PHILIPSBURG, Sint Maarten — The Integrity Chamber has issued an advice to government-owned companies on the role, responsibilities and importance of the Compliance Officer within their organisation. While compliance tasks are embedded in the organisations, not all government-owned companies currently have a Compliance Officer.
The role of the Compliance Officer is beneficial for several reasons. They reduce occurrences of compliance and integrity risks. They enhance trust with clients and stakeholders and improve the image of the organisation. The Compliance Officer educates employees on expected behaviours, which increases compliance to ethical standards, and internal policies and procedures related to integrity, minimizing compliance issues down the line. The Compliance Officer also provides objective advice to the Managing and Supervisory Board on compliance issues.
The Integrity Chamber advised the government-owned companies to do the following:
1. Define the specific tasks of the Compliance Officer, which include preventing, detecting, and responding to compliance issues.
- Appoint at least one (1) Compliance Officer and work towards the establishment of a compliance team.
- Provide the Compliance Officer with the necessary resources, such as required trainings, office space, etc., and the necessary support.
- Establish and implement an annual compliance program.
- Create awareness on the role of the Compliance Officer within the organisation. 6. Evaluate the effectiveness of the compliance program.
The Integrity Chamber trusts that the government-owned companies will use this advice to improve their compliance program within their organisations. While this advice was directed to government owned companies, the Integrity Chamber believes that this advice can also serve as a guide to Government and other organisations in improving their internal integrity infrastructure.
The full advice on the Compliance Officer can be found on the website of the Integrity Chamber at www.integritychamber.sx/publications.
