Overview of a Compliance Program

• A compliance program ensures that a company adheres to any laws and regulations that apply to it.

• It is about developing and managing systems that ensure constant regulatory compliance.  

•  Effective compliance programs ensure that companies:
• Create a culture of integrity and honesty. 
• Utilize fast corrective actions. 
• Build trust and confidence among the employees.
• Meet ethical and professional requirements.
• Prevent compliance issues such as fraud. 
• Detect compliance issues early enough.

• Three main purposes of compliance programs are prevention, detection, and corrective action. 

• Eight key elements of effective compliance programs are:
•  Written code of conduct. 
•  Compliance officer and oversight.
•  Training or education. 
•  Reporting hot line. 
•  Monitoring, auditing and internal reporting.
•  Nonretaliation and nonintimidation.
•  Investigations and remediation.
•  Disciplinary policies.

Summary of Early Findings

• Our first hour of research was spent scanning for information about compliance programs and any information surrounding how a well-designed compliance program can help a company achieve and exceed its organizational goals. This determined that the information is publicly available. We provided general details about compliance programs in the early findings.
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