Compliance success in a heavily-regulated industry likely means working hand in hand with the regulatory team. Kasey Ingram, General Counsel and Chief Compliance Officer of ISK Americas, a global chemical company, knows this well. Few industries are as regulated as the chemicals business.
As he explains in his latest podcast, success for him and his compliance program begins with understanding what compliance and regulatory each can do best. He focuses on looking at the big culture controls while the regulatory department, which has the very specific knowledge of all the details, deals with the day-to-day activities.
To help ensure collaboration with regulatory, he advises that compliance be present, make sure people know who you are and are comfortable talking to you. That way you go from the compliance guy to a person. Second, build controls based on what people do and that both minimize interference and are easy to perform. Finally, he advises that you do your best to know the rules: if you can’t understand them you won’t have any credibility.
Listen in as he also provides a process for building a regulatory compliance program that recognizes the risks, has proper controls in place and enjoys the support of key business leaders (even the ones who initially weren’t happy about it).