Why Corporate Compliance is Important
No matter what industry your organization is in, corporate compliance should be an essential part of operations. Even more so now, with all of the new regulations being placed on organizations. What is corporate compliance? It is the process of making sure your company and employees follow the laws, regulations, standards, and ethical practices that apply to your organization. Following internal compliance policies and procedures will help your company prevent and detect violations of rules. This is extremely important because of how stiff the fines and lawsuits are.
Corporate compliance also lays out expectations for employee behavior and helps keep them focused on your organization’s broader goals. This process should be ongoing. Most organizations establish a corporate compliance program to help govern policies and compliance, but many don’t update them regularly or they let them fall by the waist side. An effective corporate compliance program integrates all compliance efforts, whether it be external regulations or internal rules and procedures. Once your organization has a written compliance program, ongoing training needs to be part of the solution as well. Your employees must understand the compliance program and their role with it. It is also very important that the entire leadership team gets on board with the plan.
Corporate compliance is about managing risk so you must understand what compliance areas pose the highest risks to your organization. Once you uncover this, you can focus the necessary resources towards them. Regularly conducted assessments is a must since risks are always changing. Once you have an established corporate compliance program, make sure you create systems to help you assess the program. Don’t wait until an incident has occurred to create or strengthen your organization’s corporate compliance program. Don’t wait until you are found to be non-compliant and the hefty fine puts you out of business. Contact 2W Tech today to get started with your compliance policy and risk assessment.
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