The Six Elements of an Effective Compliance Program: Part 3 – Policies, Procedures and Controls: the Backbone of Your Compliance Program

Welcome to a special five-part podcast series, The Six Elements of an Effective Compliance Program. This podcast series is sponsored by StoneTurn. To celebrate Corporate Compliance and Ethics Week, we will consider each of the six elements required for an effective compliance program. They include: Risk Assessment, Governance and Structure, Policies Procedures and Controls, Training and Education, Oversight and Reporting, and Response and Enhancements. Over this five-part podcast series, I will be joined by Stephen Martin and Valerie Charles, Partners at StoneTurn and Toby Ralston and Jamen Tyler, Managing Directors at StoneTurn. In this third episode, I visit with Toby Ralston on why policies, procedures and internal controls are the backbone of your compliance program. Highlights include: 

• Why is the Code of Conduct foundational?
• Is one of the key functions of compliance policies to provide a deeper level of guidance?
• What audience should a Code of Conduct, policies and procedures be written towards? Should they be translated into local languages? Should you have employees attest to reading them or use some other model to demonstrate effectiveness?
• Why should Internal Controls for compliance be tied to your risk assessment? How do you do so?
• Internal controls are often seen as financial controls. Can you discuss some instances of non-financial controls and their importance?

Resources

For more information on StoneTurn, click here.