As regulations have increased within many industries, compliance programs have become more common. Corporate compliance programs ensure that all employees understand and follow the code of ethics laid out by the company. When creating a corporate compliance program, the organization should first create and go through a checklist to see where they stand. Here’s what a checklist should include:

1. Understand the Scope

Periodically, the organization should identify all regulatory and internal compliance needs. Since these can often change, doing it regularly helps keep everything up to date. Having an attorney who is more aware of these regulations and policies can be very beneficial.

1. Gather Internal and External Intelligence

This is when research is done. Ask people’s thoughts within the company about compliance, policies and procedures. Also, look outside the company for information through the Internet, competitors and legal documents.

1. Define Objectives

From enterprise and business unit standpoints, objectives should be defined. These objectives will help the company reach its ultimate goal.

1. Conduct a Risk Assessment

Risk assessments are a great way to find and fix red flags before they become a full blown problem. Learn about  InnovaCounsel’s risk assessment here.

1. Align Controls

Address risks with policies, procedures, and actions. These should also help to achieve the objectives outlines earlier.

1. Verify Understandability

Make sure everyone knows their roles. They also need to understand the “how and why” of the compliance program.

1. Test Cultural Support

Put a test program in place first that has no real effect on the organization’s operations. This way, it can be determined if the culture(s) within the company are supportive of a corporate compliance program.

1. Assess On-Going Compliance

The compliance program should have monitoring and reviews in place to see if it is operating effectively.

1. Train, Educate and Communicate

Compliance information should be shared with the business units, external partners, customers, vendors, and other stakeholders. Training should also continue periodically to update policies or fix an issue.

1. Measure Results

There should be something in place to measure the results of the compliance program. This will determine if it is effective, and if it needs changed.

Corporate Compliance Programs are just one way InnovaCounsel helps businesses with their general corporate needs. Visit their webpage to learn more about their in-house legal services. They cover everything from corporate governance to trademark infringement.