Navigating the Compliance Landscape

Abstract

This article examines issues surrounding compliance initiatives and explores the role of records and information management (RIM) professionals in compliance efforts in the U.S. Compliance is the name given to multi-faceted programs designed to ensure that an organization's culture and collective processes meet legal, regulatory and ethical requirements. Companies find out whether their compliance programs are adequate through highly publicized investigations or court cases that have devastating effects on corporate reputation, stock price and shareholder loyalty. Any and all compliance events, whether routine inspections, examinations or regulator reviews, pose huge risks to corporations and the officers and directors who oversee them. In compliance, stakes are high, consequences are harsh and records are pivotal, so it pays for RIM professionals to understand the compliance landscape in more depth. Fear, uncertainty and doubt surround compliance and for good reasons. It can be hard to determine what regulations apply. Those involved with compliance efforts often rely on published articles and conference presentations to become familiar with various mandates. Reliance on secondary sources of compliance information, however, can give false impressions about what is actually required. INSETS: Compliance Risks;COSO's ERM Framework.