Go beyond and safeguard your reputation | KPMG | BG

Compliance programs: Go beyond and safeguard your reputation

Go beyond and safeguard your reputation

A corporate compliance program can generally be defined as a formal program which specifies an organization’s policies, procedures and actions within a process to help prevent and detect violations of laws and regulations.

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Go Beyond

While such a program would ensure that the minimum standards and external
regulatory considerations are met, companies should challenge themselves to go further and opt for a more integrated approach focusing also on internal
compliance. This would help them to mitigate the risks of fraud and achieve
strategic, operational and financial reporting objectives.
 
What’s in it for you
 
The benefits of a strong compliance program go well beyond regulatory and
legal compliance and extend to operational benefits. A well-balanced corporate compliance program would help to ensure that a company’s organizational structure, people, processes and technology work in harmony to:

  • Manage risks 
  • Meet customer expectations 
  • Grow the business 
  • Oversee vendors 
  • Achieve multiple organizational goals.

 
What you can do
 

There are many aspects to an effective corporate compliance program. KPMG’s experience shows that to implement a successful compliance program you will need to consider at least the following essential elements: 

  • Effective risk management framework 
  • Clear roles and responsibilities in the compliance process 
  • Regulatory compliance 
  • Compliance with internal policies and procedures 
  • Optimal compliance model 
  • Adequate resourcing 
  • Proper and effective reporting of compliance management
    information.
Furthermore, a successful compliance program should be built on a solid foundation of ethics that is fully and openly endorsed by senior management. This requires an ongoing commitment by the management to ensure that compliance is embedded in the company’s overall focus and strategy.

Thus compliance has an overarching reach as it is not simply a regulatory
necessity but a tool in the process of protecting the most valuable asset a
company has, its reputation. It could thus be critical for a company’s success
in the increasingly complex and demanding regulatory and business
environment.

© 2017 KPMG Bulgaria OOD, a Bulgarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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