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Mastering Corporate Compliance with an M.L.S. Degree

An M.L.S. can help build in-depth understanding of law, ethics, risk management, and policy development.
Mastering Corporate Compliance with an M.L.S. Degree

By Miami Law Staff Report

No matter the size or scope of the business, maintaining compliance with laws and regulations is critical to upholding trust with stakeholders, avoiding legal fallout, and keeping things running as smoothly as possible. If you are in a law-adjacent role that involves advising decision-makers on regulatory and compliance issues, then having a solid understanding of industry-specific legal frameworks is an absolute must.

Looking to enhance your understanding of these issues? If so, it may be time to pursue an advanced degree, such as a Master of Legal Studies (M.L.S.). Through an M.L.S. program, you will explore what corporate compliance is and risk management concepts relevant to law-adjacent roles.

An Insight into Corporate Compliance in the United States

So, what is corporate compliance, exactly? In the United States, all businesses are required to adhere to certain laws, regulations, and guidelines. These regulations may exist both at the federal level and the state and local levels. Maintaining compliance is essential to avoiding potential litigation, fines, and other issues that could affect business operations or cause reputational damage.

To help maintain compliance, many businesses hire compliance officers or turn to human resources (HR) teams. These professionals can help design and implement effective corporate compliance programs in the workplace. 

Key Components of Corporate Compliance Programs

A corporate compliance program refers to a set of internal policies that guide how businesses should operate to mitigate risks, ensure compliance with federal/state/local laws, and maintain certain ethical standards at all times.

While no two corporate compliance programs are identical, they tend to include similar components, such as:

  • A compliance officer or committee responsible for overseeing, designing, implementing, and making changes to the program itself.
  • A set of policies and procedures outlining the company's legal/regulatory obligations and how they should be met.
  • Ongoing training is provided to employees to ensure they are up-to-speed on best practices and industry laws/regulations that apply to them.
  • Ongoing risk assessment and risk management to pinpoint the most likely compliance risks, as well as plans for managing compliance risks.

It is also worth noting that no corporate compliance program is ever complete. Ideally, committees and designated compliance officers should regularly review, evaluate, and adjust these programs as needed to keep them relevant and up to date with dynamic regulatory landscapes.

The Role of Regulatory Agencies and Laws

In the United States, there are numerous regulatory agencies and laws that businesses across different industries may need to maintain compliance with. To navigate complex laws and industry standards, it helps to understand what corporate compliance is in practice. This includes how businesses interact with regulatory agencies that draft, enforce, and monitor compliance across different industries. Some examples include:

Specific laws like the Fair Labor Standards Act (FLSA) and the Health Insurance Portability and Accountability Act (HIPAA) govern businesses in certain industries, requiring them to follow certain standards or face severe legal penalties.

The Importance of Corporate Compliance for Modern Organizations

Today's businesses are under a great deal of pressure to maintain compliance with federal, state, and local laws. Managing compliance risks can help companies maintain a positive public image while avoiding legal and financial complications.

Legal and Financial Implications of Non-Compliance

The legal and financial consequences of non-compliance can vary; however, they are almost always significant. When a business is discovered to be out of compliance with regulations, for example, it may be fined by the appropriate regulatory agency. Even if the fine is minor, it could cause significant financial complications. 

In some cases, legal issues may also arise out of non-compliance in the form of lawsuits, which can take away even more revenue, time, and resources. All of this may be further compounded by disruptions to operations, which can occur when a non-compliant business faces a mandatory shutdown or external compliance audit.

Building Trust and Reputation Through Compliance

Aside from the legal and financial consequences of non-compliance, failing to adhere to industry laws and regulations can tarnish a company's reputation and sense of trust with its stakeholders. On the flip side, when businesses develop a reputation for maintaining certain compliance and ethical standards, they can garner stronger relationships with both employees and the public. This, in turn, can help businesses establish a positive public image that builds long-term brand loyalty and stronger relationships with stakeholders.

How an MLS Degree Equips You for Compliance Leadership

If you are in a role where you are responsible for managing compliance risks and providing critical guidance to decision-makers, then an M.L.S. degree program could help you build the in-depth understanding of law, ethics, risk management, and policy development needed to thrive (or to advance into other law-adjacent roles within your industry).

Core Curriculum: Law, Ethics, and Risk Management

The core curriculum of an M.L.S. degree program can vary from one program to the next, but essential coursework should cover such relevant topics as:

  • Foundations in U.S. laws and regulations
  • Legal research, writing, and analysis skills
  • Corporate compliance
  • Enterprise risk management

Through this critical coursework, you can learn about the origins of regulatory power in the United States, how corporate compliance and oversight programs work, and how to conduct your own legal research to stay informed on the latest changes in your industry.

Practical Skills: Policy Development and Implementation

In addition to a thorough understanding of U.S. compliance laws, risk management, and legal research, students in a Master of Legal Studies program will also have the chance to develop practical skills in policy development and implementation. This includes skills related to creating, implementing, and refining corporate compliance programs in the workplace, as well as problem-solving and ethical decision-making abilities. 

Essential Steps to Develop Effective Corporate Compliance Programs

A comprehensive corporate compliance program is one of the best tools to protect businesses from reputational damage, litigation, and other potential consequences of non-compliance. So, what exactly does it take to develop effective and successful corporate compliance programs in today's ever-changing regulatory landscape?

Conducting Risk Assessments and Gap Analyses

A thorough risk assessment is a critical component of any corporate compliance program. By knowing how to pinpoint and analyze potential regulatory risks, compliance officers and other law-adjacent team members can determine the likelihood of certain issues occurring. From there, they can create clear policies and procedures designed to mitigate risks.

Training Employees and Fostering a Culture of Compliance

In addition to extensive risk assessments and gap analyses, compliance officers have an important responsibility to develop and implement training programs that keep employees updated on the latest policies, procedures, and best practices. As part of this system, corporate compliance programs should include regular training and open outlets for team members to anonymously report concerns.

When team members are found to be acting outside of compliance or ethical standards, clear corrective and/or disciplinary action should be taken. Furthermore, all compliance committee members should set a positive example through their own conduct. In other words, they should foster a culture of compliance by exhibiting proper behavior.

Explore an M.L.S. Degree in HR 

For professionals in law-adjacent roles who already have an undergraduate degree and want to enhance their industry-specific legal knowledge, an online Master of Legal Studies degree can be a practical choice. Because no two M.L.S. programs are exactly alike, it is important to carefully research your options and find the program that best suits your professional goals and interests.

At the University of Miami School of Law, our online Master of Legal Studies degree is designed with working professionals in mind. With a 100% online and part-time curriculum, our M.L.S. program empowers you to advance your education without putting your career on hold. And with three convenient start dates throughout the academic year, you can choose to start during the fall, spring, or summer semester.

Our M.L.S. program is also offered with your choice of six specialized tracks, so you can select the track that best aligns with your career goals. For those interested in advancing their education and knowledge in corporate compliance, our Human Resources track offers valuable insight into topics such as employment law, risk management, and corporate regulations at the state and federal levels.

Get in touch to request more information about completing an M.L.S. program at the University of Miami School of Law. You can also take the next step by applying today!

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