The Compliance Officer works closely with other departmental heads to make sure budgets are kept in balance.
- The Compliance Officer implements written policies, procedures, and standards of conduct.
- The Compliance Officer establishes a compliance committee developing effective lines of communication enforcing standards through well publicized disciplinary guidelines and developing policies, addressing dealings with sanctioned individuals conducting periodic risk assessments and response plans.
- The Compliance Officer is responsible for conducting internal monitoring and auditing responding promptly to detected offenses, developing corrective action, and reporting findings to the government via established channels.
The Compliance Officer needs to be of high integrity since they serve as the focal point for compliance activities. The Compliance Officer oversees and monitors the implementation of the compliance programs reporting to the governing body of the organization. The Compliance Officer is responsible for the improvement of efficiency and quality services. The Compliance Officer is also responsible to reduce vulnerability to fraud, abuse, and waste. The Compliance Officer revises the program in light of changes in needs of the organization, and in the law and policies and procedures of government and private payers to the organization.
The Compliance Officer develops, coordinates and participates in a multifaceted educational program that focuses on the elements of the compliance program. They must make sure that all appropriate employees and management are knowledgeable of, and comply with, pertinent federal and state standard ensuring through purchasing that independent contractors and agents are fully aware of all the compliance requirements. The Compliance Officer is in charge of the compliance programs in respect to coding, coverage, billing, and marketing. The coordinating internal compliance reviews and monitoring activities, including periodic reviews of the individual departments is conducted by the Compliance Officer. The Compliance Officer is the one who responds to government investigations and queries as the principal point of contact independently investigating and acting on matters related to compliance, including the flexibility to design and coordinate internal investigations. This is a matter of responding to “hotline” calls or suspected violations.
The Compliance Officer is the one who takes the leading in many of the policies that a corporation adopts and makes sure that all the requirements in corporate operations is met to satisfy both the board of directors and the government. The federal government has set laws that govern corporations in accordance with the type of business that they operate. The Health Care Industry for instance is based on not only making a profit but on patient care and medical standards. The Financial Industry for instance is based on client care and management by officers to make sure that no one over steps their boundaries and uses information for their own personal gain. When a financial officer knows that a certain client may be in the process of selling off stock this said officer cannot advise someone else to come in and swoop up the shares making a large profit later. The regulations of financial officers in this type of setting are vital and the Compliance Officer needs to make sure that everyone is obeying the law. While this may seem like a simple scenario there are more complicated situations that pertain to the operations of corporations that require a full time Compliance Officer in order to keep things operating on an ongoing basis without over stepping policies and procedures. The Compliance Officer needs to make sure that all ongoing laws are being up held to the fullest extent verifying any compliant. The Compliance Officer needs to keep up with any new laws by the government or stipulations put forth by the corporate board.
The reason the Compliance Officer needs to keep up with all new regulatory rules is because the corporation may need new rules made or old one’s made need to be amended. This happens a lot in larger corporations for a variety of reasons. Even though the Compliance Officer does not need to be an attorney they do need to have taken some training in business law. The Compliance Officer needs a Bachelor Degree in Business Administration and focused on corporate laws. This helps the Compliance Officer to keep things running in a smooth manner. The corporation depends on their Compliance Officer to keep them out of trouble with the government preventing fines and other legal problems that could actually shut the business down. In today’s society it is very important to obey the laws of the federal government in order to stay in business.