Compliance Administration – Workshop 1 (Compliance Essentials)
The Appleton Greene Corporate Training Program (CTP) for Compliance Administration is provided by Mr. Nelson Certified Learning Provider (CLP). Program Specifications: Monthly cost USD$2,500.00; Monthly Workshops 6 hours; Monthly Support 4 hours; Program Duration 12 months; Program orders subject to ongoing availability.
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Learning Provider Profile
Mr. Nelson is a Certified Learning Provider (CLP) at Appleton Greene. He has executive leadership and management experience in Operation Workflow, Financial Services, Regulatory Compliance and Consulting. His academic achievements include a Bachelor of Business Administration from the University of Miami and a Master of Business Administration from Nova Southeastern University. He is a Certified Compliance Professional, dedicated to developing and implementing operational processes and workflows, integrating automated and Artificial Intelligence technology to effectively administer and manage compliance programs. Mr. Nelson maintains active membership in professional associations such as the National Society of Compliance Professionals (NSCP) and the American Society of Administrative Professionals (ASAP).
MOST Analysis
Mission Statement
Before an organization starts creating a compliance program, the first thing that it needs to know is the essential elements for the compliance program. The organization has to do some diligent research on the applicable laws and regulations. But simply communicating these regulations and standards to employees will not make them comply from day one. The company has to appoint a dedicated compliance administration team that will take care of all related activities. The team has to design and implement all the administrative processes to ensure compliance with organizational policies. They will also be responsible for updating the policies and monitoring compliance on a regular basis.
The organization will need a strong strategy for the implementation of the compliance program. The strategy has to define whether the organization will take a rigid or flexible approach to compliance, or switch between the two based on circumstances.
Training of employees to educate them about the laws, standards, and codes of conduct is essential. Without periodic training, employees cannot be expected to commit to compliance or understand its importance. Along with periodic training, monitoring and audits are equally important. Monitoring with established protocols and controls allows the organization to identify gaps in the compliance program and remediate them in time. Audits and reporting help prevent non-compliance and associated penalties.
It is also important to document and report any exceptions to compliance that may have been made. Untracked/ undocumented exceptions may be treated as non-compliance during external audits and may land the organization in trouble.
Objectives
01. Culture: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
02. Incentives & Rewards: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
03. Enforcement & Discipline: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
04. Accountability: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
05. Risk Assessment: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
06. Compliance Officers: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
07. Policies & Procedures: departmental SWOT analysis; strategy research & development. 1 Month
08. Communication & Training: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
09. Monitoring & Auditing: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
10. Issues Management: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
11. Metrics: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
12. Technology: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
Strategies
01. Culture: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
02. Incentives & Rewards: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
03. Enforcement & Discipline: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
04. Accountability: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
05. Risk Assessment: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
06. Compliance Officers: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
07. Policies & Procedures: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
08. Communication & Training: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
09. Monitoring & Auditing: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
10. Issues Management: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
11. Metrics: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
12. Technology: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
Tasks
01. Create a task on your calendar, to be completed within the next month, to analyze Culture.
02. Create a task on your calendar, to be completed within the next month, to analyze Incentives & Rewards.
03. Create a task on your calendar, to be completed within the next month, to analyze Enforcement & Discipline.
04. Create a task on your calendar, to be completed within the next month, to analyze Accountability.
05. Create a task on your calendar, to be completed within the next month, to analyze Risk Assessment.
06. Create a task on your calendar, to be completed within the next month, to analyze Compliance Officers.
07. Create a task on your calendar, to be completed within the next month, to analyze Policies & Procedures.
08. Create a task on your calendar, to be completed within the next month, to analyze Communication & Training.
09. Create a task on your calendar, to be completed within the next month, to analyze Monitoring & Auditing.
10. Create a task on your calendar, to be completed within the next month, to analyze Issues Management.
11. Create a task on your calendar, to be completed within the next month, to analyze Metrics.
12. Create a task on your calendar, to be completed within the next month, to analyze Technology.
Introduction
Legal and regulatory compliance failures have caused major reputational and financial damage to businesses across industries. Most had what they thought were appropriate compliance procedures in place, but they didn’t seem to function. Compliance is receiving an increasing amount of corporate resources, as well as more attention in the C-suite and board room, yet anxiety remains—and rightly so. While keeping a watch on regulatory actions, legal and compliance professionals have attempted to merge their compliance processes from fragmented parts into a cohesive whole. However, we are seeing a significant shift in what important regulators are looking at and using to determine whether or not to pursue enforcement proceedings. With that backdrop in mind, and taking into account what recent experience has shown to work in the “real world,” businesses may now build extremely effective and efficient compliance procedures. Richard M. (Rick) Steinberg outlines these game-changers and provides a roadmap with 10 essential elements to get programs where management and boards need and want them to be in achieving compliance objectives in this article, which is an excerpt from his recently published white paper sponsored by IBM Open Pages.
Introduction
If you’re a CEO, director, general counsel, compliance officer, risk officer, or someone else in charge of your company’s legal and regulatory compliance, you’re undoubtedly concerned, if not alarmed. When it comes to supply chain, product liability, marketing, antitrust, mergers and acquisitions, and alliance partners (such as resellers, distributors, agents, or joint venture partners), the list appears to go on and on. You have a feeling that people in your organization are aware of wrongdoing but aren’t reporting it. You’re spending more money on your compliance program and trying harder to track results, but you’re still not convinced it’s working.
Regulatory compliance enforcement efforts have brought corporations across industries to their knees in recent years. Indeed, legal and regulatory compliance has risen to the top of the C-and suite’s boardroom’s priority list, outshining strategy, operational execution, risk management, and CEO compensation. Too much time is taken away from “running the business,” and even as compliance costs continue to grow, many organizations’ compliance strategies fall short.
Officials from the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have spoken about their “carrot and stick” strategy, with the SEC and DOJ being more lenient when a compliance program is good and harder enforcers when it is not. Directors are cognizant of Delaware Chancery and Supreme Court decisions that highlight the board’s role in maintaining effective compliance programs. In addition, the modified federal sentencing guidelines for criminal wrongdoing, as well as company initiatives for analyzing and eliminating related risks, are discussed.
With over 2,000 pages of new regulations introduced just last year, split over six laws, financial services is bearing the brunt of additional regulation. The Dodd-Frank Act alone is likely to grow to 5,000 pages over time. Though it is becoming increasingly challenging, the financial industry is working hard to design incoming laws so that they do not excessively hinder company opportunities and the industry’s future health. However, there’s no denying that legal and regulatory compliance affects every industry, and keeping up has become more difficult.
A New Direction For Regulation
For years, the SEC and DOJ have stressed how they give corporations “credit” for having an effective compliance program in investigations and enforcement actions. Many general counsels, chief compliance officers, and others have recognized this as one of several grounds for bolstering internal processes. However, there was little direct proof until recently that the regulators’ message was backed up by action. Indeed, it appears that the emphasis was on encouraging a corporation to build an effective compliance program after a failure rather than praising them for having one before the loss. Furthermore, businesses have complained about inconsistent regulatory enforcement techniques and have urged for more transparency and uniformity. Now we’ve got a game changer, and it’s definitely worth paying attention to.