Having a strong corporate compliance strategy is critical when it comes to navigating today's increasingly complex and dynamic regulatory landscape. Regardless of the industry you are in, understanding the ins and outs of your field's regulatory and legal frameworks can help you better assess and mitigate risks while advising decision-makers with confidence.
If you aree looking to grow your understanding of corporate compliance laws, then it may be worth pursuing a Master of Legal Studies (M.L.S.) degree that can prepare you to conduct legal research, communicate legal concepts, and stay on top of compliance requirements within your industry.
An In-Depth Examination of Corporate Compliance in the Legal Framework
With corporate compliance and governance law requirements constantly changing and evolving, you may be in a position where you are tasked with creating or updating a corporate compliance strategy in your workplace. In this case, the knowledge and skills acquired through an M.L.S. degree program can help enhance your compliance strategy planning in law-adjacent roles.
The Role of an M.L.S. Degree in Enhancing Corporate Compliance
An M.L.S. degree program will cover the most essential compliance topics and legal strategies that your team can carry out to improve its own compliance strategy. The curriculum of an M.L.S. program covers a number of key legal topics that may be relevant to your corporate compliance planning, including industry-specific regulations and issues related to employment law.
Meanwhile, an M.L.S. degree can prepare professionals working in law-adjacent careers to proactively identify and mitigate compliance risks within their organizations, conduct internal investigations when needed, and even provide compliance training for employees within the company.
Key Legal Principles Behind Corporate Compliance
Corporate compliance and governance law work together to ensure companies adhere to legal and ethical standards. An M.L.S. curriculum can also prepare those in law-adjacent corporate roles to better understand the legal principles behind corporate compliance, which can improve regulatory compliance planning. These key principles include:
- Accountability - Every employee within the organization is responsible for following compliance strategies and understanding any laws or regulations that apply specifically to their work.
- Due diligence - Organizations are under an obligation to regularly investigate and address compliance risks and similar issues in their day-to-day operations.
- Transparency - Organizations should be open about any relevant compliance strategies and policies to employees and stakeholders alike, always maintaining clear expectations.
- Monitoring - Organizations should perform regular audits and internal reviews to check for compliance issues and make changes to policies or procedures as needed.
Strategies for Building a Robust Corporate Compliance Program
A strong corporate compliance program must be built on a foundation of governance law, ensuring that company policies align with legal and ethical business standards. In the interim, effective compliance strategies at the corporate level can improve a company's reputation while building a sense of trust within the community. In some cases, a thorough compliance strategy could even protect a company from severe legal troubles or other issues related to noncompliance.
So, what does it take to build a robust corporate compliance program? There are a few things to keep in mind.
Integrating Legal Knowledge with Compliance Strategies
First, the professionals in charge of crafting the compliance program are tasked with integrating their own legal knowledge and understanding with tried-and-true compliance strategies. This, as you can imagine, requires a thorough understanding of the current regulatory landscape within your industry. This includes current legislation and regulations and any bills or drafts that have been proposed and could affect your operations.
With this foundational legal knowledge in place, you can then begin to develop practical procedures and strategies that will make up your compliance program.
Implementing Effective Compliance Policies and Procedures
A lot of research and thought must go into each compliance policy and procedure that is implemented. Those in charge of crafting these programs need to be prepared to carry out thorough risk assessments, develop policies that are clearly written and easy to understand, and provide employees with the in-depth training they need to follow proper procedures at all times. By leveraging effective legal strategies, organizations can strengthen their compliance frameworks.
In addition to comprehensive employee training, an open line of communication must be kept between decision-makers and employees at all times to discuss potential compliance concerns and other risks openly.
With the in-depth understanding of corporate compliance laws and regulations that you can acquire in a Master of Legal Studies program, you can fill legal knowledge gaps, stay on top of changes in your industry's legal landscape, and be better prepared to craft a corporate compliance program at your workplace, even if you do not have any formal legal experience.
Navigating Compliance Challenges with Legal Expertise
All industries face regulatory compliance challenges, especially when regulations change, and businesses are forced to adapt with little notice. In these situations, being prepared with a formal M.L.S. education can empower you and your compliance team to overcome common challenges and keep your business moving forward.
Case Studies: Successful Compliance Programs in Major Corporations
Today's businesses can learn a great deal about creating a successful compliance program by looking at what some other major corporations have done with theirs. Consider Microsoft, for example, a tech company known for its robust legal compliance and ethics program that promotes a "commitment to corporate responsibility and integrity" based on the pillars of prevention, detection, and remediation.
Microsoft's compliance team regularly monitors and assesses its program and the surrounding regulatory landscape to make changes and improvements as needed. All of this, in turn, helps to mitigate risk while building public trust within the company itself.
Overcoming Common Compliance Obstacles with Legal Solutions
One of the most common obstacles you may run into in creating or revamping a compliance program is simply keeping up with ongoing regulatory changes, which can be especially difficult in some industries. Of course, there are also ongoing issues related to data privacy, protection against cyber attacks, and challenges due to resource limitations.
A strong legal background can help compliance teams confidently overcome these obstacles, using their collective legal knowledge and understanding to develop policies that can shield the company from legal trouble. An M.L.S. degree program can help professionals build that robust legal understanding that can then be used to make a real difference within the organization.
Learn More in an M.L.S. Program
If you already have an undergraduate degree and are looking to focus your knowledge and growth on the legal side of your industry, then an online Master of Legal Studies degree from the University of Miami School of Law can be an excellent way to advance your knowledge and your career. This program, which was designed to help working professionals achieve a better understanding of the legal world and field-relevant law, is offered exclusively online for your convenience.
Meanwhile, you can choose from six different tracks to further tailor your learning experience. Specifically, our general legal studies track can be a great choice for law-adjacent professionals looking to improve their legal and regulatory knowledge in a corporate setting.
Learn more about the University of Miami School of Law's online M.L.S. program by reaching out today. If you're ready to take the next step, you can get started by filling out your online application for admission.
Sources
https://admissions.law.miami.edu/academics/MLS/
https://www.researchgate.net/publication/227429371_Compliance_An_over-looked_business_strategy
https://ncua.gov/newsroom/ncua-report/2017/fincen-adds-fifth-bsa-compliance-pillar
https://www.microsoft.com/en-us/legal/compliance
