk mitigation burden, adding the threats of fines to existing global, political, and economic risk.
Because the overall regulatory environment in the U.S. and abroad remains uncertain, U.S. CEOs must create strategic growth and operational plans that take these variables into account. Ensuring your contractors will not present compliance problems is one way to reduce uncertainty.
With this in mind, it is important that enterprises work with contractor qualification and management systems to ensure all business partners are in compliance with industry regulations.
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BROWZ products are currently provided in 12 languages with more on the way, and BROWZ services clients at 3500+ sites around the world.
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- safety compliance
- supply chain management
- Supplier Management
- corporate social responsibility
- contractor pre qualification
- contractor safety
- safety statistics
- contractor management
- compliance management
- supply chain management
- risk mitigation
- risk management
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