Compliance Comparison Matrix and Executive Summary

Compliance Programs Matrix
Student’s Name
Institutional Affiliation
Course
Instructor
Date
Executive Summary
After reviewing the compliance program documents for both organizations, I have created a side-by-side comparison matrix to examine the similarities and differences between the two. The matrix compares how both organizations execute the compliance components: internal monitoring and auditing, compliance and practice standards, designated compliance officer, employee training and education, detection and correction of violations or offenses, communication with employees, and enforcement of disciplinary measures.
Compliance Component

Organization A

Organization B

Internal monitoring and auditing

Conducted by an external auditing firm, which reports to the board of directors

Conducted by an internal compliance team, which reports to the compliance officer

Compliance and practice standards

Developed by a compliance committee, which includes representatives from all departments and is approved by the board of directors

Developed by the compliance officer in consultation with legal counsel and approved by the board of directors

Designated compliance officer

The compliance officer is an independent contractor and reports to the board of directors

The compliance officer is a member of the executive leadership team and reports to the CEO

Employee training and education

All employees must complete annual compliance training developed by the compliance committee and delivered by an external training firm.

All employees are required to complete annual compliance training developed and delivered by the compliance officer.

Detection, reporting, and correction of violations

Employees are encouraged to report violations through an anonymous hotline, and the compliance committee is responsible for investigating and correcting violations.

Employees are encouraged to report violations to their supervisor or the compliance officer, who is responsible for investigating and correcting violations.

Lines of communication with employees

The compliance committee holds regular town hall meetings to discuss compliance issues and answer questions.

The compliance officer holds regular meetings with all departments to discuss compliance issues and answer questions.

Disciplinary standards

The compliance committee is responsible for enforcing disciplinary standards outlined in the compliance program document.

The compliance officer enforces disciplinary standards outlined in the employee handbook.

A critical distinction between Organization A and Organization B lies in their respective internal monitoring and auditing approaches. Whereas Organization A relies on annual audits conducted by an external firm, Organization B utilizes quarterly audits conducted by an internal team. While both methodologies have inherent advantages, our organization would be better served by adopting a more frequent internal auditing schedule (Gantz, 2014). By doing so...