The Most Important Compliance Best Practices You Need to Know

The Olympus accounting fraud was one of the biggest incidents of corporate governance failure in 2011. This article looks at how the event came to be, suggests measures that could have prevented it and summarizes the lessons learned in the wake of the scandal.

If audit is to be effective, the internal audit team concerned should appraise the banks’ internal controls, risk management systems and governance mechanisms dispassionately.

This article looks at how banks can assess the effectiveness of their audit functions. It also gives the Basel Committee's recommendations for best practices to be followed.

There’s been an uptick in the number of post-approval Phase IV or post-marketing studies in the pharmaceutical industry. This is mainly due to a spike in rare adverse events following the release of a drug into the market and corresponding increase in the number of product recalls by manufacturers.

How do you conduct a successful post-marketing study? Read on to find out.

What are FDA Pre-Approval Inspections or PAIs? How can you ensure your organization has a successful PAI? Read this article to learn what regulations apply for PAIs and best practices that all FDA regulated companies can follow for a smooth pre-approval inspection.

Proper documentation of all processes proves to the FDA that you are in full control of your operations. It’s become a legend in all industries regulated by the FDA but it is a mantra that companies should heed:

"If it’s not documented, it didn’t happen."

But what are the best practices for FDA compliant documentation? Read on to find out.

The passing of the Gramm Leach Bliley Act required US banks to ensure that their customers' information and records are kept in the strict confidence. As online banking operations evolved, the need arose for privacy requirements to be encoded in a privacy notice or policy on bank websites. This article explains the best practices that banks should follow in order to ensure regulatory compliance.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of credit unions. Some companies regulated by APRA also attract the provisions of the Corporations Act and the ASX listing rules. However, many, including credit unions, are not listed. Those that have issued debentures attract the provisions of the Corporations Act.

This article details the best practices credit unions can follow in order to ensure compliance.

The use of social media by businesses to promote their products and services is increasing. Banks around the world are doing the same as well. But how can banks, specifically US banks, ensure they are compliant with current regulations when using social media channels?

This article explains the best practices US banks can follow when implementing social media usage strategies and policies.

On December 10, 2010, the Basel Committee on Banking Supervision issued Sound practices for backtesting counterparty credit risk models. What are these models and the best practices for ensuring compliance? Read this article to find out.

Risk appetite is a key element in the successful execution of risk management programs. This article explains how companies can develop, monitor and communicate risk appetite.

OSHA’s (Occupational Safety and Health Administration) New National Emphasis Program (NEP) empowers OSHA inspectors to cover chemical facilities around the country. It ensures that all the necessary steps are taken to protect workers. It replaces OSHA's 2009 pilot Chemical Facility National Emphasis Program which covered several OSHA regions around the country.

This article details the best practices chemical facilities can follow in order to comply with the requirements of NEP.

There are over a 1000 recalls of medical devices annually. What are the dangers that make medical devices harmful to the user? Dev Raheja, a renowned medical device quality expert, explains the types of dangers in medical devices in this article.

2011 proved to be a busy year for the SEC in terms of the regulatory decisions it had to make and the cases it brought against non-compliant organizations. The agency itself was subject to intense scrutiny for its document management process violations. This article details the five biggest SEC cases of 2011 and also outlines best practices that companies can follow in order to ensure compliance.

In 2011, owing to EPA’s enforcement action, USD 19 million was invested to improve environmental performance out of which USD 3 billion was used to clean up hazardous waste in communities and ensure that the polluter pays. 3.6 bn pounds of hazardous waste was treated, minimized or properly disposed of, 1.8 billion pounds of pollution was reduced, treated or eliminated. The EPA action also led to 89.5 years of incarceration for environmental criminals.

OSHA inspections reveal that the Scaffolding and Fall Protection Standards in Construction topped the list of the top ten most frequently standards cited by it during FY 2011. This article details the most common OSHA violations observed in 2011 and the best practices that companies can follow in order to avert these compliance pitfalls.

OSHA’s acceptance or recognition of the worksite of a small business / small employer into SHARP (Safety and Health Achievement Recognition Program) confers a certain status on the small business / small employer concerned. Specifically, the business gains an exemption from OSHA programmed inspections for up to 2 years, and subsequent renewal for up to 3 years.

This article describes the best practices that small businesses can follow in order to get into OSHA's SHARP.

Australia’s legal framework to detect and deter money-laundering and terrorism, namely, the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) lays down the obligations that are supervised and regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

This article gives the best practices to be followed in order to comply with these regulations.

Can the Swiss Cheese Model be used to create medical devices that are safe and reliable?

Dev Raheja, a medical device quality expert, explains how this model offers a highly effective approach in understanding and preventing adverse events in medical devices.

The UK Financial Services Authority (FSA) created the Advanced, Risk-Responsive Operating Framework (ARROW) framework to:

1. identify main risks to FSA objectives;
2. measure the importance of those risks;
3. mitigate those risks, depending on size; and
4. monitor and report on the progress of the complete risk management process.
    

This article provides best practices companies can follow in order to comply with the ARROW framework.

The Bribery Act 2010 (UK) makes bribery a criminal offense and follows the benchmark set by the US Foreign Corrupt Practices Act (FCPA). The Act makes bribery of foreign public officials an offense. It extends beyond company employees to include third parties acting on behalf of a company.

This article gives the best practices that multi-national companies can follow in order to achieve compliance.