A corporate compliance program can generally be defined as a formal program which specifies an organization’s policies, procedures and actions within a process to help prevent and detect violations of laws and regulations.
While such a program would ensure that the minimum standards and external
regulatory considerations are met, companies should challenge themselves to go further and opt for a more integrated approach focusing also on internal
compliance. This would help them to mitigate the risks of fraud and achieve
strategic, operational and financial reporting objectives.
What’s in it for you
The benefits of a strong compliance program go well beyond regulatory and
legal compliance and extend to operational benefits. A well-balanced corporate compliance program would help to ensure that a company’s organizational structure, people, processes and technology work in harmony to:
What you can do
There are many aspects to an effective corporate compliance program. KPMG’s experience shows that to implement a successful compliance program you will need to consider at least the following essential elements:
Thus compliance has an overarching reach as it is not simply a regulatory
necessity but a tool in the process of protecting the most valuable asset a
company has, its reputation. It could thus be critical for a company’s success
in the increasingly complex and demanding regulatory and business
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