Posted on Aug 5, 2015 11:32:00 AM
The environment for multinational organizations is hardly similar to what it was even five years ago. Having an effective global compliance program is as important as ever, and there’s no evidence to suggest that this won’t continue to be the case.
Greater awareness, heightened regulatory enforcement and rising compliance costs all contribute to the critical nature of owning a fortified corporate compliance program.
Yet, despite the severe repercussions of noncompliance, many organizations’ compliance processes are simply broken, leaving their stakeholders at great risk.
How do you go about assessing your own program, and how do you fix potential problems?
Even the strongest compliance programs require a thorough evaluation on a periodic basis. The smartest, most proactive organizations continually analyze specific areas of their program and processes.
After all, the global compliance landscape is fluid, and your requirements are not static.
In order to assess your corporate compliance program, you must evaluate at least these three critical components:
If your global compliance program has holes, it is vital to address them. The reality is that without taking steps to ensure proactive compliance management and processes, your organization is always going to be a step behind the standard.
Take action now to help your organization mitigate the risks of noncompliance and create a competitive advantage with a formidable, effective global compliance program.
Discover the 17 detailed elements of a risk-mitigating compliance program.