Compliance is important for every organization. It does not matter if it is a startup or an organization with well-established business around the world.
What is important is while setting up the Compliance Framework, think about a baby who is about to come into this beautiful world.
Make yourself feel as Parent again. As a parent, we do a lot of research and homework and our goal is to give our best to the newcomer. Whether it is bringing dresses for him/her, or setting up the room or making another set of preparations to ensure she/he feels comfortable.
Setting up a Compliance Framework requires similar efforts as well as feelings. Ultimate goal is to set-up a healthy and effective Compliance Framework which serves the required purpose.
As an organization, it requires a lot of research including applicable regulations, global expectations, and nature of products you are dealing with, geographical presence and so on. It also requires involvement of everyone who has to contribute to make the framework effective.
As the new baby grows, requirements change and with the passage of time needs modification. Similar to this, Compliance Framework once set-up needs periodic review to ensure it is in line with the internal as well as external changes.
So to conclude as there are milestones in the life of a baby the same is expected in the life of Compliance Framework.
So next time when you set-up . act as smart parents and the outcome will surely be as expected.
Article is written by Ms. Samta Ahuja, working in the field of Compliance, AML & POSH for last 2 decades. You can reach her by dropping email at sahuja@samtacc.com
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