In order to understand the meaning of Corporate Compliance , we must have to understand the meaning of Compliance.

Compliance can be understand as the efforts which are made to ensure that a particular organizations are abiding by both industry regulations and governmental legislation.

Now if we talk about the Corporate Compliance , we can say that it is a program or a system which is designed to identify and then to stop the breach or violation of law by the agents , employees, officers and directors of a business. A Corporate Compliance Program is generally Defined as a Program which is formal in nature and states the policies, procedures and actions of an Organization within a process to help prevent and detect Violations of Laws and Regulations. It goes Beyond a Corporate Code of Conduct since it is an operational Program. Clearly we can say that a Code of Conduct Is an important Component of a compliance programs .

Some companies thinks that a corporate compliance program strictly follows external regulatory considerations. But corporate Compliance program follows integrated approach also which means that it focuses on legal as well as internal compliance to lower the risk of fraud, as operational and financial reporting objectives.

Here are some aspects that go into the making of an Effective Corporate Compliance Program. The List of the Considerations can be used as a Checklist to see where an organization stands-

• UNDERSTAND THE SCOPE–

Identify all regulatory and internal Compliance needs and efforts to Challenge if organizational responsibilities aligned.

• GATHER INTERNAL AND EXTERNAL INTELLIGENCE–

One Should know the Collective Intelligence of His/her Company by soliciting thoughts from the Board, Management and employees. One should also know Organization to understand industry development and reaction of Competitors to Corporate Compliance. It should also includes researching legal actions to help identify risks.

• DEFINE OBJECTIVES-(things to accomplish in order to achieve a goal) from an enterprise and business unit standpoints. This should be the significant part of the periodic strategic planning process.
• CONDUCT A RISK ASSESSMENT–

Identify risk, probabilities and the significance in terms of both qualitative and quantitative measures.

• ALIGN CONTROL–

Policies, procedures, and actions within a process, should be in place to address the risk to best achieve objectives.

• TRAIN, EDUCATE AND COMMUNICATE–

Deliver periodic targeted training and share compliance information with the business units, global functions, external partners, customers, vendors and other stakeholders groups.

• MEASURE RESULTS AND REPORT TO BOARD–

Develop a reporting dashboard to keep management groups and the board aware of compliance measures, trends and development. This should address both internal and external activities.

The above mentioned are the major requirements and must follow guidelines in order to start corporate compliance program in a smooth manner.