Astute receivables leaders know how to identify issues and act on them before they become major problems – especially when it comes to compliance. If they don’t, the risk of fines, penalties, and legal actions may amount to an untenable extent if they aren’t avoided through mitigation actions.
Despite the warnings, many choose less favorable options, either ignoring the need for checks on their compliance tactics, hiring outside contractors who don’t know their business or simply absorbing the inevitable cost of noncompliance. Leaders take the proverbial bull by the horns, act immediately to avoid expenses and put their operations in a stronger position. Here, courtesy of Corporate Compliance Insights, Dan Potts discusses the most important elements in breezing through your next compliance audit.