The importance of facilities management compliance
Changes in business requirements have made facility management compliance a challenge for many companies worldwide. With over 66% of those responding to a recent survey placing compliance as a significant priority, professional facility management is a part of the business agenda more than ever. The stakes are high, since non-compliance can have grave results for a company.
The ever-increasing demands of compliance
As compliance mandates become more comprehensive, risk is growing, too. Lack of awareness may result in penalties that may be severe and result in a negative impact on the brand and the organization.
Ethics. Apart from the possibility of being against the law, unethical behaviour can have detrimental consequences for a company’s profits, as well as their reputation. To that end, the facility management service provider should display a strong commitment to ethical practices.
Security. From the maintenance of fire extinguishers to the proper handling of dangerous waste, security is a priority and also a very visible area of compliance and legal liability. A company’s environmental health and safety policies and procedures can aid a reduction in the risk of incidents.
Vendors and financial management. For companies, especially those outsourcing facility management, internal financial controls and effective management are essential for service providers and their subcontractors. Procurement policies and procedures and stringent vendor management can reduce the risk. For Groundwork companies Bristol, visit Facilities management companies Bristol like Chew Valley.
Workforce management. Companies must ensure their facility managers, whether in house or outsourced, comply with the laws of anti-discrimination, regulation of other human resources, and corporate policies not only in their own operations, but also with their subcontractors.
Security information. Many high-profile data breaches occur due to physical security weaknesses. Elevating the importance of this process for the companies that use smart building management services or integrate the company’s data into the data and analysis platform provider. Companies will have to confirm that their service providers are equipped to protect corporate data assets with physical and virtual best practice and access control.
Governance data. When a company is fully compliant, data should reflect that. Even the strongest of compliance will not pay off if the appropriate regulatory agencies cannot access the information they need, when they demand it. Facilities management teams should standardize data related to compliance and ensure that it is fully complete, consistent, exact and up to date.
Risk contract. Breach of contract is a financial and legal risk where even a minor breach could have serious consequences. If the facility management provider fails to maintain the systems according to the master service agreement, the resulting damage to equipment could endanger the business’s operation.