How important is governance in a business

Can you withstand the cost of non-compliance?

Scrutiny around compliance is rapidly increasing as the regulators look to ensure that estate agencies are putting policies and procedures in place to effectively respond to and mitigate risk. The most obvious consequence of non-compliance is the substantial monetary penalties and fines that can occur as a result of misconduct.

Governance is the framework that allows for an estate agency to be directed and controlled while ensuring that those who direct and control the estate agency business do so responsibly. Governance consists of a framework of policies, procedures and practices, which allows an estate agency to operate effectively, responsively, ethically and compliantly while controlling risks.

While good governance looks different for different sized agencies, it will:

  • Ensure accuracy, consistency and responsiveness
  • Facilitate productive and efficient work practices
  • Guide, develop and monitor employee’s performance
  • Capture, interpret and report accurate and relevant data
  • Manage risks inherent to the estate agency’s operations.

 

Implemented correctly a governance operating model has the potential to give Directors and senior management the ability to exercise proper oversight of their operations and people.

If you’re looking to grow your estate agency business and create a culture of compliance, established systems and processes will ensure that your growth occurs smoothly and those important decisions are made in minimal time. Apex HR can assist you with implementing a governance structure best suited to your business.

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