The Path to Compliance Success - Part 2
We continue our compliance fundamentals series today with some thoughts on the role of Codes, policies and procedures in a successful compliance program. Learn more about Exemplify’s compliance services at https://lnkd.in/gHT_EYGA.
Simply put, Codes, policies and procedures are important tools to manage the risks identified and prioritized during the risk assessment. And, just as the risk assessment is a living process, we must be prepared to periodically revise the tools we reply to manage the risks to the organization.
A Code of Conduct which outlines the organization’s commitment to a set of values and commitment to doing the right thing (even when that’s difficult or inconvenient or costly or when no-one is watching), should be communicated to and accessible by all employees and contractors. With that, everyone knows where they stand and the organisation’s expectations for behaviour are clearly established.
The principles outlined in the Code of Conduct, covering for example, conduct in the workplace, marketing and sales and competition, should then be developed in a set of detailed supporting policies and procedures which are, again, communicated to and accessible by all relevant employees and contractors. With this body of standards, employees and contractors understand how the principles outlined in the Code of Conduct are to be implemented every day.
Just as business executives should be part of the risk assessment process, they should also be consulted as the organization shapes the policies and procedures which will serve to manage the risks identified in the risk assessment. Think, too, about ownership of the policies and procedures - often the most effective solution is to have them owned and implemented by those who lead the business areas concerned. They have a vested interest in ensuring they function correctly and know their area of the business best.
With a solid risk assessment process and risk management tools such as a Code of Conduct and implementing policies the organisation is on the right path.
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