Day 12 of One Month to Operationalization of Your Compliance Program

One Month to Operationalizing your Compliance Program

16-03-2017 • 13 mins

The operationalization of your compliance programs means how deeply is compliance integrated into the function of your company. Today, I want to consider another way to operationalize compliance through the Compliance Oversight Committee. The Compliance Oversight Committee is a key tool which can be utilized by a company to manage its risks. The books and records component of internal controls is one level of prevention and detection. The review by a Compliance Department for requests for travel for and gifts and entertainment to foreign governmental officials and the lifecycle management of third parties is also an important step in the prevention process. However, the Compliance Oversight Committee is another step which operationalizes compliance and should be employed by companies as an additional protection against any type of compliance and ethics violation slipping through the cracks to become a much larger problem down the road. Companies should implement a Compliance Oversight Committee and review the systems they have in place to detect risky conduct.   Three Key Takeaways The Justice Department has long suggested an approach of operationalizing compliance through greater senior management oversight.A Compliance Oversight Committee allows for an increased set of eyeballs on your highest risk compliance risks.A Compliance Oversight Committee acts as another control mechanism for a best practices compliance program.This month’s podcast series is sponsored by Oversight Systems, Inc. Oversight’s automated transaction monitoring solution, Insights On Demand for FCPA, operationalizes your compliance program. For more information, go to OversightSystems.com.