Corporate compliance is the procedure followed by all employees of the company to abide by all laws and regulations that are applicable to the company. The employees ensure the proper implementation of the legal and regulatory requirements of the business and abstain themselves from their violation. The staff members must agree to the internal policies of the company which in turn minimizes the element of risk while doing the business and ensure proper discipline among the employees says Attorney Miya Griggs.
The set of rules and policies made by the companies differ from one another as per the company’s size and in which business they are. It has become a necessity for the companies to protect themselves by establishing an effective compliance and ethics program be it formal or informal. The policies should be drafted in such a manner so that it suits your business and rightly monitored by the employees.
The procedure followed by the employees of the company to ensure that it is following all laws and regulations applied to the business depends upon the behavior of the workers within the organization that motivate each other stick to the program besides implementing the various ways. All types of violations must be monitored properly and bringing them to books and punishing them for making the program successful.
The companies often appoint an experienced lawyer to help the business houses in designing corporate compliance which would be cost effective depending upon the size of the organization, kind of business, how to run the business to achieve the intended objectives, management skills and business expansion and dealing with the people who violate the laws and regulations of the company says Attorney Miya Griggs.
Agreeing to the rules and regulations by the employees of the business for the welfare is compliance. The employees have to obey the legislations willingly or non willingly to remain compliant. Compliance is agreeing to and abiding the set of rules. Compliance could be with the laws to protect the business or complying with civil and criminal law. There are different methods of compliance such as accepting the cultural and social norms prevailing in the society and sticking to the orders in an arranged atmosphere like in military.
The failure to act in accordance with the formal requirements which is entirely opposite to compliance is termed as non compliance. Not agreeing to the imposed rules and regulations for running the business in a proper manner and thus violating the set of laws is also called non compliance. When you do not achieve the target by not adhering to the set procedures is also noncompliance says Attorney Miya Griggs. All types of non compliance are not legal violations.
Originally Posted: https://attorneymiyagriggs.wordpress.com/2020/09/03/corporate-compliance-law/
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