Corporate Compliance

Corporate Compliance Lawyers in Sandy, Utah

Following laws and regulations that apply to a business is the basis of corporate compliance. Implementing policies, training, procedures, and practices will be done through a corporate compliance program. Corporate compliance is the keystone to keeping a company from legal risks, helping maintain its reputation, and ensuring the longevity of the business. 

Setting up a formal corporate compliance program with a professional business lawyer will help your program to be successful. Setting up formal compliance programs with WW Partners will ensure you don’t miss important details and expectations.

Key Sections To Outline In Corporate Compliance

A successful compliance program will have set standards and outline how each member is to proceed in a specific situation. Having the following areas listed in your corporate compliance program will ensure safety, respect, and smooth operation. 

1. Code Of Conduct: A company needs to set up its own code of conduct that will be followed by everyone from the top down. This will set the tone for the business and set our ethical principles for the business. A code of conduct can also outline how a manager or the rest of the office will handle operations in a specific event.
2. Compliance Standards And Policies: Details of the standards and procedures will go in the compliance standards and policies section. It will detail the expectations and rules of each area that a business feels are important. Employees will reference this layout when they need clarification on the company’s expectations.
3. Compliance Procedures: Compliance procedures establish the daily requirements of how policies or standards are followed. This is how employees and management should act is specific situations and what actions should be taken to avoid violations. These procedures are typically enforced by upper management but should be known and explained to all company employees.
4. Reporting And Accountability: All companies need to outline how employees and managers will report violations. Having an HR team or HR representative to handle all misconduct is the best way to keep things in line. Reporting unethical or illegal activities should be done without the fear of retaliation.
5. Compliance Training: Conducting regular training will keep employees up to date on their responsibilities and the company framework. Understanding industry regulations as well as what would be counted as misconduct will help keep your company in check. The legal landscape can also change over the years, so training and education will ensure all members are on the same page. Training should also cover how to spot and report misconduct to the appropriate parties.
6. Compliance Monitoring And Auditing: Audits on a routine basis will test the validity of your compliance program. Audits can include financial checks, operational reviews, and assessments of ethics. Monitoring will allow owners to catch problems before they spiral. This gives you a chance to ask employees about the program and if they feel comfortable reporting violations.

Additional Areas Of Concern For Corporate Compliance

All of your policies and procedures must be clearly stated in the program and discussed with all team members. In the U.S. some regulations need to be in your corporate compliance no matter what type of business you own. Some compliance areas that you can include in your program include:

• Securities Laws
• Antitrust Laws
• FTC Regulations
• Environmental Laws And Regulations
• FCPA
• Facilities Management
• HIPPA 

Do All Companies Need A Corporate Compliance Program?

Yes. All companies will benefit from a thorough corporate compliance program no matter their reach. Having a semblance of a compliance program will keep a company from legal trouble and improve employee retention. If you are unsure where to start, begin by looking into your local regulations and other laws that apply to your specific business. Companies that implement corporate compliance will build trust with customers, investors, and their employees. 

Developing Corporate Compliance Programs With A Skilled Legal Team

Our lawyers specialize in business law and all the complexities that come with it. A corporate compliance program will keep your business operations secure and protect your company for years to come. Our combined experience will give businesses a peace of mind they can’t get anywhere else. WW Partners knows that legal contracts are intimidating. Work with our professionals to ensure a safe and protected business.