Sign up to save your podcasts
Or
Share How Do You Create an Effective Compliance Program with Stephen Martin
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
How Do You Create an Effective Compliance Program with Stephen Martin
How Do You Create an Effective Compliance Program with Stephen Martin
The compliance department is frequently viewed by companies as an afterthought. Many companies scramble to bring procedures in place only on time or after it’s too late. Worse still, the position is siloed by several companies, with the sales team seeing compliance officers mostly as too fast to respond "No!".
Ironically, though, businesses lacking a compliance culture frequently contend with more disciplinary measures and lawsuits than their complying rivals rather than concentrating on operating a profitable company. In other terms, vital resources are saved with a successful compliance policy, covering individuals, time, and capital.
Realistically, building a compliance foundation is the most significant security for an organization to reduce risk. Thus, growing to achieve sales and creating proof of compliance with applicable laws, compliance should be recognized as an internal insurance system. With that, organizations should strive to develop a successful compliance program.
But, how do you create an effective compliance program?
Most organizations start by implementing 'StoneTurn's Global Compliance Framework'. These standards have been widely recognized and applied internationally to lead enterprises in day-to-day activities, thus aligning with national rules, regional codes, and sector best practices.
In this chapter of The Compliance Handbook, we're joined by a renowned expert in the world of compliance, Stephen Martin. Join us as we understand the essence of creating a practical compliance framework for your organization.
Key takeaways mentioned in the chapter:
- Realize that compliance is far beyond FCPA compliance. AML, Anti-trust, Fraud, FCA, trade sanctions. It is helping the business better return on investment and driving ethics in a much more visible way.
- The number one challenge in compliance right now is the expectation that you can use data analytics to help with your oversight and monitoring of your compliance program. Learn how to get above this challenge and set compliance systems in place so you'll never encounter the same issue in the future.
- Take something on board to focus much on the ethics and the culture side by implementing your effective compliance program.
- Remind yourself that, Ethical Leadership is the best compliance measure that you could put in place. But again, companies struggle with that area about how do you do it? Culture change is not easy, and cultural impact is not easy.
- The "31 Days to a More Effective Compliance Program" is the answer to all your compliance issues. Learn more about this framework straight from the expert himself, Stephen Martin.
Watch the full episode on Youtube here: https://youtu.be/14rqfEA5hg8 or catch it on your favorite podcast app.
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook he continues to arm seasoned compliance professionals, and those new to the realm, with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at the role of all professionals with compliance responsibility, from Compliance Officers and Boards of Directors, to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
Order your copy OR copies of the The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25
View all episodes
By Tom FoxHow Do You Create an Effective Compliance Program with Stephen Martin
The compliance department is frequently viewed by companies as an afterthought. Many companies scramble to bring procedures in place only on time or after it’s too late. Worse still, the position is siloed by several companies, with the sales team seeing compliance officers mostly as too fast to respond "No!".
Ironically, though, businesses lacking a compliance culture frequently contend with more disciplinary measures and lawsuits than their complying rivals rather than concentrating on operating a profitable company. In other terms, vital resources are saved with a successful compliance policy, covering individuals, time, and capital.
Realistically, building a compliance foundation is the most significant security for an organization to reduce risk. Thus, growing to achieve sales and creating proof of compliance with applicable laws, compliance should be recognized as an internal insurance system. With that, organizations should strive to develop a successful compliance program.
But, how do you create an effective compliance program?
Most organizations start by implementing 'StoneTurn's Global Compliance Framework'. These standards have been widely recognized and applied internationally to lead enterprises in day-to-day activities, thus aligning with national rules, regional codes, and sector best practices.
In this chapter of The Compliance Handbook, we're joined by a renowned expert in the world of compliance, Stephen Martin. Join us as we understand the essence of creating a practical compliance framework for your organization.
Key takeaways mentioned in the chapter:
- Realize that compliance is far beyond FCPA compliance. AML, Anti-trust, Fraud, FCA, trade sanctions. It is helping the business better return on investment and driving ethics in a much more visible way.
- The number one challenge in compliance right now is the expectation that you can use data analytics to help with your oversight and monitoring of your compliance program. Learn how to get above this challenge and set compliance systems in place so you'll never encounter the same issue in the future.
- Take something on board to focus much on the ethics and the culture side by implementing your effective compliance program.
- Remind yourself that, Ethical Leadership is the best compliance measure that you could put in place. But again, companies struggle with that area about how do you do it? Culture change is not easy, and cultural impact is not easy.
- The "31 Days to a More Effective Compliance Program" is the answer to all your compliance issues. Learn more about this framework straight from the expert himself, Stephen Martin.
Watch the full episode on Youtube here: https://youtu.be/14rqfEA5hg8 or catch it on your favorite podcast app.
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook he continues to arm seasoned compliance professionals, and those new to the realm, with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at the role of all professionals with compliance responsibility, from Compliance Officers and Boards of Directors, to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
Order your copy OR copies of the The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25