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By Michael Ivanchenko
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Compliance requirements are increasing across all industries around the world – and Australia is no exception. It doesn’t matter what development cycle an economy or a country is in, the direction is clear.
As we continue to see globalisation and the transfer of skills and information around the world, being able to rely on digital credentials – the information that is critical to doing your business – becomes even more important.
So, when crossing borders either nationally or overseas, digital information and digital credentials have to be trusted.
Moving away from outdated methods and into the digital realm not only allows companies to streamline their processes but can also potentially reduce both cost and risk.
Businesses are already aware of the cost of compliance, through personnel time and wages, duplication of effort, and software and technical equipment needs.
The cost of non-compliance is even higher, not only in terms of monetary penalties that can range from tens of thousands to millions of dollars, but also the risk to your company in terms of reputation, ability to secure future business, and the impact on the share price of listed companies.
It’s a risk company shouldn’t be taking, yet some businesses are inadvertently exposing themselves to penalties, simply because keeping track of the various regulations and requirements is a complex process.
Digital credentials simplify that process and allow a company to keep track of relevant data in real-time, optimising productivity. The other benefits include:
Reducing Administration: Constantly having to check whether employee credentials are up to date is time-consuming and costly. Once employee data is onboarded, the compliance monitoring software sends out real-time alerts, reducing duplication of effort and cross-checking requirements, freeing up admin staff to take on other tasks.
Streamlining Auditing and Investigations: With all documentation in one place, and the ability to check compliance details at any time in the past, generating reports for auditing and/or investigation purposes is time-efficient and simple.
Using a Digital Credentials Passport so Employees Can Start Work Sooner: Onboarding employees is timely and costly. With digital credentials passport technology, you’re actively shifting the compliance entry function to the worker. This not only saves you time and money but also empowers the employee to own the onboarding process and join your team much faster.
Supports ‘Know Your People’ Initiatives: Better compliance can assist with the well-being and personal safety of staff, allowing companies to truly know their employees and contractors.
It’s important to consider privacy concerns and ensure that the technology you use has the employee remains the owner of all data, at all times.
But if you use the right technology, you can save your business time, money, risk and unnecessary workload – everybody wins.
About the author: Michael Ivanchenko pictured above is the CEO of CVCheck, an ASX-listed company, offering screening and verification services to a wide range of industries including mining and resources, oil and gas, recruitment, banking, financial services, health, education and aged care. This is an opinion column. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of this publication.
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