How to Create an Effective Compliance Program with Stephen Martin

The compliance department is often viewed as a secondary concern by companies. Many companies try to put procedures in place late or when it is too late. Worse still, many companies are isolated from this position and the sales team believes that compliance officers are usually too quick to react (No!).

Ironically, however, companies without a culture of compliance often face more disciplinary actions and lawsuits than their compliant competitors, rather than focusing on running a profitable business. In other words, a successful compliance policy saves important resources that include people, time and capital.

Realistically, building a compliance foundation is the most important assurance a company can have to reduce risk. In order to generate revenue and demonstrate compliance with applicable laws, compliance should be recognized as an internal insurance system. Companies should therefore strive to develop a successful compliance program.

But how do you create an effective compliance program?

Most organizations begin by implementing StoneTurn's Global Compliance Framework. These standards are widely recognized and used internationally to guide companies in their daily activities, aligning them with national rules, regional regulations and industry best practices.

In this chapter of the Compliance Handbook, we have Stephen Martin, a renowned expert in the world of compliance, as our guest. Join us to learn the importance of creating a practical compliance framework for your business.

Key takeaways from this chapter:

– Realize that compliance goes far beyond FCPA compliance. Anti-Money Laundering, Antitrust, Fraud, FCA, Trade Sanctions. It helps the company improve its return on investment and promote ethics in a much more visible way.

-The biggest challenge in compliance today is the expectation that you can use data analytics to help monitor and control your compliance program. Learn how to overcome this challenge and put compliance systems in place so you never run into the same problem again in the future.

– Commit to increasing your focus on ethical and cultural issues by implementing your effective compliance program.

– Remember that ethical leadership is the best compliance measure you can implement. But again, companies struggle with how to do this. Culture change is not easy and cultural influence is not easy.

-The 31 Days to a More Effective Compliance Program is the answer to all your compliance problems. Learn more about this framework directly from the expert Stephen Martin.

Dive deep into the six elements of compliance;
-Risk assessment
-Governance and structure
-Policies, procedures and controls
-Initial and continuing education
-Supervision and reporting
-Response and improvements

About Thomas Fox:

Thomas Fox, the Compliance Evangelist, is one of the leading authors, thinkers and commentators on the subject of anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to equip experienced compliance professionals and newcomers with the practical, actionable guidance and tools needed to design, build, implement and continually improve a best practice compliance program.

The basics of creating a comprehensive compliance plan

The first chapter of this unique work describes a concise but thorough 31-day approach to implementing an organization's compliance regime. The chapter begins with a section on the impact of 2020 on the compliance landscape and then methodically describes best practices for everything from establishing policies, procedures and internal controls to risk assessment, training, conducting investigations and more. Each day ends with three key takeaways you can implement at little to no cost.

Understanding compliance responsibility across the organization

The Compliance Manual also addresses in detail the role of all professionals with compliance responsibility, from compliance officers and board members to human resources, internal audit and internal control professionals, communications and training.

Detailed treatment of current topics and trends

The handbook provides a detailed insight into the latest findings and trends on all key compliance topics, including:

• Compliance and business plans
• Risk management for third parties
• The role of the Board in ensuring compliance
• Continuous improvement
• Compliance innovation
• And much more

Order your copy OR multiple copies of The Compliance Handbook: Guide to Operationalizing Your Compliance Program. Save 25%.
http://www.lexisnexis.com/fox25

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