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A credible and effective compliance program minimizes the chances of risky behaviour or potentially illegal activity and its consequences.
Most businesses in Canada want to do the right thing and operate within the law. Companies with strong compliance programs are in the best position to do so.
It can help your organization:
- operate within the law
- reduce the risk of costly investigations and lawsuits that interfere with your operations
- avoid penalties for your business and jail time for your people
- understand the risks from industry events and interactions with third parties, such as partners, competitors, or trade associations
- minimize your business’ exposure to class action lawsuits
- remain eligible to participate in federal public procurement
- keep marketing activities compliant
A credible and effective compliance program strengthens your business and your reputation
It might help:
- avoid the consequences of being associated with illegal conduct
- protect shareholder value
- your people spot when others in the market are not playing by the rules
- your organization recruit and retain good talent
- your organization meet its environmental, social and governance goals
If you’re a small business . . .
Compliance is important for all businesses, no matter their size, risk profile, industry or location of operation.
Credible and effective compliance programs do not have to be costly or complicated. Even simple steps can ensure that your program runs effectively. What is crucial is management’s commitment to doing the right thing.
There are many benefits to having a credible and effective compliance program. Here are just a few examples:
- You stand a better chance of doing business with larger companies. They generally have compliance programs in place. They will probably be more comfortable working with you if you do too. Some might even require their suppliers or partners to have a compliance program.
- If you want to sell your business, you will find it easier to attract potential buyers. Acquirers will look into your organization’s compliance history. A compliance program demonstrates that you take compliance seriously.
Important notice: Because every situation presents unique facts, the information set out herein is provided for general information only. This content is not a substitute for legal advice, nor is it a binding statement of the Commissioner of Competition’s position on the requirements or efficacy of any particular compliance program. Indeed, there is no one-size-fits-all approach when it comes to achieving credible and effective compliance.