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Why Every Business Needs an Effective Internal Compliance Program



In today's complex regulatory environment, compliance is critical for the success of any business. Whether you're an importer, exporter, or any other type of company, you need to ensure that you're abiding by the laws and regulations that apply to your industry. This is where an effective internal compliance program comes in.


A compliance program is a set of internal controls and procedures that implement compliance measures for the laws and regulations that a business must abide by in its day-to-day operations. A good compliance program not only helps companies stay on the right side of the law but can also help mitigate penalties when incidents occur that give rise to such assessments.


However, having a compliance program is not enough. For it to be effective, there must be a culture of accountability within the organization. This means that individuals must understand the concept of compliance and their role in the compliance chain.


To be truly effective, compliance programs must be actively implemented and revised with key personnel updated on changes in practices. Top compliance risks should be identified, and resources should be allocated to address them accordingly. For example, within the supply chain, an importer needs to know where their cargo is coming from, who the actual supplier is, and where the imported merchandise is going.


Unfortunately, there are factors that can make a compliance program appear to be a failure. The following factors could spell disaster for your internal compliance program:


  • Failure to tailor and update the program

  • Insufficient training and follow-through of personnel

  • Inconsistent enforcement of internal procedures

  • Inadequate compliance culture


It's crucial to put together a compliance program that fits your organization, implement it, and update it regularly throughout the year. Not only will this help your business stay compliant, but it will also improve its overall operations and reduce the risk of penalties and damage to your reputation.


Need help creating your compliance program or updating your existing one? Not sure where to start? Have questions? Give our office a call today at (917) 546-6997, we would be happy to speak with you.


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Our law firm helps growing companies who import and export comply with government regulations. We love what we do and we take our oath of confidentiality over your matters very seriously. How much? Watch this video to learn about it. CLICK HERE


Wondering "why should you have an attorney on your side?" Click here to watch one of our attorneys, Susan Steinman, break down the critical benefits as to why you want to have one on your side - whether you hire us to help you or another law firm.


Have questions? We are determined to help you.

We listen carefully to clients to ensure our understanding of the legal issues at hand, their factual context, and any limitations that might impact a chosen strategy. Feel free to connect with us using the contact form at the bottom of the Home page or send us an email at contact@clarkespositolaw.com.

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