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Compliance for Risk Management Return to Practice Areas & Industries

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Practice/Industry Group Overview

Defined policies and procedures effectively communicate an organization’s expectations and values to its employees and other stakeholders to manage risk. A comprehensive policy program offers many benefits:

  • Demonstrates commitment to compliance from company leadership reflecting an appropriate “tone at the top.”
  • Assesses risks and focuses resources on violations that could have the most significant impact.
  • Minimizes the board of directors’ and the management’s exposure to risks associated with business operations and derivative suits.
  • Provides training and education to employees so that they achieve company objectives in a manner that complies with applicable rules, regulations and company policies.
  • Provides incentives for compliance and defines potential consequences in the event of non-compliance that can be integrated into performance evaluations.

Traditionally, it has been the responsibility of an array of subject matter experts to minimize liability in areas such as governance, data privacy and security, intellectual property, human resources and labor, FCPA, consumer protection, product safety, industry specific and general regulatory compliance. What results is a decentralized approach to compliance that may not be consistent, transparent or cover all risks. For today’s myriad of issues, companies now often designate a Chief Compliance Officer who has the authority and autonomy to oversee and implement a comprehensive compliance program and assure a coordinated approach and clear lines of responsibility. However, even an experienced Chief Compliance Officer may lack expertise in key areas or fail to update existing policies to address changing laws and evolving “best practices.” An organization must also through a Chief Compliance Officer or otherwise, be able to respond promptly and effectively to internal violations.

What are the essential components of a compliance program?

  • Risk assessment
  • A code of conduct and ethics
  • Continuous training with schedules
  • Reporting procedures (including whistleblower protection)
  • Investigations
  • Discipline for misconduct
  • Management engagement and Board oversight

Public and private companies turn to Edwards Wildman to help minimize legal risk across a broad range of activities. We can assist in the design of a comprehensive compliance program or provide a detailed review of an existing compliance program to identify specific areas for improvement. We also regularly work with management to assist in the implementation and ongoing enforcement of new policies.


 
 
Articles Authored by Lawyers at this office:

Courts Weigh in on NSA Bulk Telephony Metadata Program
Lawrence R. Freedman,Ari Z. Moskowitz, January 07, 2014
In December, two federal courts weighed in on the NSA’s bulk telephony metadata collection program, under which the agency collects from U.S.-based telephone companies, and stores, the metadata of telephone calls - such as numbers dialed and received and the length of calls. The courts came...

SBA Issues Proposed Rule Permitting SBICs to Invest in Double Holding Companies
Christopher J. Douglass,Alan B. Roth,Michael R. Wilson, January 03, 2014
On December 23, 2013, the U.S. Small Business Administration (“SBA”) issued a proposed rule to revise the Small Business Investment Company (“SBIC”) regulations regarding investments in passive businesses and the use of double holding companies in structuring SBIC...

Conflict Minerals: Due Diligence and Disclosure Steps Public Companies Should be Addressing Now
Matthew C. Dallett,Ryan M. Rourke Reed, December 18, 2013
Public companies that manufacture products for which “conflict minerals” or their derivatives1 are necessary to the functionality or production should have concluded or be finalizing the “country of origin inquiries” required by the Securities and Exchange Commission...

Bills Introduced in Congress Addressing Online Video Distribution, Sports Blackouts
Seth A. Davidson,Arthur H. Harding, November 21, 2013
On Tuesday, November 12, 2013, Senator Rockefeller (D-WV), chairman of the Senate Commerce Committee, introduced the “Consumer Choice in Online Video Act” (CCOVA). Also on November 12, 2013, Senators Blumenthal (D-CT) and McCain (R-AZ) introduced the “Furthering Access and...

Who Owns a Bribe?
James Maton, November 15, 2013
A public official receives a bribe to award a contract. Does the bribe “belong” to the official or to the state that he or she represents? The answer to the question can matter a great deal to the success of a claim. But the issue is controversial and the answer unclear in English law....

Children’s Online And App-Based Games: Stakeholders Have until 21 November to Comment on the UK Regulator’s New Guidelines
Jonny McDonald,Akash Sachdeva, November 11, 2013
In April 2013 the UK Office of Fair Trading (the UK's consumer and competition regulator) (the “OFT”) launched an investigation into the way to police how children were being encouraged to make purchases whilst playing online and app-based games (particularly ‘in-game’...

OECD Reports Highlight that Belgium, New Zealand and Russia Need to Do More to Fight Bribery
Annie Clarke,Antonio Suarez-Martinez, October 24, 2013
The Organisation for Economic Cooperation and Development (OECD) last week released its latest reports on the anti-bribery measures in place in Belgium, Russia and New Zealand. The reports make recommendations on the implementation of the OECD Convention on Combating Bribery of Foreign Public...

UK Government Sounds the Horn for Incentivised Whistle-Blowing In the UK for Fraud, Bribery and Corruption
Neil Adams,Antonio Suarez-Martinez, October 18, 2013
The Home Office’s Organised and Serious Crime Strategy document, published on 7 October 2013 to coincide with the launch of the UK’s new National Crime Agency, made reference to the fact that the UK Government would be considering the case for incentivised whistle-blowing in instances...

London Court Decides Loan Agreement Bans LIBOR Manipulation
Rod J. Cowper, October 07, 2013
The Commercial Court in London has accepted that a term is to be implied into an agreement between a LIBOR reporting bank and its customer that it would not seek to manipulate LIBOR: Deutsche Bank AG v Unitech Global Ltd [2013] EWHC 2793 (Comm).

Employee Shareholders - UK Capital Gains Tax Exemption for Employee Shares
Shawn E. Atkinson,Michael McCormack,Andrew Overend,David Ramm, October 03, 2013
On 1 September 2013, the Growth and Infrastructure Act 2013 (the GIA) came into force in the UK bringing with it a new statutory employment status, namely the ‘employee shareholder’. The GIA provides that, through agreement with his employer and for no financial consideration (although...

Employer-Sponsored Health Plans and SEPT. 23 HIPAA DEADLINE: Time for a Tune Up?
Theodore P. Augustinos,Mark E. Schreiber,David S. Szabo, October 03, 2013
Self-insured employer health plans, whether administered by the sponsor or by a third party administrator (TPA), need to be in compliance with the amended HIPAA rules, effective September 23, 2013. That date has now passed and not all employers with self-insured plans are aware of their obligations...

SBIC Debentures Remain an Inexpensive Source of Capital Despite Pricing Increase
Kate L. Price,Alan B. Roth, September 24, 2013
The September 2013 pooling of Small Business Investment Company (“SBIC”) debentures was priced at 3.644%. This most recent semi-annual pricing of SBIC debentures reflected an increase to the March 2013 pricing of 2.351%, but it is still well below the historical average rate for SBIC...

UK Court of Appeal Invalidates Guarantee Because Not Signed By All Guarantors
Rod J. Cowper, August 17, 2013
If you take a guarantee from multiple guarantors, make sure they all sign up.

A New Player in Town: Domestic Anti-Bribery Enforcement by China
Kenneth Choy,John Yiu, August 07, 2013
Anti-corruption has in recent years consistently topped the list of hot topics in Asia, with the implementation of the UK’s Bribery Act and the perception of increasingly aggressive enforcement of the Foreign Corrupt Practices Act by the US. The focus to date, however, has largely been on the...

Ninth Circuit Court of Appeals Affirms Lower Court Refusal to Enjoin Dish Network’s Advanced DVR and Ad-Skipping Services
Seth A. Davidson,Arthur H. Harding, August 02, 2013
A three-judge panel of the United States Court of Appeals for the Ninth Circuit has unanimously affirmed the decision of the District Court for the Central District of California denying Fox Broadcasting Co. a preliminary injunction against Dish Network’s advanced DVR service and its...