Corporate compliance affects a wide spectrum of business interests, including that of management, shareholders, suppliers, and other stakeholders. To ensure success and longevity, you must implement and uphold a formal corporate compliance program. Whether you have a program or need representation for a lawsuit, consult with a corporate compliance lawyer first.
The corporate compliance lawyers at Herman Jones LLP are highly skilled in designing comprehensive corporate compliance programs that cover the full scope of all relevant parties in an organization. Additionally, they’re prepared to represent companies that may have violated the rules and regulations of their corporate compliance programs.
Interested in speaking with a leading corporate compliance lawyer today? Send Herman Jones LLP a message now or call 404.504.6500 to get your contact us for a review of your case.
Key Aspects of an Effective Corporate Compliance Program
Corporate compliance is a complex subject. However, at the heart of it, corporate compliance exists for one reason: to ensure that the business in question complies with all relevant laws, regulations, and policies.
Compliance programs can greatly reduce the risk of investigation, litigation, and reputation damage. Every industry and niche comes with its own set of compliance regulations. Between state laws, federal laws, and overseas policies such as the Foreign Corrupt Practices Act, navigating corporate compliance can feel like a balancing act.
Businesses that establish corporate compliance programs but subsequently violate a compliance regulation may be given the benefit of the doubt.
A solid corporate compliance program will prioritize the following:
- Senior management support
- Clear compliance policies and procedures
- Employee, officer, and executive education and training
- Periodic evaluation of compliance policies
- Enforcement of policies
- Third-party due diligence
- Commitment to ethical culture
All of the above traits can be outlined in your business’s Code of Conduct, a Compliance Standards and Policies document, and a manual that clearly outlines the company’s compliance procedures.
However, even the most comprehensive compliance programs can fail, leading to devastating consequences for a company’s reputation and financial standing. Consulting with a corporate compliance lawyer can help mitigate your company’s level of risk.
Corporate Compliance Risk Areas
Corporate compliance failures can occur in a number of different areas. It’s the responsibility of the company to ensure their compliance program addresses all the key areas of concern.
The following are some of the sources of the most common compliance failures:
Antitrust Laws.
Your compliance program’s procedures should clearly detail how to comply with antitrust laws. It should also include procedures for guarding against price-fixing, bid-rigging, industry monopolization, and other anti-competitive behaviors.
Securities Laws.
Companies with privately or publicly traded securities must comply with U.S Securities and Exchange Commission (SEC) regulations to avoid penalties and fines. Violations such as manipulation of market prices of securities, misrepresentation of important information, and insider trading can lead to an investigation from the SEC’s Enforcement Division.
Industry Compliance.
Many industries, such as pharmaceuticals, manufacturing, financial services, and natural resources are heavily regulated and monitored for compliance violations. Violations can lead to fines, product recalls, and even criminal prosecution.
Corporate Governance.
Corporate governance frameworks should include a compliance manual that details compliance policies, processes, and procedures to reduce the risk of corporate governance violations. A lack of compliance processing and reporting can prove damaging to a company’s governance and lead to further ramifications.
FCPA.
The Foreign Corrupt Practices Act (FCPA) makes it unlawful to “make payments to foreign government officials to assist in obtaining or retaining businesses.” Any business that operates overseas must ensure their accounting procedures are above board and clearly detail policies that outline FCPA compliance.
Herman Jones LLP’s corporate compliance lawyers are well-versed in these areas of concern. Our team can address the compliance areas that need strengthening and if a violation is present, represent you in a lawsuit.
How can corporate compliance failure affect my business?
Different compliance failures can lead to a wide range of consequences. When a business fails to comply with industry regulations or state, federal, or overseas compliance protocols, it may face the following:
- Loss of consumer confidence
- Reputation damage
- Criminal prosecution
- License cancellations
- Fines and penalties
When faced with a compliance violation, contact a corporate compliance lawyer who can provide sound counsel and guidance. Herman Jones LLP has been entrusted time and time again to handle corporate compliance issues for businesses across the country.
Corporate compliance failure can prove fatal to a business. The smartest move a business can make is to consult with a leading corporate compliance lawyer to assess its compliance needs, reduce risk, and formulate a game plan in the case of a violation.
Work With the Leading Corporate Compliance Lawyers at Herman Jones LLP
Herman Jones LLP is here to help you with your corporate compliance lawsuit. We can evaluate your case and help you determine the best way to move forward. Our leading corporate compliance lawyers have successfully represented cases across the country and are prepared to assist you today.
Contact us to schedule a review of your case today by calling 404.504.6500 or send us a message now. We look forward to hearing from you.
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