Compliance and the Real World

One month goes by. Two months, perhaps a year or two pass by, and a policy no longer looks anything like the policy you started with. Why? Over time, people in the field take shortcuts or liberties and make changes. How, then, do you keep your policies intact?

Compliance must be “hit” twice — at the upfront, structural stage and at Oversight — through quarterly audits or a monitoring component. It’s important to note that Oversight should not be a point of last resort when problems or potential problems arise. Oversight should be regularly scheduled and ongoing. Your firm must revisit changes and confirm that your practices continue to match your policies.

By regularizing reviews that are planned, you help to minimize disruptions and Compliance costs — and that can go a long way in helping to maximize your long-term value as a company.

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