Welcome to a special podcast series on the Compliance Podcast Network, 31 Days to a More Effective Compliance Program. Over these 31 days of the series in January 2025, Tom Fox will post a key part of a best practices compliance program daily. By the end of January, you will have enough information to create, design, or enhance a compliance program. Each podcast will be short, at 6-8 minutes, and will include three key takeaways you can implement at little or no cost to help update your compliance program. I hope you will join us each day in January for this exploration of best practices in compliance.
In today’s episode, we dive into the critical role of senior management in fostering a strong corporate culture of compliance, as highlighted by the 2022 Monaco Memo and the 2020 FCPA Resource Guide, 2nd edition. Emphasizing that corporate culture is vital to a company’s success, we discuss how the DOJ assesses ethical cultures and the importance of senior management’s active participation in compliance efforts. The episode outlines five key factors to guide senior leadership in setting, modeling, and monitoring the right tone at the top. These include clear communication of values, personal commitment to those values, supportive systems, integration into decision-making, and empowering managers to make ethically sound decisions. We conclude with three takeaways: senior management must engage in compliance, the DOJ evaluates corporate culture during investigations, and CEOs should be seen as chief compliance ambassadors.
Key highlights:
- The Importance of Corporate Culture
- DOJ’s Expectations for Senior Management
- Five Factors for Effective Leadership
Resources:
Listeners to this podcast can receive a 20% discount on The Compliance Handbook, 5th edition, by clicking here.
