What is compliance, and what does it mean? Explore BBNC’s interactive Compliance Wheel below to learn about the Seven Pillars of an effective compliance program along with the key resources that support these efforts.
ELEMENTS OF AN EFFECTIVE COMPLIANCE PROGRAM
Policies & Written Standards of Control
Standards, procedures and written controls help to prevent and detect unethical conduct.
Key Resources:
Structure & Oversight
A Compliance Structure creates various levels of oversight by knowledgeable individuals to ensure that applicable policies and written standards of control are followed.
Key Resources:
Accountability Matrix, Compliance Committee, Compliance Liaison, Board of Directors, Relationships with Departments and Subsidiaries
Education, Training & Communication
Education on relevant laws, regulations, and policies so that expected conduct in the workplace reduces the probability of unethical conduct.
Key Resources:
Culture of Integrity
Duty to ensure that senior leadership models and rewards high ethical behavior by delegating authority, hiring, and promoting others with a proven record of high character.
Key Resources:
Monitoring, Auditing & Reporting
Continuous and routine review of business activity allows issues to be identified early on and remedied quickly. Open lines of communication increase early detection of issues and help identify areas or topics that require additional monitoring or education.
Key Resources:
Accountability Matrix, LogicManager Analytics, Ethical Advocate, Compliance Committee, Internal Audit
Enforcement/ Investigations, Incentives & Discipline
Expectations are met through effective checks and balances and taking consistent and appropriate disciplinary measures to discourage unethical conduct while also rewarding those who demonstrate ethical behavior.
Key Resources:
Policy Library, Compliance Committee, High Character Leadership Award, Internal Investigations Policy
Response, Remediate & Assess
Reasonable steps to respond appropriately to unethical conduct prevents similar issues from occurring in the future.
Key Resources:
Compliance Liaison, Senior Management, Compliance Alliance, Society of Corporate Compliance & Ethics (SCCE)