The Game Changes: 10 Essential Elements for Truly Effective Compliance Programs

Abstract

We've witnessed companies across industries suffer serious reputational and financial damage due to legal and regulatory compliance failures. Most had what they considered reasonable compliance processes, but somehow they didn't work. More and more corporate resources are spent on compliance, with greater attention in the C-suite and board room, but still concern lingers—and justifiably so. While keeping an eye on regulatory actions, legal and compliance executives have sought to move their compliance programs from disparate elements to integrated wholes. But now we see a major shift in what key regulators are looking for and indeed using in deciding whether to pursue enforcement actions. With that backdrop and encompassing what recent experience shows truly works in the “real world,” organizations now have greater clarity in developing highly effective and efficient compliance programs. In this article, which is excerpted from his recently published white paper sponsored by IBM Open Pages, Richard M. (Rick) Steinberg outlines these game-changers and provides a roadmap with 10 essential elements to getting programs where managements and boards need and want them to be in achieving their compliance objectives.1