How to not contribute to the $4 billion workplace compliance fines

Forbes identified a total of nearly $4 billion over 2021 that was collected by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The fines were all a result of workplace compliance violations. The cost to companies was not just financial. Reputational repercussions and brand damage also come with workplace compliancy mishaps.

The cost associated with a faulty workplace compliance system further financially damages the company. A Panopto report on productivity and knowledge found that companies in the US waste nearly $6M ($4.2M USD) per year on inefficient compliancy practices regarding new employees. This cost stems from the repercussions of manual compliance systems for individuals in companies such as workflow bottlenecks, incapacity to collect data and not operating on a timely basis.

In 2018, the Western Australian Government passed legislation to increase workplace safety and health offence penalties. This resulted in level 4 penalties increasing to a maximum fine of $500,000 to $2.7 million, and the maximum jail time increasing from two years to five years. With the Department of Mines recording a record number of Western Australians employed in the mining sector, the need for perfect workplace compliance has never been more crucial.

But before you go reaching for your wallet anxiously, we have a solution to offer. Cited is a cloud based digital platform that makes it simple to onboard and monitor your direct workforce, contractors, and suppliers to achieve total workforce compliance. In terms of mining, this means that every employee with a qualification from Working at Heights to all the way down to Working in Confined Spaces is accredited correctly, and not at risk of expiring before due notice.

Cited works with some of Australia’s largest mining organisations, including BHP & Woodside, and has been servicing the sector for more than 20 years. As such, the team behind the Cited platform has both a deep understanding of, and more advanced capabilities in, workforce verification, onboarding and compliance monitoring of employees and contractors.


Interested in making your workforce 100% compliant 100% of the time? Learn more about the Cited platform by getting in touch with our team today.