To begin, let’s define what we mean by corporate compliance, which encompasses a number of things. First, a corporate compliance program should help the company prevent, detect, and respond to illegal or unethical conduct. Second, it requires developing standards and procedures that promote compliance with laws and regulations. Third, the company must build a culture that encourages ethical conduct and compliance with the law. Developing an effective compliance program doesn’t just happen by chance. A company must commit the resources from end to end – from a thorough risk assessment to an employee training program to proper investigations of alleged misconduct.
Corporate compliance is always evolving because it is tied so closely to our ever-changing laws and regulations. Navigating it on your own can lead to costly mistakes, and the consequences can be steep – fines, litigation, and serious reputational damage. Instead of adopting a reactive approach, think preventatively. Institute an effective compliance program that incorporates policies and procedures, compliance training, and a method to ensure that your company is keeping up with the changes in the laws affecting your industry. Adopting a corporate compliance program now can prevent the ever-increasing penalties down the road. If your business is hit with a violation, often having an effective program in place can help to minimize the penalties imposed on your company.
Some companies fear that the cost of an effective compliance program is higher than the fees and sanctions of non-compliance, but this is generally not the case. If you rely on a standardized approach as a basis for your program, you should be able to implement a program in a cost effective way. I can help your company to save time and money by sharing my knowledge and experience in designing and executing effective compliance programs.
The areas of corporate compliance I have experience navigating are: