We are starting a new year of Compliance Perspectives podcasts by going back to basics with an episode designed for those who are charged with starting a compliance program. While the conversation is directed to this audience, there are some good reminders even for established programs.
So, if you are charged with launching a program, where do you begin? They advise starting by taking the time to develop a work plan that outlines your compliance program elements. Look to see what the regulatory requirements are for the business you are in and make a catalog of them. That, in turn, will help you set the objectives of your program.
Next, take the time to tailor those requirements to the unique aspects of your organization. To do so, first spend time with operations to understand their level of knowledge, processes, resources and documentation. That will help you prioritize what needs to be done.
Take the time also to gain the support of leadership. They may need education in everything from what a compliance program is to the specific requirements of your situation. One very effective technique is bringing them examples of non-compliance in your industry and the consequences of it.
On an ongoing basis, follow the seven elements of a compliance program and make sure that you prepare your colleagues for the fact that changes happen. Law and regulations evolve, and the compliance program must do the same. It will help things go a bit smoother when you have to institute a new direction.
Listen in to learn more about the essential steps for starting a compliance program.