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Implementing and maintaining a successful compliance program

Tom Fox | April 24, 2018

When establishing and maintaining an effective compliance program, boards of directors should focus their attention on three core areas: structure, culture, and risk management.

Structural Questions

This area consists of questions that can aid in determining the fundamental sense of a company’s overall compliance program. As such, queries should begin with the basics of the program and move on to how the program operates in action. Some of the structural questions board members should ask are:

  • Is the board of directors aware of the code of conduct?
  • When was the code created and last updated?
  • What complaints are coming into the company, and how quickly are they acted on?
  • What resources are being devoted to compliance—both monetary and head count?
  • Have there been any compliance failures over the past five years? If so, what was the result and remediation?


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