On what basis should the compliance committee develop objectives and goals?

The most effective basis for a compliance committee to develop objectives and goals is on an annual basis. This timeframe allows the committee to align its goals with the organization's overall strategic objectives and to respond to any significant regulatory changes or industry trends that may have occurred during the previous year.

Annual objectives provide a structured opportunity for the committee to conduct a thorough review of its compliance programs, assess the effectiveness of existing initiatives, and set new priorities based on the organization's risk assessment and compliance needs. This comprehensive approach supports long-term planning and ensures that resources are allocated efficiently towards achieving compliance in the organization.

Setting goals on an annual basis also allows for the collection of adequate data and feedback over a full reporting period, improving the committee's ability to make informed decisions that reflect the current compliance landscape. This method fosters accountability and provides a clear timeframe for evaluating progress and making necessary adjustments to the compliance program as needed.