Most businesses, particularly large firms and organizations, have required regulations that they must satisfy in order to remain in compliance with state and federal laws. To guide the business in meeting these requirements, many businesses form internal compliance committees. At Bates Group, we provide compliance committee consulting services for money service businesses with questions about BSA and AML compliance. To learn more, reach out to our team today.
What Is a Compliance Committee?
A compliance committee is an internal group that is responsible for navigating the business’s compliance regulations, whether those regulations come from the local, state, or federal government. The compliance committee may be responsible for identifying risks and helping a compliance officer understand what risks exist and how those risks can be mitigated.
Who Serves on a Compliance Committee?
The compliance committee is usually made up of high-level executives within a company. Common titles that serve on the compliance committee include:
- General counsel (legal)
- HR director
- Chief financial officer
- Internal audit officer
- Directors or heads of other programs—depending on the organization, this might be the head of procurement, marketing, sales, customer service, etc.
The Role of a Compliance Committee
As explained above, the role of the compliance committee is to identify any risks to the business and how to best navigate those risks while remaining in compliance with laws and regulations. In order to satisfy this objective, the committee will likely meet at regular intervals to discuss emerging risks, chart progress, and design compliance programs. The compliance committee will be responsible for advising the heads of departments and the business’s executive team, and, most importantly, the compliance officer, on best practices for maintaining compliance.
Compliance Committee Consulting Services from Bates Group
Whether or not a business should consider hiring an external, third-party compliance consultant for help in designing and monitoring its compliance programs depends on the type of business, the business’s size, and the specific risks that the business is facing. With that in mind, money service businesses, or MSBs, that are required to meet Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance requirements should consider the value of a consultant. At the Bates Group, we have years of experience in BSA/AML compliance and can help your business to identify risk, implement training programs, establish policies and procedures, and meet independent audit requirements.
Call Bates Group Today
Having a compliance committee in place may be one important element of your business’s risk management and compliance management plan. At the Bates Group, we can enhance compliance efforts by providing personalized, comprehensive BSA/AML compliance consulting services. Reach out to our team today to learn more about how we can help.