Compliance Management for Public, Private, or Non-Profit Organizations
In today’s business climate, accountability, transparency, and a high regard for laws, regulations, and ethical conduct is as much a part of how an organization manages its affairs as its primary mission and operations. Compliance Management for Public, Private, or Nonprofit\ Organizations is a complete, hands-on guide to implementing strategies and techniques for developing, managing, and improving the compliance function of any organization.\ Author Michael G. Silverman is a corporate...
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Understand and mitigate compliance risk in any organizationCompliance Management for Public, Private, and Nonprofit Companies is an expert guide that delivers the strategies and techniques needed to establish, manage, and improve the compliance function within any organization.Written by FINRA faculty member Michael Silverman, this hands-on resource offers valuable advice for identifying compliance risk and addressing complex ethical issues. It also provides best practices for using theboard of directors, trustees, and senior management to promote compliance. From anoperational standpoint, it covers such critical topics as: Establishing a compliance plan and program Implementing compliance-related technology Spearheading compliance education and training programs Developing effective compliance policies Operating a whistle-blowing program Managing internal control and assessment techniques Securing the appropriate staffing and budgeting requirements Assessing compliance effectivenessA wealth of case studies taken from both the author’s personal experience as wellas the mainstream media brings to life the application of covered techniques in thereal world.Michael G. Silverman heads a consulting practice that helps organizations manage risk and compliance, corporate ethics, and corporate governance. He is also on the faculties of Columbia University's School of International and Public Affairs and at the Financial Industry RegulatoryAuthority, the largest non-governmentalregulator for all securities firms doingbusiness in the United States.
Acknowledgments xiiiIntroduction xvSetting the ContextThe Expanded Focus on Compliance 3The Forces at Work 5The Judiciary 6The Legislative Response 10The Expanding Role of Federal Agencies 12State Governments 17Government Examines Its Own Operations 18The Nonprofit Sector 19Private-Sector Oversight 21Corporate Social Responsibility 21Shareholders and NGOs 22Global Telecommunications and the Internet 27Summary 28The Mandate for Compliance 31Regulatory Compliance 33Internal Corporate Compliance Systems 37The Private Sector and Organizational Compliance 39The Nonprofit Sector 47The Public Sector 50Summary 52The Foundations of ComplianceCompliance and Ethics: Challenges and Approaches 55Intertwined but Not Interchangeable Concepts 56Motivations for Compliance 57Barriers to Compliance 59The Organization's Cultural Framework 61Rules versus Integrity 63Corporate Codes of Conduct 64Creating an Ethical Culture: The Linchpin 70Nonprofit Organizations 72Public Sector 74Summary 75Leadership and Culture: The Foundations of Compliance 77The Legal and Regulatory Underpinnings 79Self-Regulatory Organizations: New York Stock Exchange 84Boards of Directors 85Nonprofit Organizations 92Senior Management 96Public-Sector Organizations 99Summary 101The Modern Compliance OrganizationManaging Compliance: Goals and Structure 105Designing the Compliance Program 106Government and Regulators' Guidance 108The Compliance Program Charter 110Features of a Modern Compliance Program 113The Compliance Structure 116Outsourcing Compliance 124Coordinating the Compliance Program 127Staffing the Compliance Program 131The Role of the Chief Compliance Officer 134Budgeting for the Compliance Program 141Small and Medium-Sized Organizations 144Summary 149Policies, Communication, and Training 151Policies and Procedures 151Communication 158Training 161Summary 173Hotlines, Whistle-Blowers, and Investigations 175Whistle-Blowing Programs 175Instituting a Whistle-Blowing Program 179Managing Information 187Tracking Inquiries 188International Operations 189Related Issues 189Conducting Investigations 191Summary 197Information and Technology: Challenges and Tools for Compliance 199Federal Regulatory Requirements 200State Regulatory Requirements 201International Requirements 201Technology Standards 202The Challenge of Multiple Regulations 202Creating a Multidimensional Compliance Framework 204Privacy and Information Security 206Third-Party Relationships and Outsourcing 211Compliance Technology Tools 211Education, Communication, and Training 213Summary 214Compliance and Oversight: Risk, Monitoring, Audits, and Regulators 215Compliance Risk 215Regulatory Requirements 216Standards-Setting Organizations 218Governance and Compliance Risk 219Compliance Risk Assessment Process 221Compliance Monitoring and Audits 235Regulators 243Summary 245Compliance and Controls 247Government Regulations 248Internal Control Regulation and the Public Sector 251Self-Regulatory Organizations: New York Stock Exchange 251Standards Setting Organizations: Committee of Sponsoring Organizations of the Treadway Commission 252The Internal Control Program 258Summary 264Evaluating Compliance 267Criteria for Compliance Effectiveness 269The Need for Evaluation 271Techniques for Evaluating Compliance 271Assessing Compliance Effectiveness 272Postevaluation Actions 283Summary 284The Future of ComplianceCompliance, Going Forward 287Brief Retrospective 288A Profession with Growing Pains 288At the Crossroads 289The Road Ahead 294Resources 295Index 299
