How can you ensure that your compliance program is reliable?
A monitorship pursuant to a settlement agreement negotiated between a company and the World Bank through a compliance program evaluation
Company with worldwide presence sanctioned by the World Bank
Designation of a 2-year monitor, responsible for assessing the compliance program implemented by the Group in its subsidiaries and making any necessary recommendations on how to improve the program.
Our client's challenge
To demonstrate the existence of a strong compliance program
The demonstration of an effective compliance program is necessary for many reasons. First it can be a legislative obligation for some since Sapin II law or it can be an obligation imposed by an authority for others. However, a solid compliance program is also a way to ensure that the company’s way of doing business is appropriate and therefore to avoid and mitigate the risks of liability.
A compliance program that meets the best international standards must be efficient and accepted by everyone in the organization. Thus, an effective compliance program is one that allows for the receipt of alerts, deals with them and addresses their consequences. It is therefore often a process of constant improvement. A compliance program that is accepted by all (employees, customers, business partners, shareholders) requires the adoption of a compliance culture within the organization, at all levels. This culture is adopted when compliance is no longer seen as a hindrance or a threat, but rather as a necessary and beneficial process.
Assessment and recommendations to strengthen the compliance program
With extensive experience in the matter, we evaluate existing compliance programs after having worked with our clients to understand their business, their operational needs and their constraints. The assessment of the compliance program is therefore done in concreto with respect to the business reality and via both a review of the existing policies or processes and an analysis of their application in the field.
Once the assessment is completed, we discuss the identified weaknesses with our clients and establish recommendations to bring the compliance program up to legal or regulatory requirements while ensuring their feasibility and effectiveness. We assist and support our clients in the implementation of these recommendations.
This evaluation and improvement process of the compliance program can be carried out by us in several cases: measure imposed by an authority, following a failure identified within the framework of an alert, or on decision of the client who wishes to improve its standards.