One of the primary benefits of a compliance program is ensuring you operate within legal boundaries and mitigate potential risks or penalties. The advantages of using compliance software is the ability to become fully compliant with industry regulations and standards.
A compliance program provides procedures to promptly correct misconduct. 8. An effective compliance program may mitigate any sanction imposed by the government.
The Seven Elements Implementing written policies & procedures. All policies can be found in the Policy Library. Governance & oversight. Effective training & education. Effective lines of communication. Internal auditing & monitoring. Enforcement & disciplinary guidelines. Prompt response.
Key Takeaways. Compliance programs outline a set of guidelines and best practices that ensure a company's employees are following all relevant laws and regulations. Compliance programs help corporations protect their brand from scandal and lawsuits.
Compliance. refers to the act of changing one's behaviour in response to a direct request (e.g., from friends, salespeople, charities)