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The Risks of Non-Compliance for your Business

by Shilpa Shingade

Introduction

Corporate compliance involves adhering/following to a wide range of rules, regulations, laws, and standards which are designed to protect your business, employees, stakeholders and all others involved in the organization. Right from obeying safety guidelines, to following the standards for payment of wages an organization must comply with all the local, state and federal laws at all the times.

In recent years, adhering to the laws and standards, and monitoring the compliance of the business processes has evolved as a major concern for the business owners. Monitoring not only refers to continuously observing possible compliance violations but also includes predicting possible compliance violations in the future. Since the concept of business process compliance is vast, thus approaches related to process monitoring are hard to identify. Monitoring the compliance of business processes with relevant regulations, constraints, and rules during runtime has evolved as a major concern in practice.

The cost of non-compliance and monetary fines have been continuously increasing in the past few years. However, business owners are getting impatient as these consequences would affect the organization in many ways. Increased complexity, enforced business changes, and individuals being held personally accountable are all set to continue because of continuous compliance failures.

HR Compliance Plus

Why Statutory compliance

  • Required by Law-All the registered companies are required by Lato follow the statutory laws and comply with them.
  • Audits-Non-compliance also invites unnecessary inspection and audits, leading to waste of time and money.
  • Financial  Penalties-Non-adherence to statutory Compliance leads to payment of heavy fines and indirect loss to companies.
  • Imprisonment-Non-compliance may lead to fines and imprisonment of the CEO/Directors/Board members
  • Brand Value and Market Reputation– Payment of fines and imprisonment can destroy a company’s brand name
  • The company shut down– In serious non-compliance cases, companies are asked to shut down by the authorities.

Recent examples of the impact of being Non –Compliant  – Referred from QuickBooks Resource Centre

  • The Department of Labour’s Wage and Hour Division (WHD) recently obtained a consent judgment of nearly $1 million to secure the payment of back wages from Manna, a restaurant chain operating in New York. 
  • Businesses that are found to have discriminated against an applicant’s protected class (e.g. religion, national origin, sex, etc.) can expect to pay up to $300,000 in compensatory and punitive damages, depending on the size of the offending company.
  • If you are alerted to an OSHA violation, don’t hesitate to correct it. Allegations of blocking exits and hazardous conditions at a Boston location led to Dollar Tree Stores facing a fine of $177,800.

Newer technology driven solutions have emerged to protect businesses from Non-Compliance

Compliance requirements can be complex, and business owners may not always be fully educated about the latest rules and regulations.

Because of the vast number of government guidelines for compliance, it can be easy for business owners to find themselves in violation, leaving their companies open to penalties and even dissolution. Having a complete and thorough understanding of corporate compliance is crucial to protecting your business in the years to come.

Illustrative benefits of  using technology driven approach:

  • Reduces business risks
  • Helps to expedite global expansion
  • Enhances control and visibility
  • Real-time, cloud based platform
  • Enables proactive alerts, notifications, and escalations to eliminate business risks
  • Interactive global compliance command center -that allows you to change priorities, delegate activities and monitor progress
  • Flexible, customizable
  • Intelligent dashboard, alerts, and analytics.

After all, when it comes to non-compliance issues, ignorance of the law is no defense.

“Being Complaint is not a choice, but a mandate”

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Impact of Robotics in delivering HR Services

by Brucelin 

1.What is your take about robotics automation in the HR industry?

In any industry, repeated and manual tasks are good candidates for automation with bots. HR industry is no different and it has a huge potential for robotic automation.

The HR spectrum ranges from pre-on boarding to post–exit operations and currently there are several mundane and redundant tasks which are done manually. The key here is to pick out those activities that are time-consuming at a mass level and try to replace them with software programs called “Bots”

Tasks, like verifying the on boarding checklist, sending out emails, validating payroll inputs and outputs etc, are good candidates for automation.

Automation also improves precision and quality of these activities apart from saving time and effort.

2.Can you name some of the common HR processes where bots intervene to enhance the quality of work delivered? Has this drastically reduced manual intervention?

Sub-processes in on-boarding, recruiting and payroll processing are some HR processes where bots are found to be commonly deployed. Let us take the case of On-boarding/exit; the following tasks can easily be automated using this evolving technology

  • Assess, prepare and create new joiner data
  • Streamline information across disparate corporate systems for preparation on Day 1
  • Consolidate leave input from business areas and feed to downstream systems

In the case of recruitment, there are several areas where automation can be applied. Take, for example, the following scenarios

  • Processing candidate notifications for interviews, rejection and feedback
  • Candidate reviews – screening of CV’s and online application forms

The entire sequence of events from sourcing resumes by referring to a Job Description to scheduling interviews and rolling out offers can be automated through proper strategizing and planning.

However, these are just the tip of the iceberg; there are several other innovative aspects to this, if rightly explored, could result in strengthening the HR processing landscape

3.List some of the key advantages of using robotics in HR processes?

Some of the key benefits of using robotics in HR include

  • Time and cost savings
  • Increased accuracy and efficiency
  • Increased consistency of processing
  • Improved productivity and throughput

4.What, in your point of view are the key trends to watch out in the field of robotics in the next 5 years? What would be the biggest technology trends to look forward to in 2017?

I think robotics is going to be a huge game changer across all the industries. The wave has already started everywhere and Robotics along with Artificial Intelligence, Block chain and IOT are going to create a huge disruption in the way in which businesses are going to operate in the future

In the next 5 years, tools like Blue Prism, UI Path and Automation Anywhere are going to be used exhaustively to automate manual processes across all the industries. In areas where strategy and decision making are required, AI and Robotics will collaborate.

The Key trends to watch out for in 2017 include Artificial Intelligence, Machine Learning, Block chain and IOT

5.Do you think any particular industry is adopting robotics fast these days? As an authority in the field, could you point out the early adopters of RPA in the industry?

Retail and health care are two important industries that are adopting robotics at a rapid pace. Take the case of Amazon, they already have drones manning their warehouses and they also plan to do door delivery of goods using drones in the future.

Robots are also deployed in production and assembly lines in major factories to reduce dependency on Human Resources.

In the case of healthcare, robot-assisted surgeries are highly common these days, we also have robots taking the role of general physicians by imbibing all the knowledge that are essential to analyse patient cases and take necessary actions. Artificially intelligent healthcare chat-bots could evolve to treat many common ailments.

6.In closing, can you share few key learning’s that you’ve had over the course of your professional exposure and experience in dealing with the robotics and automation?

The most important thing to understand is that automation is not really a new term – The era of automation started with the advent of computers and later the internet where various tools were devised to solve business. From mainframes to the client servers to cloud computing, automation has evolved in different phases encompassing different areas.

Robotics and AI have existed for a while now and the thrust to use them has increased in the past couple of years due to the enormous growth in business processes due to the scarcity of manpower as well as the ever-increasing cost of skilled and unskilled labour.

My final take is that unlike earlier occasions, robotics is going to make a huge dent in the way business is being carried out now and unless business owners realise this and make the right moves, they might find themselves questioning their survival amidst competitors who might have travelled far ahead of the curve.

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IN conversation with Tim Musson: Information and Data Security Imperatives in managing HR Data

Tim MussonAll businesses are required to comply with data protection legislation. Many organizations are not sure how to do this. Others simply choose to ignore and remain unaware of the consequences of doing so.

IN Team from Neeyamo caught up with Tim Musson at the CIPP Annual Conference in late 2016 at Wales where he held a session on the importance of Data Protection and Security in Payroll. Tim is the global authority and an industry veteran in data protection, information security and privacy related matters. He frequently talks at industry events on this. He currently serves as the Managing Director of Computer Law Training Ltd., UK and is also the Head of Computer Law and Data Protection at the The Security Circle, Glasgow, UK.

Tim is a busy person these days. Changing data protection regulatory environment – especially in the UK and European region has meant that his advice is much sought after.

IN: What is particularly special about HR Data?

TM: It is very very personal data. It has a lot of intimate details about people which includes a lot of what is technically called “sensitive personal data” Continue Reading