What is Compliance

posted in: Compliance | 0

Because sometimes we forget, here is an excellent description from an interview with Odell Guyton of Jabil, Inc. in the Wall Street Journal. Mr. Jabil is also a co-founder and board member of the Society for Corporate Compliance and Ethics.

Compliance is developing and implementing processes and procedures so that the company can run smoothly while addressing the risks that appear in the business model. It’s a form of risk management that includes not only being able to say that you thought about the risk but also can document how you are anticipating that risk by programmatic means that show the company is serious about not getting into trouble—lawsuits, shareholder suits, being investigated by regulatory agencies, etc.