Briefcase

Briefcase: Corporate Compliance Programs

Guest: Ryan McConnell

A basic goal of every successful business is to stay in business. Ryan McConnell, with the University of Houston Law Center, teaches corporate compliance and explained how compliance programs help businesses remain successful.

Effective compliance programs understand the business and its strategy,” Professor McConnell said. “A program should give clear and simple guidance to help them achieve their goals. Good compliance programs are based on leadership, risk assessment, policies and procedures, training, communication, monitoring the program, and a mechanism to investigate.”

There are many ways businesses can ensure that their compliance programs are effective.

“Companies should regularly evaluate their program by conducting risk assessments to identify key risks, controls in place, the effectiveness of those controls, and how they are communicated to employees,” McConnell continued. “The company should have a process to monitor the program and effectively respond to compliance failures.”

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