Using an outsourced compliance service offers a bounty of benefits compared to building an in-house department. Our CEO Lee Bryan explains some of these compelling advantages that our clients enjoy.
In the early days of Arcus Compliance Ltd, we had to battle for every client and swim against the tide. It’s been a long while since I’ve had to present the reasons why outsourcing compliance to us was so beneficial, but we have recently been taking on a lot of business from China and they are used to managing everything in-house. It’s been a valuable exercise for me to go back to our roots and explain why using Arcus presents such a positive step for businesses
My experience with Chinese-based companies has been that they attempt to handle as much as they can internally, due in large part to the fact that Intellectual Property (IP) laws are generally ignored in China and any information leaked usually results in products being copied very quickly.
Naturally, considering the cultural sensitivities and business environment, Chinese companies are very protective of their IP, and rightly so. Protecting the IP of our clients and suppliers (including flavour houses) has been at the forefront of Arcus’ ethos since day one!
Starting in 2017 with nothing but our word meant that we had to build our reputation from scratch by consistently delivering on our promises. Fast forward seven years, we now have much more to lose than just face, so it’s even more important to protect our clients. This trust is something that really takes time to build with international clients and usually requires an active and credible referral to expedite the process.
Considering that we have now expanded into more new markets, including adult toys, cannabis and medical devices, I have decided to summarise my thoughts on why outsourcing will transform your business, in this article.
- Cost Savings
Paying for an outsourced contract to reduce your costs may sound counter-intuitive, but there are major savings to be made by outsourcing with a trusted compliance partner like Arcus. Here’s how:- Reduced Overheads: When you work with Arcus, there is no need to invest in additional office space, equipment, and other overhead costs associated with hiring and retaining full-time staff.
- Reduced Salaries and Benefits Costs: You can avoid expenses related to salaries, benefits, and training that is mandatory for full-time employees.
- Scalable Costs: Pay for services as and when you need them, rather than maintaining a permanent headcount, allowing for better budget management.
- Expertise and Specialisation
Regulatory compliance is incredibly complex and dynamic, with frequent changes being made in markets across the globe. How can you be sure that your in-house compliance strategy is fully up to scratch with the latest regulations? With an outsourced team, you’ll be guaranteed of:- Access to Experts: We employ a whole team of specialists with deep knowledge and extensive experience in compliance, providing higher-quality service
- Up-to-date Knowledge: Our professionals stay current with the latest regulations and industry standards, ensuring compliance efforts are always up-to-date (the benefit of the “hive mind”)
- Focus on Core Business
Navigating the complexities of compliance is a full-time job in itself. We pride ourselves on working with bold pioneers who dared to dream big. By outsourcing the time-consuming and costly specialist tasks, you can concentrate 100% of your creative energy into delivering commercial success.- Resource Allocation: Allows your company to focus on its core competencies and business operations without diverting attention and resources to compliance tasks.
- Efficiency: Streamlines operations by leveraging the expertise of the outsourced provider, freeing up internal resources for other strategic initiatives.
- Flexibility and Scalability
Life is full of surprises. Working with an outsourced compliance provider gives you unparalleled agility to enable your business to pivot and adapt to the inevitable bumps in the road- Adaptability: Easily scale services up or down based on business needs without the hassle of hiring or laying off staff.
- Agility: Quickly adapt to changes in regulatory requirements or business conditions with the help of a flexible outsourced partner.
- Risk Management
When you’re dealing with government bodies and enforcement agencies, you can’t afford to take any risks. The penalties for non-compliance can be severe, including business disruption, costly fines or imprisonment. Compliance specialists are trained to manage and mitigate those risks on your behalf.- Reduced Liability: Outsourcing compliance can help mitigate the risk of non-compliance and associated penalties, as service providers often have robust risk management protocols.
- Shared Responsibility: The burden of staying compliant is shared with the service provider, reducing the pressure on your internal team.
- Technology and Tools
We are world-renowned for our innovative and efficient approach to compliance, and have developed proprietary software and technology to support our clients’ compliance activities.- Advanced Technology: Gain access to our advanced compliance management software and tools, which are often more sophisticated than what you might afford in-house.
- Automation: Benefit from automated solutions that improve efficiency and accuracy in compliance monitoring and reporting.
- Consistency and Reliability
As the compliance partner trusted by some of the globe’s largest brands in regulated verticals, we have built our enviable reputation on reliability and trust. Selecting the right compliance partner will help to cement your brand’s reputation in the eyes of your consumers and regulators.- Continuous Service: Ensure uninterrupted compliance management services without concerns about employee turnover, vacations, or sick leave affecting operations.
- Standardised Processes: Benefit from standardised procedures and best practices developed by experienced compliance providers.
- Access to Broader Perspectives
Education is an essential aspect of achieving and maintaining a compliant status. Working with Arcus Compliance means we apply the key learns throughout our client base to ensure that everyone benefits, promoting safety and assurance across the entire portfolio of industries that we serve.- Industry Insights: Your business can gain insights from professionals who work with various clients across different industries, providing a broader perspective on compliance issues.
- Benchmarking: Ability to benchmark against industry standards and best practices, improving overall compliance performance.
By leveraging these myriad benefits, you can enhance your compliance efforts, reduce costs, and focus more effectively on your primary business objectives. At Arcus we have been ensuring clients’ peace of mind around regulatory obligations for nearly a decade. We are dedicated to ensuring that brands are able to focus on what they are good at, while we take the pain out of compliance.
Want to know more about how Arcus can save your business time and money by doing all the heavy lifting on your compliance obligations? Please reach out to our friendly and knowledgeable team.
