For such a rewarding and sought-after alternative to “traditional” legal careers, compliance has gone unnoticed. “Technology allows all of us to work with a level of complexity that didn`t exist when many regulations were introduced, and it raises a lot of practical questions that are a matter of first impression,” says Levy. “Think of data collection, complex computer programs, global businesses – all of which raise interesting new questions about old regulations. And as regulators adopt more rules to adapt to this new environment, there is an increased need for compliance staff to ensure a business meets expectations. For Levy, compliance is the practical application of laws to the business process. “I`m both a process engineer and a legal translator,” she says. Lawyers who use their own phones, computers, and networks complicate data security and the due diligence process. The fact that many are now working from their PCs also seriously increases the threat of social engineering attacks that can put your legal data in the hands of a cybercriminal. Compliance with security standards and regulations is not just a CISO issue. Since the penalties for violations and non-compliance can be so high, it`s important that your company`s legal experts work with your compliance officer or security team to review incidents, public disclosures, policies, and risks, among others. A robust compliance process includes, but is not limited to, keeping records of controls, policies and procedures surrounding legislation and retaining evidence that the right people are taking responsibility for compliance. If your company is accused of misinterpretation, negligence, non-protection of sensitive data, conflicts of interest, or other ethical errors, a good professional liability policy can prove invaluable.
If your organization doesn`t already have a compliance officer, appoint someone to handle compliance issues. This person`s responsibilities should include monitoring compliance, checking for updates to regulations and standards, and keeping the rest of your organization informed. Let`s break down the top compliance challenges law firms face and what your practice can do to potentially avoid and overcome these issues. Twenty-five years ago, law graduates didn`t aspire to become compliance professionals, says Craig Bennett `94, vice president and chief compliance officer of Boston Medical Center Health System. He specializes in the administrative side of compliance, covering privacy, construction, pharmaceuticals and research, as well as policies and procedures to “ensure we are doing the right things [and] have a plan to comply with rules and regulations.” Because of her litigation experience, Levy “understands the realities of litigation and enforcement and knows when something is urgent or important, or both,” she says. “There is also the possibility of translating the settlement and being an intermediary between business and law, which makes things easier for both parties.” Lawyers familiar with litigation and business law are well positioned to seize new opportunities in the emerging field of compliance, she says. In-house counsel, on the other hand, play a fundamental role in training, due diligence and the provision of legal advice and analysis, and sometimes the conduct of internal investigations. Most large organizations have a compliance officer, while others have full compliance teams, but small and medium-sized businesses may not have the resources for a compliance champion or team. “Knowledge of industry processes is a critical component of a compliance officer`s success,” says Spigarelli. “Get as much hands-on, hands-on experience as possible.” When it comes to the next generation of compliance professionals, alumni say law schools are at a crossroads when it comes to preparing students for compliance roles.
(In fact, New England Law introduced a compliance and risk management certificate program in 2019.) Every company is exposed to a variety of risks that can compromise its operations, reputation and bottom line. A robust and effective compliance program can differentiate between organizations that successfully manage these risks and those that become warnings.nnThis specialization will introduce the essential elements of effective organizational compliance by examining the concepts, considerations, and strategies for assessing risks and managing the compliance function. You will be there. Regardless of the size or specialization of your legal practice, a comprehensive legal protection program can be an important tool in mitigating the consequences of a potential compliance violation.