Glossary of Key Terms

• Compliance Program: A structured system designed to prevent and detect violations of laws, regulations, and ethical standards.
• Leadership Commitment: Active and visible support from organizational leaders, demonstrating the importance of compliance.
• Risk Assessment: The process of identifying, evaluating, and prioritizing potential compliance risks.
• Policies: Broad statements of principles or rules that guide behavior within an organization.
• Procedures: Specific instructions and steps on how to implement policies.
• Training: Educating employees on relevant laws, regulations, policies, and procedures.
• Communication: Sharing compliance-related information with employees and stakeholders through various channels.
• Monitoring: Ongoing tracking of compliance activities and performance to identify potential issues.
• Auditing: A formal, periodic review to assess the effectiveness of the compliance program and identify areas for improvement.
• Enforcement: Applying consequences for violations of policies and procedures.
• Discipline: Taking corrective action against individuals who violate compliance rules.
• Continuous Improvement: Regularly reviewing and updating the compliance program to ensure its effectiveness and relevance.
• Corrective Action: Steps taken to address compliance violations, remediate harm, and prevent future occurrences.

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