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Category: audits, Business, Challenges, industry, Financial, reputation, highly regulated jobs
Gaining a senior position within a highly-regulated sector can be challenging without an advanced knowledge of industry protocols. It is risky for businesses to employ someone who fails to exhibit extensive experience and the very latest legal knowledge of the field in which they are to work.
Failed audits can be incredibly damaging to a business - not only in their reputation but also financially; huge fines can be administered for misconduct - this can be crippling.
The financial industry in particular demands an incredibly stringent approach to many areas such as confidentiality and record-keeping. However, at a time when technology is rapidly revolutionising the financial sector, it can be incredibly challenging for businesses to ensure their processes are in-line with the latest protocol. Nevertheless, failing to do so can have dire consequences.
Unannounced Audit? Have No Fear!
The prospect of an audit can strike fear into businesses where exacting regulations must be adhered to. However, prudent businesses have the vigilance to ensure they are operating above the law; an upcoming audit should therefore be less daunting. It therefore pays for businesses to employ people who have quality training from an industry leader in the latest auditing methods. Not only does this give businesses the peace of mind that their employees are in tune with the latest industry requirements, this additional expertise can help to streamline business processes, and ensure working practices are up to the rigours of the industry. Training certifications improve a company’s reputation, and can help to attract the best candidates.
Such training can be very valuable to a business and can help to set an individual apart from others when applying for a job. It can be a source of frustration for recruiters to find a candidate who is able to ‘hit the ground running’, without the need for costly and time-consuming training. A candidate who has the knowledge and experience will also be well-placed to quickly make the transition into their new role and succeed.
Ahead of the Game
Keeping on top of trends within your area of expertise is important to ensure you remain one step ahead of the competition, and that your business or business area remains vigilant and fully prepared for audits. However, the benefits can be felt on a broader scale; the value of this knowledge can give people the confidence and authority to make important decisions, and help them to recognise opportunities. It can help to gain a more holistic view of their industry which can have far-reaching positive implications.