by Susan Jeffery
14 Nov 2019
Whitepaper: UK 2019 Cornerstone Compliance Management Survey
A review of current compliance management practices among small & medium enterprise businesses and how methods of compliance management can impact risk and reputation.
Small & Medium Enterprises (SME) are faced with the challenge of learning the demands of these changing regulations, demonstrating compliance, and providing audit-ready reports. SMEs may believe that these regulations will only affect large businesses and corporations, but the truth is these regulations can be far-reaching and have a direct impact on small and medium businesses.
For example, 39 percent of SMEs reported not knowing who GDPR affects and 96 percent do not know the maximum fine for lack of compliance. To complicate matters further, many SMEs are attempting to navigate the waters of compliance with manual tools such as Microsoft Excel or with multiple sources and disparate methods of administering and tracking.
Additionally, compliance managed in this way requires an incredible amount of work on the part of human resources professionals. The result is that organizations tend to settle for training that just covers the rules rather than promoting a culture of compliance. Cornerstone conducted a survey to understand current compliance practices in the United Kingdom.
Findings of the survey illustrated:
- SMEs view compliance strategy as extremely important but cannot state how much money their organization has dedicated to compliance.
- SMEs largely see compliance as a means to manage external reputation, rather than an opportunity for employees to learn and create a culture of compliance
- Most organizations have not invested in a single HCM (human capital management) software
- Most have information held in diverse applications which do not communicate with each other
Download the full whitepaper to get insights into how SMEs in the United Kingdom are navigating the world of compliance and the implications of the results.