Enhanced corporate compliance programs imperative for energy industry

✍ Scribed by McAvoy, Sherrie G.

• Publisher: John Wiley and Sons
• Year: 2007
• Weight: 490 KB
• Volume: 16
• Category: Article
• ISSN: 0743-5665
• DOI: 10.1002/gas.3410160504

✦ Synopsis

H mented compliance programs but moved on to other priorities. Today, in light of deregulation, globalization, consolidations, and strategic alliances, enhancing your existing compliance program should be considered no less than a business imperative.' . -. enhancing your existing compliance program should be considered no less than a business imperative.

Role of the Board and the Corporate Audit Committee

The directors and corporate audit committee's role in the oversight of a corporate compliance program is vital to the company's long-term success. The board, corporate audit committee, and senior management must set the tone at the top, sending the message that ethics and compliance are critical success factors in conducting business in a deregulated global environment. If the board and corporate audit committee demonstrate to the entire organization that compliance is a key business imperative, everyone involved will take the program to heart.

A strong corporate compliance program can substantially mitigate damages if the orga-