1. Compliance Management: Establishing a robust compliance management system helps in identifying and mitigating risks. Regular audits and reviews can ensure that the business is adhering to all relevant laws and regulations. 2. Training and Education: Educating employees about the importance of compliance and ethical behavior can go a long way in avoiding penalties. Regular training sessions can keep staff updated on the latest regulations and best practices. 3. Professional Consultation: Hiring a business consultant or legal advisor can provide expert guidance on compliance issues and help in navigating complex regulatory landscapes. 4. Transparent Practices: Maintaining transparency in operations and financial dealings can build trust with regulatory bodies and minimize the risk of penalties.