Compliance and Ethics Programs
Organizations without a robust corporate Compliance and Ethics Program are at risk. Do not confuse this as simply meaning a code of ethics, which is a centralized guide towards helping an individual's actions remain consistent with the mission, values and principles of an organization. A comprehensive program goes much further to include staff retention of the particulars within the code of ethics, training, reporting, monitoring and accountability. It should be integral with the company's strategic plan, key internal controls and the company's culture. Candela Solutions can either help define or assess your Compliance and Ethics Program efforts both in terms of regulatory mandates and leading practices.
Corporate Compliance Programs as a Reality
An effective corporate compliance program can go a long way in reducing fines and penalties under Federal Sentencing Guidelines in the event that fraud occurs. Minimum requirements under these guidelines are:
- Governing authority to be knowledgeable of organization's compliance and ethics program, and exercise oversight regarding effective implementation.
- High-level personnel assigned overall responsibility.
- Organization must provide adequate resources.
- Reasonable efforts to protect against unethical people to oversee the compliance & ethics program.
- Effective training and disseminating information regarding individuals' roles and responsibilities.
- Expressly requires the use of auditing & monitoring to ensure that applicable internal controls work.
- Evaluate effectiveness periodically of the organization's compliance and ethics program.
- Have and publicize a system for the organization's employees and agents to report or seek guidance regarding potential or actual criminal conduct without fear of retaliation.
Call upon us to help build or assess your Compliance and Ethics Program.
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