What is the primary responsibility of a Compliance Committee?

The primary responsibility of a Compliance Committee is to oversee the organization's compliance program. This encompasses ensuring that the organization adheres to legal regulations, industry standards, and internal policies. The committee plays a crucial role in identifying potential compliance issues, evaluating the effectiveness of compliance efforts, and providing guidance on risk management. By actively monitoring compliance activities, the committee helps to foster a culture of integrity and accountability within the organization.

While the other roles listed are important for organizational operations, they do not align with the specific mandate of a Compliance Committee. For example, managing marketing strategy, handling customer service inquiries, and focusing on employee training and development, while essential, fall outside the core responsibilities of compliance oversight. This focus on compliance is vital to protect the organization from legal risks and potential reputational damage, making it essential for the Compliance Committee to dedicate its efforts to these areas.