How to build a culture of compliance

Cansu Eray (erayc@tcd.ie) is a Compliance Officer certified by ALCO (Association of Compliance Officers in Luxembourg) from Dublin, Ireland.

Compliance can become a strategic advantage if it can be turned into a culture within an organization. Even though the appearance of compliance is an easy way to provide short-term gains, establishing a compliance culture drives sustainable benefits that offer stronger assurance.

There are ample determinants of a good compliance culture, but four main components can be considered the foundation for establishing further applications par excellence: understanding the regulator’s expectations, building the three C’s, providing a personalized compliance experience, and effective risk assessment. As a complementary practice, looking for benchmarking opportunities can be a checkpoint for improving culture. Thus, recognizing a good compliance culture can be considered the recommended fifth component.

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