ANATOMY OF AN EFFECTIVE COMPLIANCE PROGRAMME
R&C: To what extent are organisations and regulators focusing on strengthening corporate responsibility and accountability? How important is an effective compliance programme in this regard?
Foley: A strong corporate compliance programme helps an organisation reduce legal, regulatory and reputational risk, improve employee morale and corporate culture, and demonstrate a top-down commitment to ethical behaviour and responsible corporate citizenship. There has been a sharp focus by organisations over the past several years on corporate responsibility and accountability. With the backdrop of an evolving regulatory framework that is underscoring obligations related to responsible corporate behaviour, important synergies that align with corporate compliance programmes have emerged. Examples of those alignments include how a company conducts itself with respect to environmental impacts and social governance efforts, assessing how business partners conduct themselves and whether there are questionable ties to individuals or efforts that could expose a business to reputational damage, and strategically addressing enterprise-wide risks. Compliance programmes help build and protect sustainable business for organisations. Leveraging models deployed by compliance programmes to address these areas can help an organisation better understand its business practices and performance to inform what adjustments may be required to meet and strengthen corporate responsibility and accountability activities and obligations.
Oct-Dec 2023 Issue
Patterson Companies, Inc.
Society of Corporate Compliance and Ethics & Health Care Compliance Association