Year end compliance checklist for businesses: Legal must dos

As the year draws to a close, businesses are gearing up for a new chapter while ensuring that all legal obligations are met

Year end compliance checklist for businesses: Legal must dos

This year-end compliance checklist will guide you through the essential legal must-dos to wrap up the year seamlessly and set the stage for a successful year ahead.

Employment law

Review your employment contracts & policies is the first step. It involves updating terms if necessary, ensuring compliance with the latest employment law changes, and maintaining accurate employee records, including working hours and leave balances. GDPR considerations, such as deleting old data, updating policies, and preventing breaches, should also be at the forefront.

Contractual obligations

Evaluating existing contracts goes beyond renewal considerations. It involves monitoring automatic renewals, renegotiating for better terms, confirming compliance, and addressing potential breaches. Additionally, a thorough review of cash flow helps in balancing budgets in advance. Updating standards terms and conditions for the upcoming year should also be on the agenda, contemplating potential adjustments like cost increases, adding interest or legal costs, or introducing new services.

Data protection and privacy

Assessing and enhancing data protection measures for GDPR compliance is crucial. Regularly monitoring and reviewing data protection efforts, conducting data audits, and updating privacy policies are essential steps. Ensuring employees adhere to data protection policies, particularly in remove working scenarios, requires ramping up policies, cybersecurity and insurance.

Corporate governance

Reviewing and updating corporate governance policies and procedures ensures alignment with the current company structure, confirming compliance with filing requirements at Companies House is essential for due diligence. Scheduling board meetings to assess company performance and strategic plans involves ensuring accurate articles, shares, addresses and records.

Health and safety

Assessing workplace health and safety measures involves staying abreast of the evolving landscape. Updating risk assessments, ensuring employee awareness of safety protocols, and promptly addressing any outstanding health and safety issues is important. Verifying the adequacy of insurance is equally important.  

Intellectual Property (IP) review:

Evaluating and updating the IP portfolio, addressing infringement issues promptly, and ensuring employees awareness and compliance with IP policies is integral. Contractual arrangements should protect IP and transfer ownership appropriately. 

Regulatory compliance

Staying informed about industry-specific regulations, confirming compliance with regulatory filings and preparing for upcoming regulatory changes are ongoing responsibilities. 

Cybersecurity and IT compliance

Strengthening cybersecurity measures, updating IT policies to address remote work and technology changes, and conducting cybersecurity training for employees are vital in the digital age. 

Employee training and development:

Assessing the training needs of employees, planning professional development opportunities, and ensuring compliance with ongoing training requirements contribute to HR excellence and staff retention. 

By diligently addressing these legal must-dos, your business can navigate the year-end with confidence, positioning itself for a prosperous and legally sound future. At A City Law Firm, we stand ready to assist you in ensuring compliance and mitigating legal risks. Contact us on 0207 426 0382 to discuss your specific needs and embark on the new year with legal assurance.

ABOUT THE AUTHOR
Karen Holden
Karen Holden
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