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The following is a summary of an article by Tom Spiggle, The Spiggle Law Firm Summary of AI in Employment and Regulatory Frameworks Recent years have witnessed a significant transformation in how...
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By: Terrance Oben OBEN LEGAL
THIS ARTICLE DISCUSSES PRACTICAL STEPS THAT companies can take to successfully embed a positive compliance culture and outlines a proposed approach to developing and implementing a compliance program that can be used globally, regardless of industry or the size of your company.
As a core function of corporate governance, compliance plays an integral role in achieving an organization’s primary objective— maximizing shareholder value and protecting company assets. To achieve this objective, companies must deploy sustainable internal and external long-term strategies focused on enduring operational performance, while protecting the interests of their shareholders and other stakeholders.
What Are Compliance Risks?
Every organization is unique, and so are its costs for doing business. Generally, compliance risks can be viewed as the possibility of present or future loss/damage to an organization’s integrity because of a failure (or apparent failure) to comply with laws, regulations, or other applicable business standards. Therefore, compliance risks are business risks—because they require organizations to conduct business activities within a set of prescribed ethical and/ or legal boundaries. In the context of this article, damage to an organization’s integrity includes legal or regulatory sanctions, financial loss, and damage to reputation, market share, customer base, or contracts.
To read the full practice note in Lexis Practice Advisor, follow this link.
Terence Oben, Esq. is Managing Counsel at Oben Legal in New York, NY. His practice focusses on corporate governance, ethics, and compliance, assisting domestic and multinational organizations in a variety of industries design, develop, and implement programs and strategies that ensure decision-making, resource allocation, and business activities are aligned with appropriate ethics and compliance considerations for the organization's circumstances. Mr. Oben designs a variety of management mechanisms and tools that organizations use to operationalize legal requirements and integrate ethics into practices. www.obenlegal.com
For an outline of a proposed approach to developing and implementing a compliance program, see
> CREATING A COMPLIANCE PROGRAM CHECKLIST
RESEARCH PATH: Commercial Transactions > General Commercial and Contract Boilerplate > Compliance Programs and Risk Assessment > Checklists
For an overview of the risk assessment process, see
> RISK ASSESSMENT
RESEARCH PATH: Commercial Transactions > General Commercial and Contract Boilerplate > Compliance Programs and Risk Assessment > Practice Notes
For a list of the documents that are needed in order to conduct the risk assessment process, see
> CHECKLIST - INFORMATION AND DOCUMENTS TO REVIEW IN A RISK ASSESSMENT
For a high-level listing of topic categories to review when conducting a risk assessment, see
> CHECKLIST - POTENTIAL TOPICS TO REVIEW IN A RISK ASSESSMENT
For a framework of the interview questions that should be asked during the risk assessment process, see
> CHECKLIST– 15 SAMPLE QUESTIONS WHEN PERFORMING A RISK ASSESSMENT
For an explanation of the seven core elements that must exist in order for a compliance program to be deemed effective, see
> US SENTENCING GUIDELINES – BENCHMARK FOR AN EFFECTIVE COMPLIANCE AND ETHICS PROGRAM