At Primacy, we talk a lot about “obligations”. But what are they?
“Obligation” is a legal term that refers to a rule that a person or a business has to follow. They usually fall into two categories:
· something that you must do, like paying an annual fee to hold a business licence; or
· something that you must not do, like paying a bribe.
The source of these rules can be:
· governments, who pass laws which impose statutory obligations,
· contracts, where a business agrees to do (or not do) certain things in a legal contract (contractual obligations), and
· your business, which can adopt its own specific rules based on legal advice, industry standards or official guidance from government authorities (adopted obligations).
For modern business, the list of rules to follow can be very long, confusing, and difficult to collect all in one place. You might need help from your legal or compliance advisors to understand how they apply to your circumstances, and the rules also keep changing, so it's hard to stay up to date. At the same time, the consequences for getting it wrong can be very serious. Keeping track of all these rules is challenging and at Primacy it's our mission to make this whole process simpler, easier and less expensive.
Our Primacy OK application helps you keep track of your obligations by helping you:
1. identify your obligations and constraints -so you know the rules that apply to you
2. collect them in a single rulebook – so you can share them with your team and advisors, all from one place,
3. use them to plan and set context for your operations – so you can put your rules to work in the way that works best for your business.
Please contact us to learn more about how Primacy OK can help you with your compliance needs.
