A CCO is the custodian of the company`s ethical culture. A general counsel is the protection of the company`s legal risks. A company must recognize that legal analysis is not the same as adherence to ethical principles. Once this core principle is understood and each has the expertise in their respective problem areas, a CCO and General Counsel can establish a lasting friendship and partnership as part of the company`s effective compliance program. A well-managed compliance program requires a lot of judgment every week, so contact us today to find a compliance partner that will make the difference between a bad headline and a good bottom line! So we understand what legal services are, but what about compliance? But fortunately, we found this article that so perfectly sums up the difference with an analogy that gives the answer perfect context. Regulatory compliance requires companies to organize themselves to comply with laws and regulations in their industry. The organization`s policies, procedures and processes support compliance efforts. The ultimate goal is to comply with all policies, laws, regulations, requirements and rules. Of course, the security team can`t prevent all fires. That`s why you have insurance. But just having insurance doesn`t help prevent fires.
(This makes it more likely, in some ways – that`s the concept of moral hazard.) HIPAA helps protect patient data. HIPAA monitors how healthcare organizations handle data. It can be anything about how patient data is disclosed, managed, stored, and displayed. A legal advisor handles everything from needles to haystacks, contracts and legal obligations to law enforcement and defense. However, the main difference between a legal advisor and a compliance expert is that it is about protection. Since an entity/corporation is considered a legal entity by definition, the loyalty of lawyers rests with the company. Tags: Compliance mandateEthics and complianceLegal and compliance coordinationLegal mandate Ultimately, the assurance team and the security team protect the business, but in different ways. There is, of course, a clear overlap between these roles, and that also applies to security and insurance. Some of the things your security team does are necessary for the insurance team to prove that a fire wasn`t the company`s fault. Similarly, some of the things the insurance team needs to do to qualify for insurance will likely help prevent fires. They are there to protect the company at all costs.
So, in litigation, they wouldn`t mind throwing someone under the bus to protect the business. Second, it`s not their job to dig up skeletons in the closet like the compliance professional (a crucial difference). There was a lawsuit against lawyers who worked for financial institutions that promised to represent individuals but worked for the benefit of the company. The courts have ruled that lawyers should make it clear to parties that they cannot represent individuals. What is the difference between an organizational legal function – legal affairs, general counsel, etc. – and the compliance function? When Deena, a compliance expert, was hired a few years ago by Destinee, a general counsel, to develop the first compliance program in the company`s history, Deena often heard this question. Even the most experienced compliance expert may still have questions, and there are several possible answers depending on who you ask. We think it is worth giving an answer to this question that has worked for us. A compliance manager would meet daily with other business units to ensure that proposed products and services are compliant, consider the risk of non-compliance and improvements in controls, and review proposed regulations and new compliance requirements. Lawyers and compliance professionals are natural partners. With the advent of the compliance profession, lawyers have become more territorial. For some reason, some lawyers felt they had to defend their territory in the world of corporate governance.
Compliance teams also typically manage the company`s relationships with industry regulators. They are generally required to attend regulatory briefings, keep regulators informed of the company`s situation, and provide regulatory reports on an ongoing basis. Now, do you realize that you need tools to make sure your house doesn`t burn down (metaphorically speaking)? Next, check out the Compliance Design Club, the easiest way to get a well-designed compliance program. Lawyers can be excellent compliance practitioners as long as they recognize the essential difference between legal work and compliance work.