In the past two decades there has been a plethora of new standards for defining an effective compliance programme. With each new standard, additional elements have been defined and the definition has become more developed.
While there is no single standard or regulation that suits all situations, effectiveness standards are becoming more uniform across the globe. Recently, the United States Department of Justice released the criteria they use in making an individualised determination. In France, the long awaited Sapin II was released setting ant-bribery and corruption controls and greater whistleblower protection. It also lists elements that are defined for programme effectiveness.
There are four important factors to consider with assessing effectiveness:
Does the compliance programme demonstrate thoughtful design?
How operation is the programme (not a paper programme)?
How well do stakeholders communicate with each other?
How well is the programme resourced? Using these four factors, one can then begin to assess if they have the right elements for an effective compliance programme within their organisation.
Join NAVEX Global for our eight week series to find out all the crucial elements needed in an effective compliance programme such as how to implement a risk assessment, the importance of reporting processes and a look at how your culture affects compliance.