Those in the compliance regulatory field serve the role of assisting corporations and organizations in complying with federal and state regulations.  They do so because it is their job but also because government regulations require that representatives make personal contact with entities that fall under regulatory requirements.

It is rare to find a compliance regulator who is determined to do ill to the organizations under compliance requirement.  Most regulators can be engaged in being of genuine assistance to corporations striving to discover the best solutions to thorny issues.  And many regulators are facilitative in setting out amicable remedies.  Each corporate entity needs to be well positioned in order to promote the best intentions of regulators.

Five precepts guide the way for our corporate clients.  These are:

1. Preparation
2. Backgrounding
3. Conciliation
4. Affirmation
5. Probity

Telling a regulator that the company intends to comply with all regulations is not nearly as compelling in demonstrating probity as are the actual actions of the company’s representatives and the data that are provided in support of these actions.  It is a solid component of the ethical compliance of regulations that a company is able to demonstrate that there is concerted action behind the spoken word.  In regulatory instances, as in many others, actions do speak louder than words.

A point that should not be overlooked is that it is the company’s responsibility to set up the structure for regulatory interaction.  Because regulators often initiate contact, a mistake can be made in abdicating company responsibility for structuring sound relationships.  Success in the regulatory relationship is accomplished through: 1 – Following the five precepts; 2 – thinking clearly about how they are to be enacted; and 3 – assuming that interactions with the regulators will be positive and supportive.

More likely than not, they will be.

This article is available in full at Corporate Compliance Insights.