Sound the Alarm: Big or small, all businesses need a 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.
There was a time when people seldom locked their doors, but still felt safe. Now, it is hard to imagine not securing our homes.
We take different approaches to home security, based on our needs — some of us use heavy duty locks while others use monitored systems. The same applies to businesses when it comes to using the right compliance program focused on competition law.
Businesses must ensure that they comply with the various competition laws against, for example, price-fixing, bid-rigging, deceptive advertising, and misleading or incorrect labeling.
A well-designed compliance program will sound the alarm if your business is at risk of breaking the law, or if others are engaged in illegal conduct that could harm your business.
It will help you address breaches of the law and foster a culture of compliance within your organization. And failing to create a compliance program can have the same dour consequences for all businesses regardless of their size.
Every business needs a compliance program. Larger businesses often have internal resources, such as staff counsel, to advise them and help them set up a program. Many small businesses don't have these luxuries. We get that. One size does not fit all. But given the benefits, a compliance program requires a relatively small investment.
Need help setting up a compliance program? No problem! The Competition Bureau is here to help you run your business lawfully and tailor a compliance program so it works for you and helps protect your investment.
Remember that, just like your home security system, your compliance program should be designed for your needs and ensure the security of your investment of time and money.
Take a look at our Corporate Compliance Programs bulletin. It includes useful assessment tools to determine if you are at risk.
Stay tuned for further information on compliance programs.