COMPLIANCE CULTURE

Compliance Culture.

The main elements that identify the existence of the compliance culture in organizations are:

o   The Board´s own actions model the ethical behavior of the organization.

o   Compliance is part of the strategic objectives of the organization.

o   A compliance orientation permeates all organizational decision making.

o   The appetite for risk is very low. 

o   The organization maintains a clear track record of active board involvement in the   compliance program.

To build this culture of compliance in organizations, I suggest the following strategies:

·      Implementing consistent training of personnel at all levels of the company through courses, seminars, talks on compliance.

·      Keeping a continuous awareness campaign on compliance.

·      Enabling ethical reporting channels.

·      Applying sanctions when necessary and rewarding employees who do the right thing.

·      Getting to know the employees as friends. 

Even though each organization is different, the most important thing in compliance is the people who will internalize its corporate culture. Therefore, it should not be imposed, it should be built day to day basis with ethical business practices and senior management must create policies and management must set good examples. 

My final recommendation for a good Compliance Culture is to implement continuous training and clear communication between all levels of the organization.

Marilia Moreno J.