Date: Thursday, September 10, 2015
Time: 9:10 AM
Location: Seaport World Trade Center, Boston MA
Topic: The Best Defense is an Offense - The Importance of Compliance Programs in Mitigating Risk
Fines and penalties against foreign and domestic companies for non-compliance with laws and regulations continues to be on the increase – and they have been significant, being in the $billions and requiring costly and business-impacting Monitors to ensure effective remediation. The Department of Justice, SEC, Bank Regulators, FTC and other supervisory and regulatory authorities continue to be proactive in areas such as treating customers fairly, anti-bribery/corruption, anti-money laundering and U.S. sanctions. Any company, public or private, that has not assessed its legal/regulatory risks, put a risk-based corporate compliance program in place consistent with the U.S. Federal Sentencing Guidelines for Organizations and tailored to the program to their specific risks, has lost the opportunity to mitigate the size of potential fines and penalties in the event of a violation. And, the compliance program must be effective in mitigating risk and not just be wallpaper. There are several elements to an “effective compliance program” that need to be in place and operating effectively.