Protect your business: implement a corporate compliance program!
This guest blog post is provided by the Competition Bureau, an independent law enforcement agency that ensures Canadian businesses and consumers prosper in a competitive and innovative marketplace. Headed by the Commissioner of Competition, the Bureau is responsible for the administration and enforcement of the Competition Act, the Consumer Packaging and Labelling Act (except as it relates to food), the Textile Labelling Act and the Precious Metals Marking Act.
Workplace safety programs promote awareness to avoid workplace injuries. Failing to provide for safety could have serious consequences for employees and may also affect the viability of a business.
Just like workplace safety programs, corporate compliance programs increase awareness. Compliance programs promote competition in the market and avoid potential breaches of the law.
- May reduce the exposure of your employees, senior managers and your business to criminal or civil liability.
- Help you identify areas where you might be at risk of contravening the law, provide an early warning of potentially illegal conduct, and enable you to promptly correct situations that might be cause for concern.
- Help you build your reputation as an ethical company. This in turn can improve your ability to attract and retain high-quality staff, customers and suppliers -- who want to work with a company with a good track record.
- Enable you and your employees to recognize possible anti-competitive conduct among competitors, suppliers and customers and report any wrongdoing to the Competition Bureau.
- Allow you to benefit from a possible reduction of a sentence, fine or penalty should you find yourself on the wrong side of the law.
The work required to build an effective compliance program tailored to your business far outweighs the risks and costs that come with breaking the law.
For more information, see the Bureau's Corporate Compliance Programs bulletin, available on its website.
Keep an eye out for our next blog, where we will discuss who would benefit most from a corporate compliance program.