Create internal policies to keep a company in line with the law.
What does a Compliance Manager do?
To keep stockholders happy and to prevent a visit from Lawyers, companies must follow the rule of law. Following the law might be more difficult than it seems, however, as laws that govern business are constantly changing. That’s where a Compliance Manager comes in. A Compliance Manager can reduce a company’s risk of disobedience by keeping up to date on the law and making sure the company stays in line.
When you’re a Compliance Manager, banks, health care companies, and stock brokerages often use your services. Each entity has its own set of laws, and you’re an expert on those laws. Reading journals and news accounts and heading to conferences help you learn about new changes that impact your company.
Periodically, you review different departments in your company to make sure they’re obeying the law. If you spot a problem, you report it to the CEO and you develop a plan to bring the department in line. If a new law will change the way a department currently functions, you develop a new protocol for that department, and give your suggestions to the CEO and the Department Manager. Each review you perform is detailed in a report, and you keep those reports neatly filed.
An Attorney representing your company may call you to report a lawsuit or an investigation. When this happens, your heart races but then you remember that the reports you’ve developed will help you prove that your company is in compliance. You still perform your own in-house investigation of the complaint, just to make sure there are no hidden surprises, and you notify the CEO and the Attorney of the results of your investigation.