31 Days to a More Effective Compliance Program-Day 27 | Operationalizing compliance through payroll

Thomas Fox
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One of the areas articulated in the 2020 Update was around payments and payroll. For the both the compliance professional and the corporate payroll function, there is a significant role to play in the operationalization of a corporate compliance program. The 2020 Update was replete with references to payment and its critical nature to any best practices compliance program. This includes references to payments to foreign officials, payments to third parties and hiding bribes in payments to distributors. The 2020 Update begins with an See more +
One of the areas articulated in the 2020 Update was around payments and payroll. For the both the compliance professional and the corporate payroll function, there is a significant role to play in the operationalization of a corporate compliance program. The 2020 Update was replete with references to payment and its critical nature to any best practices compliance program. This includes references to payments to foreign officials, payments to third parties and hiding bribes in payments to distributors. The 2020 Update begins with an admonition to stop wasting time on low hanging fruit when there are much higher risks in your business operations.

Three key takeaways:

1. Payroll can be a key prevent and detect control.

2. The 2020 Update specified the tying of the corporate compliance function to the corporate payroll function.

3. Offshore payments remain a key indicator for a red flag. See less -

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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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