Patty P. Tehrani, Esq.
Founder, Policy Patty Toolkit (www.policypatty.com) and author of the CCO Toolkit Series 1.0
Do you remember the last time you checked your compliance functions to see if they’re working as intended? As the Chief Compliance Officer (CCO), you run your organization’s Compliance Program (Program) and the various functions it encompasses. You know these controls are not optional, and frankly, they’re necessary to protect and run your highly regulated organization. But checking them while having to contend with a proliferation of new regulatory requirements and possibly more liability (Read more – Haider Settlement) is a daunting task. And that’s not all. You also have to contend with growing stakeholder expectations to drive value, produce sustainable cost-savings, and support business strategies all balanced against the need to remain compliant.
If you’re scratching your head and not sure what to do, take this quick survey to help you determine your next steps.
|1||Policy||Are your compliance policies and procedures current and maintained per a documented policy management process?|
|Are the roles and responsibilities for your compliance function documented?|
|3||Inventory||Do you maintain a current inventory of applicable laws and regulations that are integrated into your function, tracked, reported and acted on per a documented regulatory change management process?|
|4||Assessments||Are your compliance function controls included in your periodic assessments?|
|5||Communications and Training||Do you deliver periodic communications and training on your compliance function and related controls to raise and reinforce awareness?|
|6||Monitoring and Testing||Is your compliance function monitored and tested periodically to measure compliance and assess effectiveness with program requirements?|
|7||Procedures||Is your compliance function implemented through documented and current procedures?|
|8||Implementation||Do you require and confirm implementation of compliance function requirements?|
|9||Reporting||Do you report periodically to senior management and as applicable the board of directors on the compliance function?|
|10||Maintenance||Do you take steps to periodically review and where necessary update your compliance function to assure it remains current?|