It’s no secret that managing compliance obligations is one of the biggest strains on RTO businesses operating in today’s market. Instead of driving positive outcomes for students, RTO managers are frequently distracted by reporting tasks and regulated requirements. The continued focus on the quality of operators in the sector, resulting from the actions of a few bad apples, means the compliance burden is unlikely to lessen any time soon. So how do you find the right balance between meeting your obligations to the regulators and servicing your customers?
Here are three steps you can take within your organisation to make it easier to cope with compliance…
1. View compliance as an opportunity, not a threat
It’s easy to view rules and reporting as the enemy of business, but in fact they can provide a firm foundation for growth. Tasks that force us to focus on the quality of our offer, such as course accreditation or demonstrating personnel meet the Fit and Proper Person requirements – help RTOs to deliver a better service to students. This in turn can attract new enrolments, enticed by your strong track record.
Further, as I have highlighted previously, regular and robust financial reporting enables businesses to take action to address budget issues before they grow to epidemic proportions.
If you encourage your staff to take the view that their compliance tasks are actually doing the business good, you will find they are less likely to be treated as burdensome and left to the last minute.
2. Keep a procedure manual
While this may appear obvious, you would be surprised how many clients we see who do not have an up to date procedures manual. A well-maintained record of the policies and procedures necessary to ensure your compliance with the various standards that apply to RTOs is a must for any successful RTO. The key is ‘well-maintained’, meaning there is also a documented process for updating the manual as soon as new rules come into effect. You should have in place a clear version control system and communication process for letting all relevant staff know about changes in a timely manner.
3. Streamline your processes
Does everyone in your organisation have a sound understanding of who does what when it comes to compliance? Are there multiple versions of the same report being issued? Are you asking senior staff to complete compliance tasks that could be undertaken by more junior employees (saving your business money)? A review of your compliance workflow, from beginning to end, may unearth some duplicate processes, unnecessary tasks or even work that could be outsourced. The initial investment to conduct the review will pay off over time when your staff are not bogged down with superfluous activities.
If you are struggling with your compliance obligations, or would like a review of your current systems and processes, call us for an appointment today.