In speaking with professionals in the compliance community, I often hear the desire to engage others in their organization and change the conversation of compliance being a necessary “burden” they have to complete as an employee to one where all individuals see the value the profession brings to an organization. One end goal in compliance is protecting the brand, but ideally everyone in an organization, whether in marketing or development, should know how the compliance profession can help them achieve their professional goals.
Until recently, compliance has historically reported into the board of directors. Compliance is critical to brand management and managing risks for a company. Today, they are becoming more a part of the daily operations of a company, often reporting into finance or legal. If the brand and risk aspects are not managed well, they can affect a company’s bottom line, both near-term and in the future.
Aside from enacting policies, regulations, and managing corporate risk, compliance teams must integrate their policies with their employees, work processes, and workflows throughout the organization. The organization’s governing board should also put in place adequate enforcement mechanisms, and educate and monitor employees to ensure they adhere to the stated company policies. The governing board should also have an in-depth understanding of the legal and statutory requirements of the policies enacted, and should also periodically review the associated regulations to ensure conformity with the dynamic work environment.