If you operate in a regulated industry, or have customers or partners who do, being compliant is non-negotiable. If regulatory requirements mandate compliance, you’ll be required to produce certain evidence in order to be certifiably compliant. And in order for many customers to do business with you, you need to be able to demonstrate how you’re compliant.
But before you jump right in, there are a few questions you should be asking yourself and your customers or partners. These are designed to clarify their expectations and help to scope out their compliance requirements. Becoming compliant is a large undertaking, so knowing where to start is just as important as knowing where to end. That’s why understanding exactly what your customers or partners require of you can help to narrow the scope and keep your team focused on the right compliance initiatives.
Based on conversations we’ve had with customers, here are five clarifying questions to ask yourselves internally when a customer or prospect inquires about compliance.