5 Essential Elements of a Best Practices Compliance Program

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The five essential elements of a corporate compliance program are based upon the best practices as set out in the seven elements of a corporate compliance program under the US Sentencing Guidelines; the 13 Good Practices by the OECD on Internal Controls, Ethics, and Compliance; and the UK Bribery Act’s Six Principles of an Adequate Procedures compliance program. The following chart lists the elements of each. While the above guidelines and statutes vary in length, tone and detail, depending on the jurisdiction and the enforcement See more +
The five essential elements of a corporate compliance program are based upon the best practices as set out in the seven elements of a corporate compliance program under the US Sentencing Guidelines; the 13 Good Practices by the OECD on Internal Controls, Ethics, and Compliance; and the UK Bribery Act’s Six Principles of an Adequate Procedures compliance program. The following chart lists the elements of each. While the above guidelines and statutes vary in length, tone and detail, depending on the jurisdiction and the enforcement agency, from this comparison Martin and his colleagues distilled five essential elements which they believe make up a best practices compliance program. They are as follows:

• Leadership

• Risk Assessment

• Standards and Controls

• Training and Communication

• Oversight

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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