Almost every sizeable company likely has an internal audit committee in place. But many organizations have now recognized the valuable role an internal compliance committee can play as well. An internal compliance committee can help institute a culture of compliance and ensure an organization’s employees understand and perform their part in addressing critical regulatory requirements.
Attorney Michael Volkov, of the Volkav Law Group, offered a number of suggestions to help organizations get the most out of an internal compliance committee in a recent JD Supra article.
- Secure senior management’s support of the compliance program. It’s critical in fully operationalizing an effective program.
- Get organized. A compliance committee needs a formal charter, designating the Chief Compliance Officer as the chair; outlining other members’ roles and functions; and required meetings.
- Find the right committee members. These should include key stakeholders such as senior leaders, human resources, legal, internal audit, security, information technology, finance, privacy, and procurement.
- Set clear objectives and goals so that key compliance and risk issues are addressed and related tasks are completed by committee members on time.
- Keep the proper perspective. The committee should be focused on solving compliance problems within your organization and not get bogged down in the micro-management of specific functions and responsibilities.
A compliance committee, if properly focused, will become a valuable asset to any organization. For more information, please read Volkov’s article in JD Supra.
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