A firm-wide culture of compliance: seven best practices that can make a difference

Compliance programs have never been more critical to a firm, but designing a truly effective program and creating a culture of compliance takes time. It also involves more than adopting the right set of policies. A noted group of practitioners set forth 7 critical areas where best practices can make...

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Veröffentlicht in:Insights (Clifton, N.J.) N.J.), 2004-06, Vol.18 (6), p.15
Hauptverfasser: Pedowitz, Lawrence B, Savarese, John F, Levine, Theodore A, Racz, Gregory N
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Sprache:eng
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Zusammenfassung:Compliance programs have never been more critical to a firm, but designing a truly effective program and creating a culture of compliance takes time. It also involves more than adopting the right set of policies. A noted group of practitioners set forth 7 critical areas where best practices can make a real difference to the quality and effectiveness of a compliance program and to fostering a culture of compliance. The 7 areas of best practice are: 1. Set the proper tone at the top and establish an appropriate supervisory and compliance structure. 2. Communicate senior management's compliance message throughout the organization. 3. Create a sophisticated inventory of regulatory and reputational risks faced by the firm's businesses. 4. Establish an "early warning" system to identify emerging areas of regulatory focus. 5. Conduct specialized training for supervisors. 6. Ensure that information concerning regulatory and reputational risks and issues are promptly surfaced to senior management and compliance personnel. 7. Use internal discipline effectively to reinforce the compliance message.
ISSN:0894-3524