Competency: Regulatory/Compliance

Q: Q_3

Proactive Monitoring and Assessment : Thorough risk assessments and implementation of internal controls to ensure regulatory compliance. Oversees operations and performs regular audits to detect and address non-compliance issues. Frameworks and Reporting Systems : Coordinates compliance efforts across the organization, ensuring adherence to regulations. Develops comprehensive policies, procedures, and reporting systems to monitor compliance, mitigate risks, and provide employees with a confidential means to report violations. Training and Education : Conducts training programs to educate employees about regulations and ensure compliance. Tracks employee participation and identifies areas where additional training is needed to maintain compliance with federal and industry standards.

Definition: Regulatory and Compliance are the actions taken by organizations to ensure they adhere to laws, regulations, and standards relevant to their industry, thereby mitigating risks, maintaining ethical standards, and protecting the interests of stakeholders. Individuals performing this work must be proactive and responsive. It is crucial to establish robust frameworks and reporting systems to ensure compliance, alongside continuous training and education for employees.

Surveys Measuring the Regulatory/Compliance Competency:
Survey 1 (4-point scale; Competency Comments)
Survey 2 (4-point scale; Competency Comments)
Survey 3 (5-point scale; Competency Comments)
Survey 4 (5-point scale; radio buttons)
Survey 5 (4-point scale; words)
Survey 6 (4-point scale; words)
Survey 7 (5-point scale; competency comments; N/A)
Survey 8 (3-point scale; Agree/Disagree words; N/A)
Survey 9 (3-point scale; Strength/Development; N/A)
Survey 10 (Comment boxes only)
Survey 11 (Single rating per competency)
Survey 12 (Slide-bar scale)

What is Regulatory/Compliance?

Regulatory Compliance is being proactive in mitigating risk and responsive in addressing compliance issues. By implementing robust compliance frameworks and providing comprehensive employee training, companies can proactively mitigate risks and ensure ongoing compliance assurance.

Why are Regulatory Compliance skills important in the workplace?

Compliance helps identify and mitigate potential legal and financial risks. Maintaining high compliance standards enhances a company's reputation. Establishing clear compliance frameworks and reporting systems streamlines operations ensuring that all employees are aware of their responsibilities and reduces the likelihood of errors or misconduct. A strong compliance culture fosters a positive work environment allowing employees to feel more secure and valued in the organization. By prioritizing regulatory and compliance efforts, businesses can safeguard their operations, enhance their reputation, and ensure sustainable growth.

What are key aspects of Regulatory Compliance skills?

Proactive Monitoring and Assessment: Thorough risk assessments and implementation of internal controls to ensure regulatory compliance. Oversees operations and performs regular audits to detect and address non-compliance issues.
Frameworks and Reporting Systems: Coordinates compliance efforts across the organization, ensuring adherence to regulations. Develops comprehensive policies, procedures, and reporting systems to monitor compliance, mitigate risks, and provide employees with a confidential means to report violations.
Training and Education: Conducts training programs to educate employees about regulations and ensure compliance. Tracks employee participation and identifies areas where additional training is needed to maintain compliance with federal and industry standards.

What questions could be included on a 360-degree survey that measure regulatory compliance skills?

The questionnaire items below will measure regulatory compliance skills. These questions are grouped into different aspects of this competency. When creating a 360-degree or other performance assessment, try to select one or two items from each group.

360-Feedback questions that measure Regulatory/Compliance

Proactive Monitoring and Assessment

Performs audits regularly, or without notice, to ensure proper compliance with regulations.
Performs regular compliance audits.
Implements regulatory changes in a timely manner.
Implements strategies to ensure compliance.
Coordinates internal and external audit procedures.
Implements regulatory compliance strategies.
Conducts necessary risk assessments.
Performs annual/monthly compliance audits.
Periodically assesses the effectiveness of regulatory/compliance programs.
Implements internal control processes to detect misconduct or patterns of illegal transactions.
Establishes a governance body to monitor and guide the organization's activities.

Responsive

Addresses issues quickly before they develop into major problems.
Maintains a state of readiness to address new and changing regulations and procedures.
Responds promptly to inquiries from regulatory bodies.
Responds accurately and completely to questions from regulators.
Establishes clear communication channels and lines of communication for compliance related issues.
Ensures appropriate followup for regulatory violations.
Uses software tools to monitor compliance and track issues to help identify and respond to non-compliance.
Creates a standardized response protocol for responding to compliance related issues.
Follows up on any unresolved compliance issues.

Develops/Implements Frameworks

Works quickly to implement changes in regulations.
Coordinates the execution of compliance strategies across departments.
Creates necessary compliance policies and procedures.
Develops the appropriate incentives (or disincentives) for regulatory compliance.
Investigates risk mitigation strategies.
Develops strategies to comply with established regulations.
Observes, monitors and coordinates compliance activities.
Formulates compliance policies and procedures.
Develops regulatory compliance strategies.
Develops and implements appropriate reporting channels.
Creates a company compliance manual for distribution to the employees.
Develops effective procedures for ensuring compliance.

Develops Reporting System

Maintains a compliance data recordkeeping system.
Develops compliance reports in accordance with federal and industry regulations.
Develops compliance reports to share with stakeholders.
Uses operational compliance reports to evaluate the effectiveness of internal processes.
Uses compliance reports to evaluate the effectiveness of compliance initiatives identifying areas of risk.
Develops a confidential reporting system to enable employees to anonymously report safety violations.
Develops and implements a compliance data recordkeeping system.

Ensures Compliance

Ensures regulations are followed as required.
Ensures the company meets legal requirements/standards regarding employees.
Ensures the company is in compliance with all laws regarding the production and transportation of product.
Ensures the company is in compliance with industry specifications, standards, and applicable laws.
Reviews operations and work flows to ensure compliance with standards.
Ensures operations meet government and industry requirements/standards.
Maintains compliance with federal, state, and local laws.
Ensures the company meets legal requirements/standards regarding commercial enterprises.

Train and Educate

Offers training to employees to ensure they comply with regulations.
Offers training to employees to ensure they are complying with regulations.
Reviews skill levels of employees in areas of policies and regulations to identify gaps where additional training is needed.
Offers training on various subjects to help ensure employees are aware of regulations.
Trains and coordinates activies of compliance officers.
Creates and implements training courses for new hires to ensure knowledge of regulations and policies.
Explains regulations and procedures to others as required.
Creates and administers training initiatives on compliance and regulations.
Tracks employee participation in development opportunities as required by industry regulations.
Conducts in-house training sessions to promote awareness of regulations and compliance.

Knowledgeable

Is aware of the documents and reports needed to maintain compliance with regulations.
Understands the applicable regulations and laws that impact our business.
Is aware of federal and local laws affecting employees.
Familiar with EEOC, FLSA, OSHA and ERISA acts/standards.
Keeps track of changes in legislation affecting regulatory compliance.
Is aware of the required compliance standards.
Is aware of the minimum compliance standards.

Continuous Improvement

Keeps informed of various regulations and procedures.
Keeps up-to-date with legislation affecting employees.
Attends industry tradeshows and conferences to keep up-to-date with changes and trends.

Working Relationships

Is professional and courteous in interactions with auditors and regulators.
Knows who to contact at various regulatory agencies if needed.
Coordinates with legal counsel investigating any instances of misconduct.
Interacts with auditors and regulators on a professional basis.
Coordinates the work of other Business Managers to ensure all are in compliance with established standards and guidelines.
Coordinates with legal counsel in conducting audits of legal compliance.
Acts as a liaison to regulatory agencies.
Has contacts at various regulatory agencies.

Mitigate Risk

Reviews transactions for potential misconduct.
Performs regulatory risk management to manage the risks of compliance (or non-compliance).
Identifies and assesses areas of regulatory or compliance risk.

Fosters Ethical Culture

Strengthens employees' ability to appropriately handle compliance and ethics issues.
Creates and distributes code of ethics and code of conduct.
Effectively communicates the importance of meeting compliance standards.
Understands and adheres to internal and external regulations.
Ensures compliance through actions and behaviors.

Creates/Maintains Documentation

Creates and maintains necessary regulatory documentation.
Documents the performance of compliance audits.
Maintains historical records and documents as needed/required.

Reviews Documents

Reviews documentation and procedures manuals to ensure regulatory compliance.
Reviews the compliance program and recommends changes based on new industry trends.
Reviews anti-retaliation policies to ensure compliance with government standards.
Reviews documentation, processes and practices.

Provides Documentation

Creates documents and reports as needed to maintain compliance with regulations.
Submits complete applications for necessary certifications.
Keeps detailed records of compliance measures.
Prepares and presents annual reports as required.
Provides documents and reports as needed to maintain compliance with laws.

Complies with Regulations

Complies with trade agreements affecting international companies.
Complies with regulatory requirements for the state.
Follows all safety regulations and procedures.
Acts in compliance with all federal, state, and local laws.

Leadership

Provides direction and oversight for the compliance department.
Appoints a supervisory committee to ensure effective oversight of the organization.
Creates an oversight panel to provide comprehensive supervision for the organization.
Effectively manages a department of compliance officers.

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