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Crystal Jezierski, Senior Managing Director, Guidepost Solutions thinks that at this point we have enough guidance documents and frameworks for compliance programs.
That’s not a criticism but a compliment. She finds the existing prescriptions to be helpful, instructive and reflective of the evolving understanding of best practices for effective compliance programs. They are also flexible enough for new and emerging risks.
What’s needed now, she believes, are more opportunities to benchmark, share, apply and test how programs are implemented.
As with compliance programs as a whole, that begins with understanding how to assess risk and how others are doing so. If done correctly, of course, a risk assessment can orient resources to both current and future issues as well as change how the company is doing business.
When managing a new issue, she recommends involving a combination of the standard partners – HR, internal audit, finance and technology – as well as additional partners who bring expertise to addressing the risk at hand.
One other partner needs to be considered throughout: the board. It can be a tremendous asset for compliance, sometimes more so than leadership.
To gain and keep board support, she advocates for regular contact, updates, and conversations about emerging issues.
Listen in to learn more about how to leverage the compliance frameworks, learn from others and work with the board to create a stronger compliance program.