In the Collaborative Compliance Wiki’s Introduction to Compliance, I discuss what compliance means but don’t discuss compliance in terms of its benefits or value.
Why? Because once you discuss compliance in terms of monetary benefits (what happens if we don’t comply? is compliance too expensive? is it a risk we can take?) rather than in terms of your organisation’s culture ("do the right thing") you view compliance as a cost rather than as part of risk management and the creation of an organisation committed to certain values and standards.
Yes, having an effective compliance program means you prevent and detect breaches of the law and reduce the risk of prosecutions (both civil and criminal) and penalties (either jail or money) for your organisation and its directors and officers.
And it is possible to argue that the long-term benefit of compliance exceeds the short-term cost and inconvenience. But you can’t make money out of compliance.
If you can have to value compliance, what is its value?
Compliance adds to the reputation and integrity of the organisation. It creates a culture that values accountability and good governance. It shows your employees you are committed to ethical conduct. It shows your customers you are trustworthy. It reduces the risk of errors and of prosecution and penalties.
Compliance helps create a sustainable organisation.