Culture Check: Does Your Company Have a Culture of Compliance?

“Culture of Compliance” is one of the most overused phrases in business today.  But, with the continuous evolution in the regulatory environment, the need to adapt and change that culture within the ARM industry should be the first priority of everyone responsible for compliance.  And with these changes, does your organization have the understanding that everyone is responsible for compliance?  And, if they understand they are responsible, do they know what steps to take to be successful?  Whether it is your hiring team checking backgrounds, your operations team making sure every call can pass the compliance test, your sales team vetting clients to ensure they aren’t asking for non-compliant activity, or, at the very head of the process, your Board of Directors setting policy and requiring compliance throughout your organization; everyone must be committed to compliance for it to truly be a culture.

Top Down:

Board of Directors.  Are they involved in a meaningful way in the compliance direction for the company?  The first most important step is the involvement of your senior leadership.  If they set the tone the others will follow.  Are they getting reports?  Are they investigating findings?  Are they holding the right people accountable?  Can you show a clear path and expectation from them for everyone in your organization?

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