From workplace safety guidelines to consumer privacy regulations, convenience stores face a wide array of hidden business risks that can have costly implications. Compliance – or the lack of it – is one of these risks. In business, the term “compliance” refers to the requirement that the company conform to a specific rule, policy, or law. Some regulations apply to only certain types of companies, and others are much more general and far-reaching. Take a look at some of the biggest compliance risks for convenience stores.
Workplace Safety Risks
Every business has a responsibility to keep their employees and their customers safe. Convenience stores face multiple safety risks. Late night employees are at greater risk for encountering potential incidents of violence. Other risks come from injuries related to slips and falls, heavy lifting, and burns. Convenience stores also have an additional layer of risk to both employees and customers related to safety at the pump. As you expand foodservice offerings, your food safety risks increase.
Employee Behavior Risks
The bulk of the risk from employee behavior comes from harassment in the workplace. One rogue employee can open your business up to increased staff turnover, customer service issues, and devastating lawsuits. You can’t know everything that goes on in your business, but you can have clear policies in place that encourage employees to report inappropriate behavior before it becomes a liability.
Illegal Sales Risks
There are many compliance issues that regulate the sale of items such as tobacco, alcohol, and lottery tickets. One wrong move with any of these items can put a large chunk of your revenue stream at risk. Employees need to understand their responsibilities with regard to age-restricted sales, and you need to always keep compliance training measures current and enforced.
Consumer Data Risks
Consumers use credit and debit cards more than any other form of payment. As the use of payment cards continues to increase, so does the risk that your business may be the target of credit card fraud. This includes skimming operations on your POS systems and fuel pumps as well as hacking of your internal systems to capture consumer information from the inside.
How to Mitigate Compliance Risks
As a manager, you play an essential role in reducing the risk of non-compliance. It’s your job to make sure company policies related to compliance risks are followed. Employee training on compliance topics is critical. Online training is the best first step, followed by on-the-job training, refresher courses, and ongoing mentoring. Click here to browse the Ready Convenience Learning Library.