BRONX, NEW YORK, UNITED STATES, June 18, 2018 /EINPresswire.com/ — In a commercial construction industry driven by the bottom-line, there are many temptations to cut corners, but reputation is the hardest thing to restore once it's been lost. Without an appropriate level of due diligence given to managing reputational, financial or operational risks, organizations face legal and regulatory exposure that could otherwise be avoided.
Four years ago, Lorraine D’Angelo had been an attorney specializing in commercial and construction litigation for representing general contractors and construction managers in the New York area. In 2014, she launched LDA Compliance Consulting to focus exclusively on regulatory risk management/ethics and compliance, or, as she would say, reputational risk management, in the construction industry.
“There was a lot of regulation these organizations needed to abide by, some in more esoteric areas, like compliance with wage and hour laws, workforce goals, EEO/AA and small, disadvantaged, minority-and women-owned businesses,” says D’Angelo. “Not complying with these regulations could result in some significant consequences. So there was a real need to develop policies and procedures, education and training surrounding those regulatory areas.”
Today, it’s more important than ever for these organizations to pay attention; the existential risk is too great. LDA Compliance Consulting ensures clients develop the right culture, implement controls and develop practices to prevent noncompliance from occurring in the first place.
“In the construction industry, if you are heavily reliant on public works contracts funded with taxpayer dollars, you are going to want to be more attuned to this,” D’Angelo. “The government is required to evaluate whether or not your business is a responsible contractor and they have the ultimate decision-making authority to deny the award of a contract to your firm. Being suspended or debarred from doing business with the government would essentially put the company out of business.”
Much of D’Angelo’s business is focused on business capacity development as it pertains to the use of disadvantaged, women-owned and minority-owned businesses, businesses everyone has a stake in seeing succeed.
“My motto is ‘Prepare and prevent; don't repair and repent,’” says D’Angelo. “My experience has been companies are just trying to get the job done on time and on budget and inadvertently step into something that they need help with. Some construction companies are small or mid-sized, family-owned businesses that have been doing things the same way for years and years and they've always done ‘it’ that way. I know that's not an excuse the government likes, but it is true.”
CUTV News Radio will feature Lorraine D’Angelo in an interview with Jim Masters on June 20th at 12pm EDT.
Listen to the show on BlogTalkRadio.
If you have a question for our guest, call (347) 996-3389.
For more information on LDA Compliance Consulting, visit www.ldacomplianceconsulting.com.
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Source: EIN Presswire