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In today's complex regulatory environment, compliance is critical for the success of any business. Whether you're an importer, exporter, or any other type of company, you need to ensure that you're abiding by the laws and regulations that apply to your industry. This is where an effective internal compliance program comes in.
A compliance program is a set of internal controls and procedures that implement compliance measures for the laws and regulations that a business must abide by in its day-to-day operations. A good compliance program not only helps companies stay on the right side of the law but can also help mitigate penalties when incidents occur that give rise to such assessments.
However, having a compliance program is not enough. For it to be effective, there must be a culture of accountability within the organization. This means that individuals must understand the concept of compliance and their role in the compliance chain.
To be truly effective, compliance programs must be actively implemented and revised with key personnel updated on changes in practices. Top compliance risks should be identified, and resources should be allocated to address them accordingly. For example, within the supply chain, an importer needs to know where their cargo is coming from, who the actual supplier is, and where the imported merchandise is going.
Unfortunately, there are factors that can make a compliance program appear to be a failure. The following factors could spell disaster for your internal compliance program:
Failure to tailor and update the program
Insufficient training and follow-through of personnel
Inconsistent enforcement of internal procedures
Inadequate compliance culture
It's crucial to put together a compliance program that fits your organization, implement it, and update it regularly throughout the year. Not only will this help your business stay compliant, but it will also improve its overall operations and reduce the risk of penalties and damage to your reputation.
Need help creating your compliance program or updating your existing one? Not sure where to start? Have questions? Give our office a call today at (917) 546-6997, we would be happy to speak with you.
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