What does "policy development" refer to in compliance?

"Policy development" in compliance specifically refers to the process of creating formal guidelines that dictate compliance-related actions and procedures. This involves producing documents that outline how an organization will adhere to legal and regulatory requirements, establish standards of conduct, and set expectations for behavior among employees and stakeholders.

In the compliance landscape, well-developed policies are essential for ensuring that everyone within an organization understands their obligations, the procedures to follow, and the consequences of non-compliance. This process includes identifying relevant laws and regulations, assessing the organization's risk areas, and crafting policies that meet compliance standards while also aligning with the organization’s goals and values.

While the roles and responsibilities associated with hiring compliance officers, reviewing existing regulations, and communicating policies are important in a comprehensive compliance program, they are distinct from policy development itself. Instead, they represent additional elements that support and operationalize the policies once they have been established.