Compliance Management Programs – additional thoughts.
Our "reader question of the month" in May prompted these additional comments from Richard Flint:
- Ensure that the Company attorney(s) understand and support the program; especially that the program is not a one-time project to be shelved after a year or two when something more exciting comes along. Non-support by the Legal department can be fatal.
- Ensure that Management understands the unique nature of a compliance program and is willing to fund it every year. Also, since new regulations may require resources to be expended for programs not included in the current budget, and revised regulations may cause previously authorized funds to be inadequate, some flexibility is needed to permit the development/implementation of required programs within the mandated time frames.
Thank you, Mr. Flint, for these sage thoughts. The importance of management support and buy-in, as evidenced by sufficient management attention, manpower, and funding, is critical to the success of a compliance management program.