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Building Compliance Culture: Key Steps for Effective Implementation

Discover practical insights on establishing a compliance culture across your organization, overcoming challenges, and ensuring alignment with regulatory standards. Explore the importance of setting the right tone from the top, defining clear requirements, and fostering a culture of accountability. Learn how to engage with key committees, integrate compliance within business processes, and promote transparency and ethical practices. Gain valuable strategies to cultivate a compliant workforce and navigate the evolving regulatory landscape successfully.

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Building Compliance Culture: Key Steps for Effective Implementation

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  1. Implementing Compliance Culture across the firm:Overcoming Challenges and Winning Votes Ian Lyall, Managing Director, ComplianceJ.P.Morgan, LondonRiyadh, March 24, 2010

  2. Background • Amalagamation of many firms since the early 90’s • Business and Regional Differences • How do we define Compliance Culture • What are the implications of the wrong sort of culture? • Some differences in culture • Changes in the current environment The views expressed are personal to the speaker and not necessarily those of J.P.Morgan.

  3. Practical Steps • Tone must be set from the top in words and by example • Requirements must be clearly set out • Code of Conduct • Definition of acceptable and unacceptable practices • Training and Awareness • Clear Compliance policies • Escalation/Challenge must be encouraged

  4. Practical Steps 2 • Compliance involvement in all key committees and processes. Right to say ‘no’ • Be imbedded in the business, sit with the business, know their plans • Be available and let staff know that you are • Explain your decisions • Set your own high standards

  5. Conclusion • Consistency is a challenge • Compliance is owned by Management but we must be counselling, educating and advising constantly • Training must be comprehensive and policies clear • Compliance must be seen and available and involved in all aspects of the business

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