With the potential of a federal or state corporate investigation or prosecution, it is important to know what corporate compliance means to your business.
Corporate compliance is the process of assessing and detecting risks associated with violations of law by a business, its officers, employees or agents. A good corporate compliance plan should help a business structure and execute a plan to ensure that all laws applicable to its business are followed and that policies and procedures are regularly reviewed and updated to stay current with the laws and the business’ evolution.
Businesses that fail to assess their risks and plan accordingly are open to State and Federal investigation and prosecution that could lead to, at a minimum, fines, but also to jail time and business closure.
Some policies that apply to most businesses that should be reviewed are: