The following Risk & Compliance guidance note provides comprehensive and up to date legal information covering:
At the second annual Legal Leaders General Counsel Forum conference, in which LexisNexis was the headline partner, the topic central to discussion was that of compliance and how to ensure that, as an in-house lawyer, your company is working towards a genuinely compliant culture. Although the conference panels and delegates agreed that setting the tone from the top was an essential component, ensuring that the entire company is aware of its ethical and legal obligations is never that one-dimensional. The Forum identified four key areas for in-house lawyers to work on:
know your business
establish a solid decision making framework
convince the board
engage the wider company
The first step towards compliance is understanding the identity of the company and its culture. As a lawyer, aligning your advice and initiating a strategy that fits with the company’s values and vision is a must—there is no one size fits all approach.
Andrew Magowan, the general counsel and company secretary for the fashion brand, ASOS, asserted that for his company, which has a young staff: ‘I wouldn’t set up our own compliance department; no one would talk to them.’ Instead, Magowan says that ASOS is working on more subtle ways to spread the compliance message, such as working it into corporate sensibility under the umbrella of social responsibility.
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