Compliance

Compliance

What is corporate compliance, and what purpose does it serve?

It is defined by the process of ensuring that your company and its employees comply with all applicable laws, regulations, standards, and ethical practices.
Internal policies and procedures, as well as federal and state laws, are all covered by corporate compliance. Enforcing compliance assists your company in preventing and detecting rule violations, which protects your organization from fines and lawsuits.

The main goal of corporate compliance is to keep your company safe. However, the return on investment could be substantial, assisting you in avoiding waste, fraud, abuse, discrimination, and other practices that disrupt operations and put your company at risk.

From the management of external regulations and internal policies to comprehensive employee training, your corporate compliance program must be integrated with all compliance efforts across the enterprise. You can reduce the risk of major failures and violations by ensuring that all departments and staff are working together to maintain standards.

Creating a successful corporate compliance program assisted through EASI

An effective program improves communication between management and employees. It should include a procedure for developing, revising, disseminating, and tracking compliance policies.
EASI will contribute with automation of the compliance regulations on an individual level that can be tracked and updated in-real-time. Which will further assist employees whom are unaware of new rules or regulatory compliance updates to stay on the right track. EASI focus streamlining your compliance program whilst making it more dynamic to updates and more cost efficient.

Constructing a rigid and carefully planned compliance framework will enable your staff to stay focused on the larger goals of your organization and help operations run smoothly. Furthermore, EASI’s service will ensure that employees are not able to purchase products or services that are not in compliance with the company’s rules and regulations. Making it highly unlikely for any unethical or illegal activities to be conducted, although your corporate compliance program will be useful in court.

A few steps to establish or improve your corporate compliance program:

Obtain the support of your leadership.
Your company’s size will determine if you need more than one compliance officer whilst assisted through EASI’s automated service. In any case, the compliance officer must have the authority to enforce the rules and hold employees accountable at all levels.

They also require direct access to the governing body of the company, which may include senior management or the board of directors. Enabling the officers to respond quickly when potential compliance issues arise.
It is crucial to examine the performance of the company compliance program on a regular basis, ensuring the goals of honesty and integrity from the company’s top and downwards.

The DOJ developed a checklist for assessing corporate compliance programs, which includes the following questions:

  • How have senior leaders, through their words and actions, encouraged or discouraged the type of misconduct in question?
  • What concrete actions have they taken to demonstrate leadership in the company’s compliance and remediation efforts?
  • How does the company monitor behavior of senior leadership? How has senior leadership modeled proper behavior to subordinates?
Automation of compliance rules and regulations

Assess risks
By determining which areas pose the greatest risk to your company, you will be able to create an efficient program. Once you’ve identified these issues, you can direct your resources toward addressing them and implement those standards through the EASI service.

Regulations at state level as well as industry standards, are often changing, making regular assessments essential to avoiding the risk of noncompliance. According to the Association of Corporate Counsel (ACC), a risk assessment should be performed once a year.

ACC suggests using the following approach, to assist your organization in being proactive in preventing corporate compliance violations:

  • Audit results
  • Recent litigation
  • Compliance complaints
  • Employee claims
  • Industry enforcement trends
  • Compliance policies in each risk area

An effective program improves communication between management and employees. It should include a procedure for developing, revising, disseminating, and tracking compliance policies.
EASI will contribute with automation of the compliance regulations on an individual level that can be tracked and updated in-real-time. Which will further assist employees whom are unaware of new rules or regulatory compliance updates to stay on the right track. EASI focus streamlining your compliance program whilst making it more dynamic to updates and more cost efficient.

Constructing a rigid and carefully planned compliance framework will enable your staff to stay focused on the larger goals of your organization and help operations run smoothly. Furthermore, EASI’s service will ensure that employees are not able to purchase products or services that are not in compliance with the company’s rules and regulations. Making it highly unlikely for any unethical or illegal activities to be conducted, although your corporate compliance program will be useful in court.

A few steps to establish or improve your corporate compliance program:

Obtain the support of your leadership.
Your company’s size will determine if you need more than one compliance officer whilst assisted through EASI’s automated service. In any case, the compliance officer must have the authority to enforce the rules and hold employees accountable at all levels.

They also require direct access to the governing body of the company, which may include senior management or the board of directors. Enabling the officers to respond quickly when potential compliance issues arise.
It is crucial to examine the performance of the company compliance program on a regular basis, ensuring the goals of honesty and integrity from the company’s top and downwards.

 

The DOJ developed a checklist for assessing corporate compliance programs, which includes the following questions:

  • How have senior leaders, through their words and actions, encouraged or discouraged the type of misconduct in question?
  • What concrete actions have they taken to demonstrate leadership in the company’s compliance and remediation efforts?
  • How does the company monitor behavior of senior leadership? How has senior leadership modeled proper behavior to subordinates?
Automation of compliance rules and regulations

Assess risks
By determining which areas pose the greatest risk to your company, you will be able to create an efficient program. Once you’ve identified these issues, you can direct your resources toward addressing them and implement those standards through the EASI service.

Regulations at state level as well as industry standards, are often changing, making regular assessments essential to avoiding the risk of noncompliance. According to the Association of Corporate Counsel (ACC), a risk assessment should be performed once a year.

ACC suggests using the following approach, to assist your organization in being proactive in preventing corporate compliance violations:

  • Audit results
  • Recent litigation
  • Compliance complaints
  • Employee claims
  • Industry enforcement trends
  • Compliance policies in each risk area
Employees trained in compliance

Create and manage your code of conduct, rules, standards and policies via EASI
A well-defined code of conduct is required, it will aid and determine the purpose of your program and create correct behavioral expectations.

The code of conduct serves as a basis, explaining the following fundamental points:

  • In what way should misconduct be reported
  • Who is in charge of overseeing the program? 
  • Disciplinary action for code of conduct violations

Corporate rules should expand on that foundation by outlining particular areas of compliance. They may differ depending on your industry, address the following typical business compliance violations:

  • Record retention
  • Corporate corruption
  • Tax practices
  • Conflicts of interest
  • Corporate corruption

Ensure that all employees are properly trained.

Compliance policies and standards are meaningless if employees do not adhere to them. With that in mind, EASI’s service can assure the governing body of the company that employees will have severe difficulties not adhering to the compliance policies. Mitigating the potential risks of improperly trained employees, whilst at the same time being able to award employees who follow the policies.

The ACC recommends that you track, document, and follow-up on training. Our service achieves this through automation of what used to be manual operations by implementing a compliance policy and training management platform. With EASI’s dynamic tools, you can communicate policies, control, develop custom rules and regulations, and much more.

Few organizations can afford to put off implementing a corporate compliance program. Don’t let your company realize this after a viral catastrophe, act now!