Question

what are the 7 Elements of an Effective Compliance Program implement them in real-life scenario?

Answer 1

The compliance program is the set of policy and protocol for an organization.There are following 7 elements of an effective compliance program:---

1.written standard policy & procedure- An organization must have written policy & procedure. It will help to communicate the employee & organization in which they are working. With the help of this employee can easily know what the right thing and what it can be done properly.

2. Recruit a compliance officer and committee- The organization should have a committee and their head which will take all the responsibility of compliance related programme.

3. Effective training and education- proper education and training should be given to the employee. In training, should explain the company policies to the employee.

4.communication-There should be proper communication between employee and organization about the organization policies and procedure.

5.Monitoring, Auditing- A compliance officer must audit the program time to time to know about their effectiveness and how much they achieve their goal at the time period.

6. Discipline: Displinary action should be taken against the employee if they dont their work what has been given by their boss. Some incentives should be given to the employee for motivation.

7.corrective action- If there is any misconduct organization should take proper step to solve the misconduct. There should be corrective action.