Question

Which of the different segments covered this week (hiring, policies, training/communication, monitoring, investigations) do you think is most important in a good compliance program? (Hint: They are all, of course, important and work together to make a good compliance program. But many times, compliance departments have very skinny budgets, and the compliance team needs to choose which areas to invest in. Assume you are in that situation, and then decide which of these might be the most critical).

Answer 1

In my opinion hiring is the most important segment in a good compliance program. If the correct people are hired both for training as well as employees who are being trained compliance becomes easier and there are less non compliance issues.

Proper hiring includes background checks to ensure that the people who are being hired for the compliance program have a good ethical background. Hence the main focus should be on hiring so that both the trainers and the trainees are able to give sufficient importance to compliance issues. Also they should be able to communicate the importance and the policies related to compliance in an effective manner.