It’s important that your business doesn’t fall behind on the latest regulations and policies. We have experience in a variety of industries. From updated business licensing to new policies from OSHA, DOL, or DQA, our expert team at OVD has you covered.
Great customer service. I felt that you cared about me as an individual and getting the best coverage for my needs at reasonable prices.
Summit SeriesView Events
March 19, 2021
American Rescue Plan Act Of 2021
Tripp VanderWal speaks on the American Rescue Plan Act of 2021 in this webinar presented by OVD Insurance.
October 6, 2021
Transportation Insurance ’21
In this webinar, presented by OVD Insurance, Josh Stoll, Kate Paciorek, and Matt Fabry speak about leveraging data and regulations.
February 6, 2020
OVD Cyber Security Summit 2020
On February 6th, 2020, OVD Insurance hosted a Cyber Security discussion as part of their ongoing Summit Series, focusing on important topics and trainings essential to the business insurance landscape.
What is regulatory compliance?
Regulatory compliance is adhering to specific rules and regulations determined by industry authorities, governmental bodies, or other relevant entities. The main industry regulation entity for risk is the occupational safety and health administration (OSHA).
Why is regulatory compliance important for businesses?
Regulatory compliance is essential for an organization’s success to maintain ethical practices, avoid legal issues, and adapt to the market dynamics to ensure a positive growth environment.
What are some common regulations that businesses must comply with?
Specific regulations can vary greatly depending on the industry and location. Some common regulations are employment labor laws, data protection and privacy rights, food and industry regulations, health and safety regulations, and much more.
How can I ensure my business is in compliance with regulations?
Achieving compliance is an ongoing effort with an experienced risk advisor. It involves a systematic approach to understanding, implementing, and monitoring legal updates through various channels.
What are the consequences of non-compliance with regulations?
Some major consequences may include legal action, financial penalties, business disruption, loss of licenses or permits, and potentially shut down of entire operations.
How do I stay up to date with changing regulations?
Monitor changing regulations through official news sources, attend industry events, utilize technology solutions, and subscribe to newsletters and alerts. Prioritize continuous learning to ensure your organization is prepared to adapt to the ever-changing regulation space.
How can I train my employees on regulatory compliance?
To train employees on regulatory compliance utilize training materials such as workshops, online platforms, regular refresher sessions and training. Keep it consistent to ensure effective understanding!
What is the role of regulatory agencies in enforcing compliance?
They aim to maintain and instill safe business practices while protecting employees, consumers, the public and the environment.
What should I do if I receive a notice of non-compliance?
Carefully review and acknowledge it. Work with a compliance expert to understand the implications, conduct investigations, and develop a corrective plan. It is essential to communicate with transparency and take the necessary actions to implement preventative and proactive measures in the future.