JCW’s Post

Compliance is an outcome of an organization meeting its obligations and is made sustainable by embedding it in the culture of the organization and in the behavior and attitude of people working for it. compliance management system enables an organization to demonstrate its commitment to compliance with relevant laws, including legislative requirements, industry codes and organizational standards, as well as standards of good corporate governance, best practices, ethics and community expectations. see the below figure demonstrating the compliance management system.

Check out the top lessons learned from "A Year as a Wildly Effective Compliance Officer!" by Kristy Grant-Hart. Linda Meikle dives into adaptability, proactive communication, and continuous learning in navigating the complex compliance landscape—valuable insights for professionals seeking to excel in ensuring organizational integrity. #complianceofficer #ethicsandcompliance #compliance

BUILDING A HIGH COMPLIANCE CULTURE IN THE ORGANIZATION! For an organization to not just succeed, but keep growing, there is a need for a high compliance culture in the organization. Compliance means adhering to all laid down internal and external legal and regulatory requirements within an organization/economy. Compliance culture is usually built over time by the tone set from the top by management. It requires that management sets the top of compliance and impose sanctions that can be easily implemented as it is not just enough to make rules without sanctions for failure to obey the rules. Once management sets the tone from the top, it is essential to let everyone at the organization starting from the “gateman” to the “Chief Executive Officer” understand the compliance culture of the organization. A few crucial elements to set the ball rolling are: 1. The goal of the organization must be clear. 2. What amounts to success in the role of each and every member must be outlined. 3. The dos and don'ts attached to each role must be clearly stated. 4. Who does what, when, how, where, why, and with whom or what to do it must be clearly stated. 5. Everyone must always be at the right place, at the right time, and with the right resources to achieve set objectives for their roles. 6. Deadlines to comply with internal and external policies must be set for everyone with a compliance officer appointed to ensure that each member meets the set deadlines. 7. Easy to read and understand compliance manual must be shared with everyone. 8. The effects of failure to comply must be stated against the guidelines to comply with, so people understand the “why”. 9. Sanctions must always be implemented to discourage non-compliance and serve as a warning to others. 10. Compliant members should be praised/rewarded to encourage a high culture of compliance. I believe the above points when achieved, help an organization scale with ease, attract investments, and develop talents within the organization. If you have any additions, suggestions, or questions, please share them in the comment section or send a direct message. As much as possible, be someone's pleasant surprise this week!

The Compliance Management Framework (CMF) is a structured approach to ensure that an organization adheres to relevant laws, regulations, and internal policies. The core points include: 1. **Identification and Assessment**: Recognizing applicable legal and regulatory requirements and assessing their impact on the organization. 2. **Policies and Procedures**: Developing and implementing policies and procedures to ensure compliance. 3. **Training and Communication**: Educating employees about compliance requirements and ensuring effective communication across the organization. 4. **Monitoring and Reporting**: Regularly monitoring compliance and reporting any breaches or issues. 5. **Response and Remediation**: Addressing compliance breaches promptly and taking corrective actions to prevent future occurrences. 6. **Continuous Improvement**: Regularly reviewing and updating the compliance framework to adapt to new regulations and organizational changes. This framework helps organizations maintain legal and ethical standards, mitigate risks, and build a culture of compliance.

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Compliance management entails that organizations conduct business ethically and according to the King IV, for compliance management to be installed effectively 1. Compliance officials need a buy-in from senior executives 2. Employees should be trained on compliance ,compliance training should be made available to employees 3. Employees can also be incentivized for conducting their work ethically 4. Control measures need to be in place for reporting non-compliance I am currently studying a compliance management course this has taught me how corporate companies have not always abided by compliance and this has resulted in penalties being given to organizations, If organizations do not conduct business ethically they can get fined, get the license revoked, reputational risk amongst other mistakes

As a compliance controller at a global company, I know firsthand the importance of ensuring regulatory compliance across various business operations. Compliance plays a crucial role in maintaining trust with customers, stakeholders, and regulators. In my experience, effective compliance management starts with a robust risk assessment process that identifies potential vulnerabilities and areas for improvement. This can help organizations prioritize and allocate resources to ensure compliance and avoid costly penalties or reputational damage. One key tip for organizations is to stay up-to-date with changing regulations and industry standards (this goes without saying)This requires ongoing education and training for employees, as well as collaboration and communication across functional teams. Moreover if you focus on professional ethics the rest will follow. What other tips and strategies have you found helpful in your compliance role? I'd love to hear from other professionals in the industry. Let's continue the conversation in the comments!

#ComplianceAdvisory: #Feedbacks and #Feedforwards. Feedbacks and feedforwards are both important tools in conducting compliance advisory in various contexts. Feedback is typically provided after an action or task has been completed. It's essential when you want to evaluate past performance, identify areas of improvement, and reinforce positive behavior. In compliance advisory, feedback is crucial to: - Assess the effectiveness of compliance measures taken. - Identify any breaches or non-compliance. - Guide individuals or organizations on how to rectify any issues and prevent future non-compliance. - Encourage a culture of continuous improvement in compliance practices. Feedforward, on the other hand, is given before an action or task takes place. It's about providing guidance, suggestions, and expectations for future performance. In compliance advisory, feedforward is valuable to: - Prevent compliance issues before they occur by offering guidance on best practices and potential risks. - Set clear expectations for compliance in upcoming projects or actions. - Create a proactive compliance culture where individuals or organizations take preventive measures. To fully operationalize and maximize feedbacks and feedforwards in compliance advisory, the following considerations are important: - Timeliness: Provide feedback promptly after assessing compliance, and offer feedforward well in advance of planned actions. - Specificity: Be specific about what went well (in feedback) or what needs to be improved (in feedforward). Avoid vague comments. - Constructiveness: Ensure that your feedback and feedforward are constructive, offering practical solutions and actionable recommendations. - Clarity: Use clear and concise language to convey your points effectively. - Documentation: Keep records of feedback and feedforward to track compliance progress over time. - Training: Offer training and resources to help individuals or organizations understand and implement compliance measures effectively. - Continuous Engagement: Maintain an ongoing dialogue about compliance to address emerging issues and adapt to changing regulations. By integrating feedback and feedforward into compliance advisory processes, you can help promote a culture of compliance, reduce risks, and enhance overall performance in meeting regulatory requirements.

To achieve success, Compliance Officers need to find ways to communicate with everyone in the business. The best Compliance Officer doesn’t police or quote rules but communicates in a way people understand and inspires them to do the right thing. Compliance Officers should be able to speak the language of the business – analysing and interpreting facts and representing them in a way that resonates with the business, using real-life events/scenarios. Finding out the challenges each business unit face will enable you to provide practical compliance support relating to each unit. It has been said that: “The Compliance Officer is the compass of the business. We need to show the way.” On a more specific level, remind people what their role is and what’s expected of them. This can help them appreciate how their part in ensuring compliance best practice contributes to the business as a whole. Effective communication at the Board level is also critical.

Driving organisational Change in the compliance space requires communication. In fact, part of the compliance policy should be a detailed communication plan and framework.