When we think about what the law is, we conventionally think about statutes. But the compliance field deals not only with statutes, but also with the rules and regulations promulgated by administrative agencies. In fact, these rules and regulations and the enforcement actions, administrative decisions and rulemaking accompanying them create some of the most difficult challenges in a compliance officer’s job. The rapidness of regulatory actions creates a constantly shifting sea of requirements that has to be monitored, analyzed and taken into account when implementing an effective compliance process.
Regulations provide the technical, operational and legal details necessary to implement and enforce laws. The enforcement of these regulations is a key aspect of every compliance field. Therefore, while understanding the statutes relevant to your field is necessary and important, most of the work of a compliance officer will deal with researching, understanding, planning and communicating the relevant regulatory changes to your client or firm.
Compliance work often comes down to attention to detail, and research within it is no different. The goal of this guide is to provide the basics of compliance research--an overview of administrative rulemaking, the publication of regulations, and administrative decisions and guidance--and to suggest some practical ways you can manage rapidly the changing regulatory environment. This guide provides the specialized tools and publications for the major compliance fields: Corporate (including Retail), Medical Devices/Pharmaceuticals/Food, Hospitals/Insurers, Securities, and Banking.