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There should be a mechanism to report back to the person raising the issue, so they know the company took the complaint seriously and investigated it. Go for big issues, in easy-to-understand language and examples. Anti-money laundering refers to laws, regulations, and procedures intended to stop criminals from disguising illegally obtained funds as legitimate income. Quickly uncover weaknesses in your opponent’s argument with Quick Check Judicial on Westlaw Edge. One of the most important tasks for the compliance officer is to create the right policy to ensure different compliance issues are routed to the right group and there is no duplication of effort or groups operating at cross purposes. Your company may already have a code of conduct/business ethics policy.

This means a review of the different compliance risks faced by your company. For example, under the U.S. But, if your company is small or newer, there is a good chance this isn’t the case.

If not, you can start with using your own internal resources to scope out the relevant issues.There are a handful of compliance risks companies may face:And the list can go on and on, depending on the type of business you operate and its geographic location(s). Organizational Structure Options. But the alternative is very risky. To conduct a useful audit, interview employees from across the different lines of business and staff groups. It doesn’t need to be an empire, but it needs to be appropriate given the size of the company and the range of compliance risks presented. And, the structure of the compliance department has changed to combine business-unit based coverage with broader, shared expertise across the organization. There should be nothing between the compliance officer and reporting issues to the highest authority in the company. Try and buy Practice law, manage your law firm, and grow your practice with our complete suite of products. This document sets out expectations for all employees along with which behaviors and practices will not be tolerated. In the Likewise, in Europe, many countries do not permit the use of anonymous “hotlines” and that needs to be factored into your program as well.Having a code of conduct is great, but it’s useless unless all employees are trained on it, including executives and the Board. The 2008 financial crisis led to increased regulatory scrutiny and regulation. Regardless of where it sits, the compliance function should have a direct line into the CEO and the Board of Directors, typically through the audit committee. A compliance department typically has five areas of responsibility—identification, prevention, monitoring and detection, resolution, and advisory. It is equally important the company have and enforce a non-retaliation policy and make sure every employee knows there will be no retaliation for bringing forth a good- faith issue. It may seem like you are setting yourself up for a lot of work, but it is far better to have employees raise issues than to have those problems buried until it’s too late. Compliance is the regulation of all company activities to ensure that they are in line (in 'compliance') with all internal and external policies, laws and standards. The Securities and Exchange Commission (SEC) is a U.S. government agency created by Congress to regulate the securities markets and protect investors. The compliance function handles certain aspects of compliance directly, but often acts as the quarterback of the company’s compliance efforts.In this role, job one is determining whether all areas of company risk are sufficiently covered and, if not, how to incorporate them into the overall compliance program and determine which group is responsible. Sentencing Guidelines, credit is given to companies showing, among other things, the following:Compliance programs are not “one size fits all” – they must be customized to the needs and challenges faced by each company.

The U.S. Employees should understand that the company wants them to do the right thing, and compliance makes the company better and keeps it from getting entangled in lawsuits or regulatory actions.One tough problem you might face is the group of employees that won’t get around to completing the training.

A compliance department identifies risks that an organization faces and advises on how to avoid or address them. Ideally, this audit is performed by an independent third party, but not every company has the budget. It should be assigned to the right department, and procedures should be in place to guide how the investigation will proceed, establish the expected timeline, and create interview reports and other documentation so there is a consistent “look and feel” to all the company’s investigations. The gamification of compliance training is growing and is especially effective in terms of ensuring employees take the training and retain the information.One thing to always keep in mind with training is keeping it simple. As information about compliance risks is collected, create a work plan setting out the risks and different objectives regarding each identified risk, along with timelines/deadlines to complete those objectives. That is, the code of conduct for the compliance department should lay out the process for employees.