Why does my company need an Ethics and Compliance Program?
An Ethics and Compliance program is the cornerstone of your company’s values and commitments to your investors, your customers, your suppliers, governments, and employees and staff. An E&C program lets these and other stakeholders know that you care about legal compliance and doing the right thing. It is essentially the conscience of your organization. Companies that implement a robust E&C program are often viewed as more desirable business suppliers, distributors, and partners to other companies, particularly multi-national companies. An E&C program with clearly stated expectations can help prevent violations by staff whether intentional or inadvertent. If your company is accused of wrongdoing, the presence of a viable E&C program can be a key element of your legal defense or a mitigation in the event that the company made a mistake. Conversely, the absence of a program can result in harsher punishment and potentially costly fines and penalties. Also, in the event of a merger or sale of your company, a viable E&C program is a positive asset for the other party and can enhance your company’s value.
If my company is small, do I need an E&C Program?
If your company has 20 or more employees and staff and annual revenue in excess of US $2 million per year, it is wise to have an E&C program. You can start small. Your program can grow as your company grows.
Is a basic E&C program sufficient?
Whether a basic program is sufficient will depend on the needs of your organization. The basic program is generally suitable for organizations with less than 50 employees, annual revenue of less than US$ 10 million, and no or limited international transactions. For many companies, it will be insufficient. We would be happy to discuss on a no cost / no obligation basis.
How much does an E&C program cost?
The cost of an E&C program will vary, depending on your needs. If you do not currently have an E&C program, establishing a program will likely cost somewhere between US$ 20,000 and US$ 50,000. We have E&C programs that cost as little as US$ 4,950. But most companies will need a more robust program, especially if it engages in international trade or with multi-national corporations. Contact us for a no cost / no obligation discussion about your E&C goals and needs.
What internal support will be needed?
Your company’s CEO will need to be aware of and supportive of the E&C effort. In most cases, your Board of Directors will also need to be aware and supportive. They will determine the success of the E&C program. Depending on the size of your organization, internal support could be as little as the person designated as the Chief Compliance Officer and the persons who conduct internal communication and training. Larger organizations will require additional internal support. To be successful, all employees, staff, and contractors will need to understand the organization’s E&C policies, it’s expectations, and importantly, their personal responsibilities and duties.
We don’t have a Chief Compliance Officer – is that a problem?
No. We can help you select and train a Chief Compliance Officer or CCO. This service is generally not included in the Basic or Foundational Programs but can be added for an additional fee. For most small companies and many mid-sized companies, this role will not be full time and can be added to the duties of the Regulatory Compliance Officer, CFO, HR Director, or other officer.
How long does it take to create a program?
Creation of a program can be completed in as little as one or two weeks if internal staff are available to assist and provide the needed organization information, approvals, and internal communication. Fast creation and implementation is especially true for our basic and foundational programs. Normally, a program will take longer to create, approve and implement. A normal time frame would be six to nine weeks. But we can work to meet any internal deadlines you may have. Importantly, the scope and complexity of your international business activities will in large part dictate the time required to implement an effective program.
Do you provide service on-site or remotely?
Given the current global pandemic and related travel restrictions, Pacific E Compliance is only able to offer on-site services in Singapore and UAE at this time. However, we can expand our services based on your needs. We have found that in most cases, an E&C program can be implemented using internet-based communication and emails. We can arrange meetings via Zoom, MS Teams, GoToMeeting or Google Meet. When on-site meetings are feasible and requested by the client, we can travel on a reimbursed cost basis.
What if my needs change over time?
Our E&C programs are scalable and flexible. Our programs are designed to grow as your organization grows and becomes more complex over time. For example, your company may not need an Export Compliance Program or a Sanctions Compliance Program. But as you engage in cross-border transactions, those components may be desirable or even necessary. Similarly, you may wish to begin with a simple basic or foundational program today, but enhance your program with third party screening, an E&C committee, risk assessment, or other features as your organization grows or your compliance risks increase. We are here to help as your risks evolve and change, whether next year or farther into the future.
Do I need an Export Compliance Program?
You typically need an Export Compliance Program (ECP) if your company or organization depends on imported goods or technology for resale or to support your operations, or if you export goods and technology. If these goods or technology are controlled for export, an ECP will be critical to mitigate risk and help provide assurance that your exports are in compliance.
Do I need a Sanctions Compliance Program?
Similarly, a Sanctions Compliance Program (SCP) is highly desirable if you are located in the Middle East or Asia and you engage with international counterparties or their local subsidiaries. Your decision will depend on many factors. We invite you to discuss your specific situation with Pacific E Compliance to make an informed decision.
My company is a larger, multi-national company. Can you meet my requirements?
Yes. Our services are flexible and scalable to meet your needs. In addition to our regular in-house staff, Pacific E Compliance has the ability to identify and retain other world-class compliance experts to assistance on your project. Many have served as Chief Compliance Officers for multi-national companies.
Does Pacific E Compliance offer ESG compliance?
Pacific E Compliance does not currently provide ESG (Environmental, Social, and Governance) compliance. If your needs include an ESG assessment or a need to implement an ESG program, please contact us. We would be pleased to discuss your needs and offer suggestions on a complimentary basis.
What is the right program for my company?
Choosing the correct program is an important decision that will depend on many factors. These include the size and complexity of your organization, whether you engage in cross-border transactions, the number of employees, whether you are in a highly regulated industry, and of course your budget. Pacific E Compliance strives to provide a suitable, cost effective E&C program for all companies. We will provide you guidance and advice on the best program to suit your current needs and budget along with suggestions for future enhancements.
Why should we choose Pacific E Compliance for this work?
We created Pacific E Compliance to fill a specific market need – providing E&C solutions, including trade solutions, to small and medium sized companies with limited budgets. We pride ourselves on providing affordable, flexible, and scalable E&C solutions. Our programs are designed to grow as your company grows – you do not need to create a complex program from day one. Our professionals have dozens of years of experience working for small, medium, and large companies in nearly every corner of the globe. Our mission is to provide E&C compliance support, with the intent of strengthening your company’s integrity and helping you achieve your goals.
What language skills do you have?
Our business language is English. We do have the ability to provide services in Mandarin, Arabic, Tamil, Turkish, Hindi, and Afrikaans. Other languages can be provided with prior arrangement. Local language skills are often useful to provide staff training.
Written policies and guidance will be delivered in English. If there is a need to translate, most companies find it more cost effective to do the translation in-house. Pacific E Compliance is happy to create any needed written translations on a cost-plus basis.