How would you monitor your compliance management program and who would be responsible for ensuring this compliance?
The monitoring of the compliance management system would be done with the establishment of the norms and standards operating practices. The actual operations of the organization would be reviewed against these norms and standard operating practices for checking any form of deviation which might exist. Therefore, there is a need to have clear assessment of the deviation as a part of the monitoring of the compliance management program. The stakeholders like board of directors and compliance management officer would be responsible for such monitoring.
What other staff would need to be involved in the establishment of the compliance management program?
Other staffs that are handling the relevant information and portions of the operations, where the compliance related communication is being handled have to be involved in the working of such system. Staff involved in work are supposed to be part of the training and overall management of the compliance process.
What staff members would be involved in the monitoring of the compliance management system?
Customer facing staff and people who work in the data and information management areas and departments would be involved in the compliance management program. This would be necessary for the purpose of clearly establishing the norms of the program within the working of all the employees. It also becomes crucial for the purpose of providing detailed training, which would prepare the proper management of the overall program procedures.
How often should you conduct reviews of the compliance management system and what other staff members would be involved and how?
The review of the compliance management program has to be carried out with specific intervals to allow the development of proper norms and procedures. This kind of interval could be three months, which can be increased to six months when the processes are streamlined. Such a system would ensure better and stricter management of the review at the early stages of the development of compliance management program. However, subsequently, it would be increased to accommodate the stable nature of such program. Certain trained staffs that are capable for having review of such compliances would be involved with the purpose of clearly establishing peer-review and overall management of the working of the system.