Compliance Programs

COMPLIANCE PROGRAMS generally refer to internal policies and procedures that private sector companies must implement to ensure adherence to specific government-imposed laws and regulations. Requiring compliance programs in the private sector is part of a broader government regulatory enforcement strategy. The application of the so-called compliance strategy by governments has increased in recent years to help stem both regulatory and criminal infractions committed by or against private-sector companies. Compliance programs are meant to reinforce a broad fiduciary duty on companies, requiring them to act in the best interest of their clients, stockholders, or society in general. They are also meant to protect the company, by forcing them to enact policies and procedures to protect against fraud, money-laundering, or other crimes.

Compliance strategies derive from the nature ...