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{ LEGAL INNOVATION }

designing A CompliAnCe progrAm?

Consider industry-speCiFiC expertise

By Judith McKay and Lara Nathans

There was a time when a compliance advisor was viewed as a nice- ed industries. Industry-focused external
to-have resource. However, given increasing penalties and legislation counsel can help by:
■ Offering a whole-picture business
to better protect the public, many governing industry bodies and compliance approach, drawing on re-
regulators now require members or regulated industry participants, sources across the frm;
■ Producing written materials that clari-
as applicable, to have robust internal compliance programs and fy requirements and expectations;
provide for lesser penalties if such programs are in place. ■ Sharing new developments in a par-
ticular industry or regulatory environ-
ment;
any also require companies to ap- ing an effective regulatory compliance ■ Identifying potential risks related
point a person upon whom the ma- program, with elements including lead- to new market entry/other jurisdic-
mjority of the compliance responsibil- ership support; training and education; tions—they may have offces or con-
ity falls. This may be the entire or partial policies, procedures and tools; monitor- nections who can help on the ground;
responsibility of General Counsel or other ing and auditing; and measures to take ■ Assisting with the development of re-
in-house counsel. This individual may as- in the event of non-compliance. There’s sponse plans and issues management;
sume a lead role with the support of other no one-size-fts-all solution. Staying in- ■ Assessing your compliance program
internal department heads, though not formed and fexible is key. Below are and assisting with remediation.
always as part of a formal program. Some some tips. Whatever approach your compliance
companies do manage to make this narra- Get to know your regulator. Your indus- program takes, it needs to be fexible
tive work, but they may feel their compli- try’s governing body has helpful resources enough to meet the ever-evolving needs
ance efforts are reactionary and not as stra- to understand your compliance require- of the organization and the industry it
tegic, anticipatory or transparent as they or ments, fling dates and penalties for non- serves. And while it requires continu-
their Board would like. compliance. Make sure you and your ous testing, commitment, oversight and
Still other organizations strive to have a team can access this information rapidly maintenance to be effective, guidance
dedicated Chief Compliance Offcer, who when you need it. and resources are always available if you
is expected to grasp the myriad of com- ■ Visit their website on a regular basis need them! ❚
plex industry- and jurisdiction-specifc and subscribe to blogs and newsletters.
regulations; develop and implement poli- ■ Develop relationships with key regu-
cies with other departments that prevent lators to learn hot-button issues and Judith McKay is the McCarthy
and correct non-compliance and risks; avoid potential pitfalls. Tétrault‘s Chief Client and
Innovation Offcer. She leads
test and monitor efforts; anticipate and Attend industry association gather- the frm’s client relations and
ward off future threats; manage public re- ings and network. If you’re not already marketing strategy, and oversees
lations and stakeholder issues; and speak a member, become one. Encourage other business development, research,
to these issues at the boardroom table. department heads to also get involved. pricing, knowledge integration
And while this makes good sense (and ■ Get certifed in compliance and/or take and innovation capabilities. She also provides stra-
may be a requirement), it can seem al- courses and attend seminars. tegic commercial and intellectual property counsel.
most impossible to fnd an individual, or ■ Connect with skilled professionals to Lara Nathans is a Partner and
even an executive team, with this kind of see how others manage compliance Leader of McCarthy Tétrault‘s
high-level expertise in today’s market of and broaden your pool of potential National Retail and Consumer
Markets Group. She also acts
decreasing skilled resources. That doesn’t recruits. as the frm’s Industry Strategy
mean you’re off the hook. Reach out to external counsel for help. Leader and is responsible for
Your law frm is perhaps one of the best leading the frm and its people
Where to turn for support compliance resources available to you. It’s in aligning with the unique needs of our clients
You’ve probably seen the mountain of their job to stay on top of evolving legisla- and their industries.
information on best practices for design- tion and regulations within most regulat-

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