Five Compliance Best Practices for … Internal Controls and SOPs
As an accompaniment to our biweekly series on “What Every Multinational Company Should Know About” various international trade, enforcement, and compliance topics, below find an update to our series on compliance checks that every multinational company should consider. Give us two minutes and we’ll give you five suggested compliance best practices that will benefit your international regulatory compliance program. Drafting effective internal controls and standard operating procedures (SOPs) is essential for ensuring consistency, efficiency, and compliance with organizational policies and regulatory requirements. I nternal controls are one of the ways in which organizations implement their compliance dictates and, along with compliance policies and compliance training, are the three-legged stool of compliance. Five compliance best practices for drafting internal controls and SOPs are as follows: Define Objectives: Clearly define the objectives and purpose of the internal con...