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- Company to draw up a comprehensive list of all laws and regulations which it has to comply with in all geographies in which it operates
- Identification of all compliance requirements arising from these laws and regulations
- Assigning clear ownership would be necessary among operating managers for each of the identified compliance requirements. These requirements to be incorporated into the roles and responsibilities of the identified individuals
- Compliance sign-offs by operating management to be a granular process – ie: individual compliance requirements to be specified
- Compliance with regulations to be audited on a regular basis to validate the compliance sign-offs by operating management
- Compliance requirements to be prioritized based on impact of non-compliance to focus monitoring and reporting efforts on the high priority compliances
- Board to review compliance status for at least the key compliances at least once a year
- Process to be put in place for Board to be informed of all significant legal notices received by the company
- The compliance checklists would have to be reviewed and updated periodically.