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Question from M. Anderson:
For small companies, under 10 employees, is a Compliance Committee needed?
There are a lot of barriers in compliance.In this installment of Compliance Conversations, I chat with Erick Dominguez, the chief compliance officer at Emerus
It’s a new year but we’re still focused on the same thing: Effective compliance. You too can show dominance in the world of compliance by staying one step ahead for 2019.
As 2018 comes to an end, compliance professionals are gearing up for 2019 by reading up on rules and regulations, planning to conduct a risk assessment and putting their work plans together.
The framework represents a complete view of an organization’s compliance risk environment; it’s the way an organization structures relevant risks.
As a compliance officer, it’s important that you know the business you’re in. The business doesn’t exist for the compliance program, instead, the compliance program exists for the business.
Reporting structure really matters in compliance. That’s why almost every CIA you read will mention reporting structure, specifically, that a compliance officer shouldn’t report to the general council or CFO. Compliance officers shouldn’t have a compliance/CFO role or a compliance/general council role. The compliance officer shouldn’t hold any position or report to any position where there could be a conflict of interest.
Being a compliance officer requires us to constantly open our eyes to new information.