Glossary of Key Terms
- Compliance Program: A structured system designed to prevent and detect violations of laws, regulations, and ethical standards.
- Leadership Commitment: Active and visible support from organizational leaders, demonstrating the importance of compliance.
- Risk Assessment: The process of identifying, evaluating, and prioritizing potential compliance risks.
- Policies: Broad statements of principles or rules that guide behavior within an organization.
- Procedures: Specific instructions and steps on how to implement policies.
- Training: Educating employees on relevant laws, regulations, policies, and procedures.
- Communication: Sharing compliance-related information with employees and stakeholders through various channels.
- Monitoring: Ongoing tracking of compliance activities and performance to identify potential issues.
- Auditing: A formal, periodic review to assess the effectiveness of the compliance program and identify areas for improvement.
- Enforcement: Applying consequences for violations of policies and procedures.
- Discipline: Taking corrective action against individuals who violate compliance rules.
- Continuous Improvement: Regularly reviewing and updating the compliance program to ensure its effectiveness and relevance.
- Corrective Action: Steps taken to address compliance violations, remediate harm, and prevent future occurrences.
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