(How Not to Do) Long Term Compliance Strategy
Tom Fox writes that a board of directors needs to work to incorporate the compliance function into a long-term business strategy of the organization. A board can do so by engaging with the Chief Compliance Officer and compliance function through having a strong board that is committed to doing business ethically and in compliance with anti-corruption laws.
The first point is to develop a framework for incorporating compliance into your long-term strategy. This is a three-step process, which you can use to determine how comprehensive your compliance program is as a starting point.
- Has the company identified the compliance issues relevant to the Board?
- Has the company assessed and incorporated those compliance issues into its long-term strategy?
- Has the company communicated its approach to compliance and the influence of those factors on its overall strategy?
