Missing an element could set you up for a costly lawsuit, or worse. Don't get caught in this litigious environment without an effective compliance plan. Your plan should contain seven key elements, according to the
1. Implementing written policies, procedures and standards of conduct;
2. Designating a compliance officer and compliance committee;
3. Conducting effective training/education;
4. Developing effective lines of communication;
5. Enforcing standards through well-publicized disciplinary guidelines;
6. Conducting internal monitoring and auditing; and
7. Responding promptly to detected offenses and developing corrective action.