The implementation of a compliance structure is good business practice that will provide solid foundation for compliance with regulations and industry practices. Your compliance structure will have to be tailored to fit your individual needs. Keeping in mind the regulatory environment, it should reflect the nature, size and complexity of your operations. In designing a compliance structure for your operation, you should consider including, but not limited to, the following elements:
- The appointment of an individual responsible for compliance.
- The development and application of compliance policies and procedures.
- An assessment and documentation of risks related to your practices and operations.
- If you have employees or agents or any other individuals authorized to act on your behalf, on-going monitoring of their activities and practices, as well as, an on-going compliance training program for them.
- A review of your compliance policies and procedures to test their effectiveness.
You should regularly review your practices to ensure that you consistently meet and exceed customer expectations
