A mid-sized business can successfully outsource several compliance roles to a co-managed BPO (Business Process Outsourcing) provider. Different BPOs specialise in different roles so getting the right fit to meet your needs is essential. Compliance roles that can be readily outsourced typically include:

Regulatory Compliance #

• Monitoring and Reporting: Ensuring that the business adheres to industry regulations and reporting requirements.
• Regulatory Filings: Preparing and submitting necessary documentation to regulatory bodies.

Financial Compliance #

• Audit Support: Assisting with internal and external audits, ensuring financial practices meet legal standards.
• Tax Compliance: Managing tax filings, ensuring compliance with local, state, and federal tax laws.

Data Privacy and Security #

• GDPR Compliance: Ensuring adherence to General Data Protection Regulation requirements for businesses operating in the EU.
• Data Security: Implementing and maintaining data protection measures, including compliance with laws such as HIPAA or CCPA.
• ISO Compliance: Ensuring adherence to relevant ISO standards, such as ISO 27001 for information security management.
• PCI DSS Compliance: Managing compliance with the Payment Card Industry Data Security Standard for handling credit card information.

Environmental Compliance #

• Environmental Reporting: Managing environmental impact reports and ensuring compliance with environmental regulations.
• Sustainability Initiatives: Assisting in developing and implementing sustainability policies.

Human Resources Compliance #

• Labor Law Compliance: Ensuring adherence to labor laws and regulations, including employee rights and workplace safety.
• Benefits Administration: Managing employee benefits programs in compliance with legal standards.
• Modern Slavery Compliance: Ensuring adherence to modern slavery laws and regulations, including conducting due diligence and reporting.

Health and Safety Compliance #

• OSHA Compliance: Ensuring workplace safety standards as per the Occupational Safety and Health Administration regulations.
• Health and Safety Training: Providing training programs to ensure employees follow health and safety protocols.

Industry-Specific Compliance #

• Healthcare Compliance: Ensuring adherence to healthcare regulations and standards, such as those set by the Joint Commission.
• Financial Services Compliance: Managing compliance with financial industry regulations, such as those set by the SEC or FINRA.

Compliance Training and Education #

• Training Programs: Developing and delivering compliance training programs for employees.
• Policy Development: Assisting in creating and updating compliance policies and procedures.

By outsourcing these compliance roles to a co-managed BPO provider, a mid-sized business can benefit from specialized expertise, reduced risk, and more efficient compliance management.