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When we envision a successful project, we tend to think about meeting goals and deadlines. While seeing a project through to completion is certainly the hallmark of successful project management, complying with relevant rules and regulations is another key piece of the puzzle. It’s important to understand compliance in project management can boost project success and keep your business in line with legal standards.
Project management in compliance is the process by which organizations ensure adherence to industry standards and regulations. This can be done manually, through the use of automated tools, or––as is becoming increasingly common––both. It requires ongoing monitoring and improvement.
Compliance may be the last thing on your mind when planning for your next project, but overlooking it can have serious consequences. Implementing a strong compliance strategy can do many great things for your organization.
First and foremost, compliance aims to mitigate risk. There’s a lot that goes into executing a successful project, and non-compliance can lead to fines and lawsuits, potentially halting the project altogether and creating a serious legal mess for your business. Prioritizing compliance is key to avoiding legal mishaps. It allows you to quickly identify issues before they spiral out of control.
Accountability and transparency are critical pillars of project management. By creating a culture of compliance, you can help get everyone, from employees to stakeholders, on the same page and understand their respective roles and responsibilities. This helps promote transparency and encourages people to come forward with concerns without fear of reprimand.
Clients and stakeholders are more likely to work with businesses that demonstrate a commitment to compliance. A greater market advantage opens the door to new and exciting project opportunities. And while more of an indirect benefit, not having to pay the fines and costs associated with non-compliance allows you to focus your attention on innovation and growth, helping your organization stand out in the market.
Failure to comply with required laws and regulations can lead to severe consequences for everyone involved in your project. Here’s why it’s important to ensure compliance in project management.
The cost of non-compliance can be significant. In 2017, Equifax suffered a data breach that affected 147 million people. They ultimately agreed to a $575 million settlement, one of the largest in recent history. Had they patched a critical vulnerability in their database, thereby maintaining compliance, this wouldn’t have happened.
Let’s face it, no one wants to work with a risky company. Organizations that fail to maintain compliance standards may lose the privilege of working on future projects. Business partners and clients may choose to sever ties with them. Over time, this can result in substantial lost revenue.
Ensuring compliance in project management takes time and can slow your tasks down a bit, but it’s nothing compared to the delays that come with non-compliance. When regulatory authorities identify compliance breaches, they may impose stop-work orders or require corrective actions. These interruptions can seriously impede your operations.
For example, consider what might happen if a construction company was found to be non-compliant. They may be forced to shut their project down until they get things under control, and this delay can increase costs as workers and equipment remain idle. They may also have to negotiate contracts, further upping their expenses.
Needless to say, it’s in your best interest to remain compliant throughout the project management process. Though this is certainly easier said than done, you can get on the right track with a little bit of planning and careful oversight.
There are a few best practices you can incorporate to maintain compliance throughout the duration of your project. By following these tips, you can get ahead of the game and avoid the trouble that comes with non-compliance.
The first step in achieving compliance is to create a clear, detailed plan. This should outline the scope of your project, what issues you may be at risk for, and how you plan on preventing and/or resolving compliance issues. Your plan should also define roles and responsibilities for internal and external players.
There are many ways you can monitor and manage compliance. The specifics will depend on your specific organizational needs, but your compliance monitoring system should include regular audits, inspections, and reviews at key project milestones. You should also have a system in place for reporting issues as soon as they arise. That way, you can start tackling them right away.
Proper documentation is critical to ensuring compliance. Your project should include detailed records of all compliance-related activities. This essentially serves as proof that you are, in fact, complying with required standards. It also helps facilitate communication between team members and external stakeholders.
The importance of compliance training cannot be stressed enough when it comes to project management. Getting your team fully onboard with compliance won’t happen overnight––it requires significant ongoing effort and education. You can start by explaining why compliance matters and how it ties into your broader project objectives. Be sure to let people know they can come forward with any questions or concerns.
You might also consider appointing a dedicated compliance officer who oversees your entire compliance management program. They can serve as the guiding figure for your compliance efforts and help keep your project on track to success.
When getting started on an important project, compliance may just seem like another burdensome heap on your already-filled plate, but don’t be fooled: failure to comply can spell disaster for your project. Compyl’s GRC platform makes it easy to achieve compliance in project management, offering the tools and insights needed to maintain adherence with whatever regulations pertain to your business. Contact us today to see how we can help with your next project.
