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New Year, New Compliance Program: Five Tips for Effectiveness

As risk factors increase and the regulatory landscape shifts, developing, implementing, and maintaining an effective and up-to-date compliance program has become more of a requirement than a best practice. A compliance program should become part of the fabric of routine operations, and a culture of compliance should be recognizable internally and externally throughout your organization.

With the arrival of the new year, The Bonadio Group’s Compliance Solutions Group offers the following suggestions for creating an effective compliance program:

1. Educate Yourself & Your Team

    What does an effective compliance program look like? Following are the basic elements of a fully developed and implemented compliance program:

    • Written Policies and Procedures
    • Compliance Program Oversight
    • Compliance Education and Training
    • Effective, Confidential Communication
    • Enforcement of Compliance Standards (Discipline)
    • Internal Auditing and Monitoring
    • Detection, Resolution, and Response

    2. Assess Your Current Compliance Program

        What does your current compliance program look like? Are there any areas you can improve? If so, what are the next steps to improving them? Evaluating these questions will allow you to identify areas for improvement to act upon.

        3. Update Remaining Items for Year-End Work Plan

          There may be items out of date now that we have entered the new year. Take some time to update any remaining items to ensure everything is current and ready for 2022.

          4. Review 2021 Compliance Goals & Results; Develop 2022 Goals

            Now that 2021 has ended, it is a great time to review the goals and results from the past year. Did you achieve the 2021 goals?

            It is also time to develop clear goals for 2022. What would you like to do differently this year? Do you need to shift any goals?

            5. Train Your Staff and Board Members

              It is also possible that you brought on new team members or had other personnel changes within your organization over the past year. It’s important that your staff and board members have the necessary information and are trained properly on your current compliance program.

              If you would like help in achieving your compliance goals or have any questions on this topic, we’re here to help. Please also do not hesitate to reach out to our trusted experts to discuss your specific situation.

              This material has been prepared for general, informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Should you require any such advice, please contact us directly. The information contained herein does not create, and your review or use of the information does not constitute, an accountant-client relationship.