The compliance landscape is constantly changing due to new laws and regulations and our compliance programs are revised accordingly. Compliance professionals expect this… but compliance programs aren’t just evolving to accommodate for these new regulations. Now even the way we approach public awareness of our compliance programs is changing. It used to be that companies kept very hush-hush about their compliance programs, but today these initiatives are increasingly being seen as a point of pride. Having a robust compliance program shows the world that your company cares about doing what is right.
A regional US bank is one such company that is proud to say they have a compliance program. In fact, they have decided to go as far as to advertise the implementation of compliance initiatives like training to their corporate client base. The reason? Differentiation. They want their clients to feel a sense of security when doing business with them — many of their international counterparts have already shown they are less than reliable, as they rack up hundreds of millions of dollars in fines for inadequate anti-money laundering programs.
So here’s the secret sauce: do as the regional US bank is doing –use your compliance program as a PR campaign. Tell your clients:
1. We have a compliance program
2. It’s built on a sound code of ethics that our employees have read and attested to
3. We reinforce our code with policies
4. We conduct regular training on all policies to ensure comprehension and retention
5. We ask questions to determine what topics are unclear
6. We communicate the importance of “see something, say something”
And finally, tell your clients that because your company cares about compliance risk management, you are invested in maintaining the integrity of your compliance program. Your company is comprised of people, employees who are human and capable of making mistakes despite your compliance initiatives. But by publicizing your commitment to ethics, you’re making it that much easier for your employees to choose to do the right thing, and you could get a nice PR boost as well. Not confident enough in your compliance program to shout its merits from the highest mountain top? Compliance software can help you get there by providing a central repository for all of your compliance data, so you can cross-check that data across multiple reports and identify your key risk areas quickly and efficiently.