Increased competition, increasing objectives, complex and sophisticated international laws and standards, the issue of non-compliance has become critical. One small act or incident can put a company’s reputation at risk.
This is where compliance officer comes into picture whose role is to make sure that a company is conducting its business in full compliance with all national and international laws and regulations that pertain to its particular industry, as well as professional standards, accepted business practices, and internal standards. They usually report to the CEO or COO.
- Monitors the performance of the Compliance Program
- Identifies potential areas of compliance vulnerability and risk
- Provides report of compliance on regular basis to senior management
- Responds to alleged violations of rules, regulations, and policies, procedures by evaluating or recommending the initiation of investigative procedures.