Corporate Compliance

Corporate compliance is the way that a company ensures that it is following all the laws and regulations that apply to their business. This generally involves the design, implementation, and monitoring of policies, trainings, procedures and practices. Corporate compliance programs are grounded in creating formal policies to prevent violations of laws, training personnel on relevant regulations, implementation of compliance procedures and monitoring for violations. Without any of these elements, your company is open to serious risk and legal liability. If you do not yet have a formal corporate compliance program, it may be a good idea to speak with a corporate compliance attorney about developing a plan.

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FSC helps companies to set of procedures and good practices adopted by organizations to identify and classify the operational and legal risks they face and establish internal mechanisms for prevention, management, control and reaction against them.

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Your company’s compliance standards, policies and procedures must clearly address all the key areas of concern for regulatory compliance. The following are some of the most common compliance areas that need to be addressed in general terms.

Reviewing existing compliance programs.

Adapting international models to the demands of national legislation and vice versa.

Defining the responsibilities and composition of the Internal Supervisory Body (Compliance Officer) of companies.

Assisting the compliance officer in the obligation to continually monitor the compliance program with constant updating and adaptation to the company’s circumstances.

Developing in-house training programs for companies.

Providing corporate defence or legal assistance with any court proceedings that may be initiated.

Providing comprehensive, highly specialized advice, which allows our clients to face new legal challenges in matters of compliance, in the following areas:

Criminal Compliance. Assistance with the drafting, implementation and approval of Comprehensive Crime Prevention Systems
Ethical and Social Compliance
Corporate Governance Compliance
Legal Compliance (prevention of labour risks, money laundering, anti-trust…)
Financial Compliance

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What is a Compliance Program:

A compliance program is all of the internal procedures that your company has in place to ensure there is no ethical or ilegal misconduct in the workplace. Compliance programs are important, FSC run programs and provide information that will help companies avoid committing non-compliant acts such as fraud or tax evasion.

Every business should include a compliance program that is carefully incorporated into their mission statement, onboarding, and training, and that guides their workplace culture and best practices.

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Who is Responsible for Compliance?

On the front lines of compliance is your company’s compliance officer. They have numerous duties to fulfill. To begin with, it’s their job to implement, administer, and promote the policy. Compliance officers need to be aware of any existing or new risks to the company and have to prepare regular reports, which they then hand in to directors or management. That way, these entities know how the organization is performing ethically.

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Who is Responsible for Compliance?

Compliance officers are also in charge of the onboarding process of new employees when it comes to training them on compliance procedures. They should ensure that all employees have the code of conduct, can easily access it, and that they’ve acknowledged it in writing. It never hurts to have employees review it regularly.

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Who is Responsible for Compliance?

In addition, these officers are responsible for following up on suspicious activity in the workplace. They’ll receive all reports of non-compliance from workers. In cases of non-compliance, the compliance officer is in charge of recommending proper disciplinary action. Compliance officers are also responsible for adopting new technologies to the compliance program as required and training employees to use them.

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What is the Purpose of a Corporate Compliance Program?

A corporate compliance program serves many purposes. The first is to prevent ethical misconduct such as tax fraud, extortion, or criminal activity that can lead to wider and business-ruining ramifications. A strong, properly functioning program will help prevent your company from drawing media attention for all the wrong reasons.

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What is the Purpose of a Corporate Compliance Program?

When paired with volunteer or charity initiatives, a corporate compliance program can boost your company’s reputation and draw in high-level new hires as most employees prefer to work in businesses with good codes of ethics. It also provides your employees with a comfortable workplace culture where they won’t fear retaliation if they report on misconduct.

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What Will the Scope of a Compliance Program Depend On?

The scope of a compliance program often depends on how large your business is. The larger your business becomes, the more the program will need to cover. It will also become more formal and will be able to implement more resources since it can now afford more. To understand the scope of your compliance program, you need to periodically gauge whether it is meeting your compliance needs. You can do this by holding discussions with the Board of Directors, management, and employees to get a better understanding of what they think.

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What Will the Scope of a Compliance Program Depend On?

You should also ensure you know what your business objectives are so that you can continuously improve your compliance program in order to meet those goals. As you perform periodic reviews of your compliance program and update it, be sure to conduct regular risk assessments and try to identify any new possible threats to your operations.