Ten years ago, when compliance programs were being established, the focus was on identifying, documenting, and communicating compliance requirements. There was also an emphasis on communicating the consequences of non-compliance and the potential for significant financial penalties, criminal charges, and even court appointed monitors. These consequences were like a compliance “hammer” and were used to get the attention of employees, management and leadership. For the most part, it worked.
Today, regulatory oversight continues to increase with the enactment of new laws such as the Dodd-Frank Act and the Affordable Care Act. It’s essential that compliance programs be structured to document and now demonstrate compliance with laws, rules, and regulations.
The basic elements of documenting and communicating compliance requirements remain at the core of a successful compliance program but, there’s an increased focus on answering a fundamental question: How do you know? A response of “because we have documentation in place” may not be sufficient. A more appropriate response might be “because we have substantiation and we can prove it.” Regulators and auditors who are assessing the effectiveness of compliance programs are looking for substantiation. Substantiation means determining ownership and accountability for tasks associated with compliance requirements at the individual level. This may include attesting to completion of a compliance requirement, being able to explain why the requirement exists, or even producing documentation to support it. Ultimately, it boils down to ownership and accountability – the new compliance “hammer.”
“Stand up if you are a leader of anything,” was Kate Irwin-Smiler’s opening to the session. Of course, the question quickly raised by someone in the audience was whether our leadership was in our own estimation or whether it was based on our title. (Lots of laughter here.) Then she asked us to sit down and those who are followers stand. This interactive exercise led into Kate Irwin-Smiler, Reference Librarian at Wake Forest University School of Law and Sara Sampson, Assistant Dean for Information Services & Law Library Director at Ohio State Moritz College of Law’s presentation “Leading from Where You Are.” Both women talked about how they are leaders and followers. Sara Sampson pointed out that although she has a traditional leadership title, she is still a follower as she follows more experienced deans and the dean of the law school who is also a leader and a follower. They pointed out that being a good follower can give you the skills to become a good leader.
On the east side of the 5th floor of the library (nearest to 4th Street) is the East Reading Room. Last week several bookcases and display shelves and journals and furniture were moved to create a new reading room for the library. There are also electrical outlets at the base of the windows. Doesn’t it look inviting?