How Do You Create an Effective Compliance Program
Thomas Fox
The Voice of Compliance*Founder of The Compliance Podcast Network*Evangelizing for and Serving the Compliance Community
How Do You Create an Effective Compliance Program
The compliance department is frequently viewed by companies as an afterthought. Many companies scramble to bring procedures in place only on time or after it’s too late. Worse still, the position is siloed by several companies, with the sales team seeing compliance officers mostly as too fast to respond "No!".
Ironically, though, businesses lacking a compliance culture frequently contend with more disciplinary measures and lawsuits than their complying rivals rather than concentrating on operating a profitable company. In other terms, vital resources are saved with a successful compliance policy, covering individuals, time, and capital.
Realistically, building a compliance foundation is the most significant security for an organization to reduce risk. Thus, growing to achieve sales and creating proof of compliance with applicable laws, compliance should be recognized as an internal insurance system. With that, organizations should strive to develop a successful compliance program.
But, how do you create an effective compliance program?
Most organizations start by implementing 'StoneTurn's Global Compliance Framework'. These standards have been widely recognized and applied internationally to lead enterprises in day-to-day activities, thus aligning with national rules, regional codes, and sector best practices.
In this episode of The Compliance Handbook, we're joined by a renowned expert in the world of compliance, Stephen Martin. Join us as we understand the essence of creating a practical compliance framework for your organization.
Key takeaways mentioned in this episode:
- Realize that compliance is far beyond FCPA compliance. AML, Anti-trust, Fraud, FCA, trade sanctions. It is helping the business better return on investment and driving ethics in a much more visible way.
- The number one challenge in compliance right now is the expectation that you can use data analytics to help with your oversight and monitoring of your compliance program. Learn how to get above this challenge and set compliance systems in place so you'll never encounter the same issue in the future.
- Take something on board to focus much on the ethics and the culture side by implementing your effective compliance program.
- Remind yourself that, Ethical Leadership is the best compliance measure that you could put in place. But again, companies struggle with that area about how do you do it? Culture change is not easy, and cultural impact is not easy.
- The "31 Days to a More Effective Compliance Program" is the answer to all your compliance issues. Learn more about this framework straight from the expert himself, Stephen Martin.
- Have a deep dive into the six elements of compliance;
- Risk Assessment
- Governance and Structure
- Policies, Procedures, and Controls
- Training and Education
- Oversight and Reporting
- Response and Enhancements
Watch the full episode on Youtube: https://youtu.be/14rqfEA5hg8
About Thomas Fox:
Thomas Fox, the Compliance Evangelist?, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this 2nd edition of The Compliance Handbook he continues to arm seasoned compliance professionals, and those new to the realm, with the practical, actionable guidance and tools needed to design, create, implement, and continually enhance a best practices compliance program.
The “Nuts and Bolts” for Creating a Comprehensive Compliance Plan
The first chapter of this unique work lays out a succinct yet thorough 31-day approach to operationalizing a company’s compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, the chapter goes on to methodically outline best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook takes a close look at the role of all professionals with compliance responsibility, from Compliance Officers and Boards of Directors to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
In-Depth Treatment of Hot Topics and Trends
The Handbook provides an in-depth look at the latest thinking and trends for the full range of critical compliance topics, including:
? Compliance and business ventures
? Third-party risk management
? The Board’s Role in Compliance
? Continuous improvement
? Compliance innovation
? And much more
Incorporating Current Government Pronouncements
The Second Edition incorporates the most current government pronouncements governing best practices compliance programs including the 2019 Evaluation of Corporate Compliance Programs released by the Fraud Section of the Department of Justice, and its 2020 Update; the updated FCPA Resource Guide 2nd edition; the Framework for OFAC Compliance Commitments; and the 2019 DOJ Antitrust Division’s Evaluation of Corporate Compliance Programs in Criminal Antitrust.
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