As companies grow rapidly, they often struggle to maintain compliance with regulations and standards at the same pace. This is especially true for fast-growing companies that experience exponential growth in a short period of time, which is quite usual for education providers in the international education space.

 

In this article, we will explore the challenges of maintaining compliance while scaling your organisation and provide some strategies for achieving compliance while still growing at a rapid pace.

 

What is compliance?

 

Compliance refers to the ability of a company to maintain regulatory standards while scaling its operation. Compliance is a critical component of any successful business, as it helps to mitigate risk and ensure that the company is operating in a legal and ethical manner. However, as companies grow and expand, compliance becomes increasingly complex and difficult to manage. Usually, the owner or key personnel become involved in managerial positions and lack the time to focus on the daily operations – tasks – and with a poor training, compliance starts to falter. 

 

It is a requirement for Australian registered training organisations and ELICOS providers to comply with the National Code 2018 and the ELICOS Standards 2018 as they were recently distributed by the Australian Skills Quality Authority to all educational institutions for informational purposes.

 

Challenges of Compliance at a Growth Company

Growing companies face unique challenges when it comes to compliance. As these companies expand rapidly, they often encounter new challenges that they were not previously subject to. Additionally, fast growing companies may have a large number of employees and a complex organisational structure, which can make it difficult to track compliance across the organisation.

 

Another challenge is that fast growing companies often prioritize growth over compliance. This can lead to a culture that values speed and agility over adherence to regulations and standards. As a result, compliance may take a back seat to other priorities, which can increase the risk of non-compliance and potential legal issues down the road.

 

Strategies for Achieving Scale Compliance

Despite the challenges, there are strategies that fast growing companies can use to achieve scale compliance:

 

Prioritise Compliance from the Beginning

One of the best ways to achieve scale compliance is to prioritise it from the beginning. This means building a culture that values compliance and putting systems in place to ensure that compliance is integrated into all aspects of the business. This can help prevent compliance issues from arising as the company grows and expands.

 

Invest in Compliance Infrastructure

Another key strategy is to invest in compliance infrastructure. This may include hiring compliance professionals, implementing compliance software, and establishing compliance policies and procedures. By investing in compliance infrastructure early on, fast growing companies can create a strong foundation for compliance that can support growth over the long term.

 

Stay Ahead of Regulations

Fast growing companies should also make an effort to stay ahead of regulations and compliance requirements. This means monitoring regulatory changes and proactively adapting policies and procedures to ensure compliance. By staying ahead of regulations, fast growing companies can avoid compliance issues and potential legal problems down the road.

 

Build a Compliance Culture

Finally, fast growing companies should build a compliance culture that values adherence to regulations and standards. This means communicating the importance of compliance to all employees and providing training and resources to support compliance efforts. By building a compliance culture, hyper growth companies can ensure that compliance is a priority across the organisation.

 

Conclusion

Scale compliance is a critical challenge for hyper growth companies. By prioritising compliance from the beginning, investing in compliance infrastructure, staying ahead of regulations, and building a compliance culture, hyper growth companies can achieve compliance while still growing at a rapid pace. With these strategies in place, hyper growth companies can mitigate risk, avoid legal issues, and build a strong foundation for long-term success.

 

Enhancing Student Management with Educli

 

Educli has developed comprehensive operating procedures linked to automated tasks and compliance calendars to provide education providers with operating procedures ensuring that all tasks are completed on time and as required. 

 

Our system is designed by industry seasoned experts to streamline the management of students from the day they enroll until they graduate. Among the many features, that are included in our system, are an online enrollment form, comprehensive student management, attendance monitoring, advanced financial services, and a many more. Furthermore, in order to guarantee a smooth deployment and utilisation of our system, we offer comprehensive training sessions for your staff. 

 

Interested to know more?

 

As your company grows, an old approach to maintaining a compliance framework may fall short. To learn about the key elements of comprehensive compliance processes book a session or contact us at Educli.

 

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