Elements Of Corporate Compliance

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Corporate Compliance Checklist

The world of business is full of different regulatory and legal requirements. In order to fulfil the responsibilities, companies must create a program of comprehensive compliance.

All industries have their own regulatory requirements, combined with specific standards and ethical practices to follow. Effective corporate compliance is essentially about having a process in place that guarantees the company follows and meets the laws, regulations, standards and ethical practices that apply to them.

Corporate compliance is not just about the national and local laws and regulations. A good corporate compliance program will also pay attention to internal policies – the specific ethical and practical standards the company wants to adhere to. It is about
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These elements are:

1. Leadership – The corporate compliance culture should be built on strong leadership and the support from different layers of the management structure. Compliance officers must be high in the hierarchy of the corporation.
2. Risk assessment – The company must also pay attention to risk assessment and not just focus solely on following a set of rules. A risk assessment will provide a more enhanced view of the compliance obligations and helps the organisation to prioritise. This is also a crucial element in terms of due diligence.
3. Standards and control – Corporate compliance should have three levels of standards and controls in place:
a. Code of Conduct – Expressing the ethical principles of the company.
b. Standards and policies – Outlining the policies built upon the Code of Conduct, mainly dealing with issues such as bribery, corruption and accounting practices.
c. Procedures – Implementing procedures that ensure the above policies and practices are implemented, followed and

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