is characterized by procedures embedded into existing workflows, and is achieved with a minimum amount of friction.
The same will likely be true when companies seek to point to effective compliance
programs in dealing with regulatory examiners, customer audits and, in the worst cases, criminal investigators.
Exercise effective compliance
and ethics oversight.
Laboratories can benefit from an effective compliance
program implemented before regulators visit.
Additionally, effective compliance
and ethics programs may reduce exposure to liability if civil litigation occurs.
Of the organizations sentenced over the years 2004 to 2007, 99% of them did not have an effective compliance
and ethics program.
The second habit of effective compliance
is the establishment of appropriate oversight for compliance.
The steps outlined in the report are highly positive and now the emphasis must be on ensuring effective compliance
and implementation across all of the 25 member states.
If an organization has not implemented all seven elements of an effective compliance
program (see "OIG's Seven Elements of Compliance"), it should consider doing so.
A strong and effective compliance
mechanism is key to the success of the implementation of the treaty", said secretariat acting head Richard Kinley.
Summing up Latin America's growing need for effective compliance
solutions, Gunn says, "Gearing up to meet these requirements can be seen as a financial and time burden.
Our goal is to provide organizations with the information they need to implement effective compliance
strategies that maximize technology investments and minimize disruptions to existing business practices," says Harald Collet, chairman, CMEI Working Group and product manager, Oracle.