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Q&A: Required by law to have a compliance officer?

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Content provided by Rhamy Alejeal. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Rhamy Alejeal or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Question:


Are we were required by law to have a dedicated compliance officer, who cannot be the same individual who handles HR?

Answer:


No. In general, companies are not required by law to have a dedicated compliance officer. However, some sectors have specific guidelines in place for compliance officers.

For example, in the financial sector, compliance officers are subject to regulations and enforcement by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Department of Justice (DOJ). Each agency looks at the compliance officer’s supervision in both legal and compliance matters, and the DOJ also looks at individual accountability in compliance matters.

In the healthcare sector, the U.S. Office of Inspector General (OIG) has issued compliance guidelines specific to hospitals. While not mandated by law, the OIG strongly recommends that hospitals develop a compliance program and have a compliance officer available to ensure that hospital standards and ethics are upheld. The OIG guidelines state that each hospital should designate a high-level official to serve as compliance officer. Depending on the size and resources of the hospital, the compliance officer may be an HR professional, in-house counsel, or another designated appointee. Some hospitals may choose to hire a full-time compliance officer.

Therefore, while companies are not required to have dedicated compliance officers, in heavily regulated industries such as finance and healthcare, compliance officers are recommended and even held individually liable in some instances. To determine whether a dedicated compliance officer is necessary for your organization, it is best to consult with your counsel.

  continue reading

163 episodes

Artwork
iconShare
 

Archived series ("Inactive feed" status)

When? This feed was archived on July 28, 2021 16:09 (3y ago). Last successful fetch was on September 22, 2020 17:28 (4y ago)

Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Manage episode 217735865 series 2129768
Content provided by Rhamy Alejeal. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Rhamy Alejeal or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Question:


Are we were required by law to have a dedicated compliance officer, who cannot be the same individual who handles HR?

Answer:


No. In general, companies are not required by law to have a dedicated compliance officer. However, some sectors have specific guidelines in place for compliance officers.

For example, in the financial sector, compliance officers are subject to regulations and enforcement by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Department of Justice (DOJ). Each agency looks at the compliance officer’s supervision in both legal and compliance matters, and the DOJ also looks at individual accountability in compliance matters.

In the healthcare sector, the U.S. Office of Inspector General (OIG) has issued compliance guidelines specific to hospitals. While not mandated by law, the OIG strongly recommends that hospitals develop a compliance program and have a compliance officer available to ensure that hospital standards and ethics are upheld. The OIG guidelines state that each hospital should designate a high-level official to serve as compliance officer. Depending on the size and resources of the hospital, the compliance officer may be an HR professional, in-house counsel, or another designated appointee. Some hospitals may choose to hire a full-time compliance officer.

Therefore, while companies are not required to have dedicated compliance officers, in heavily regulated industries such as finance and healthcare, compliance officers are recommended and even held individually liable in some instances. To determine whether a dedicated compliance officer is necessary for your organization, it is best to consult with your counsel.

  continue reading

163 episodes

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