12 Keys to Compliance—How Does Your Company Stack Up?
Regulatory compliance is no longer an option to be implemented by only mega corporations. Any size enterprise is fair game to regulatory scrutiny, which…
August 09, 2017 at 06:18 PM
6 minute read
The original version of this story was published on Law.com
Regulatory compliance is no longer an option to be implemented by only mega corporations. Any size enterprise is fair game to regulatory scrutiny, which renders the economic and reputational risks of noncompliance too costly at every level. But what elements comprise a strong compliance program and how many of those elements does your compliance program include?
Below we outline 12 key elements of a rock-solid compliance program. While this list is drawn from our experience in the commodities markets (CFTC, FERC and other regulators), we think these elements apply across many industries, regardless of regulator or business type. Still, we acknowledge that each enterprise is potentially unique and different regulators have different priorities. Nevertheless, we invite you to peruse our list to see how your company compares.
1. Strong compliance starts with a culture of regulatory compliance. The importance and desirability of compliance with all applicable regulations must be a shared value at all levels of the enterprise, from the board of directors to entry-level employees. Promoting and supporting every employee's efforts to achieve “strict compliance” with all applicable regulatory requirements, plus all internal company policies and codes of conduct, provides the backbone for a strong compliance program.
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