Surviving a visit by the Feds: How do handle the regulators and survive

Because the current administration is taking an aggressive stance to ensure compliance to these and existing rules, tens of thousands of new regulators are being added to the federal payroll.

As a result, the chances that your organization will be audited by one or more federal agencies are significantly higher than ever before.
If your organization is confronted by a federal regulator, keep the following points in mind:

• Beat the regulators to the punch. Conduct an annual self-assessment of your organization focusing on those areas where you might be the most vulnerable. Particularly audit FLSA exemptions, discrimination in hiring, pay, promotions and other employment benefits, and safety. Familiarize yourself and ensure compliance with new federal healthcare regulations as they are published.
• Get help. Your first act after receiving notice of a federal audit or having a regulator knock on your door for a surprise visit should be to call your attorney. In certain situations, it is better to deal with regulators through an experienced representative.
• Remember the golden rule. Regulators should be treated professionally and with courtesy. Rude or obstructive behavior will only come back to bite you in the end.
• Regulators are not your friends. They have come to your organization to ensure that you are complying with the law and will do what it takes to ensure your compliance.
• Document discussions and agreements. Do not assume the regulators will remember tomorrow what they agreed to today. Make sure any disagreements with findings, views, or processes are noted in writing and delivered to the lead regulator as soon after the event as possible.
• Understand the regulator’s options and your options. Make sure you are clear as to what the regulators can examine, how the examination may occur and what types of decisions the regulators might render. Understand your options in dealing with the regulator’s proposals. DON’T ASSUME ANYTHING.
• Work for a win/win solution. Understand that the regulators are not there to put you out of business, but to ensure your compliance. As a result, they may be willing to negotiate a reasonable conclusion that corrects the problems they identify while limiting the financial or administrative impact on the organization.

Business ethics: constancy in a world of change
Unprecedented change is affecting our business and personal lives. Does this mean personal and professional ethical values are changing too? The Committee of Sponsoring Organizations (COSO) formed under the direction of the Treadway Commission (a gathering of public and private sector representatives asked to study fraudulent business activity) identified integrity and ethical values as a primary component of organization success.

Participants in this training program will understand the role of ethics in business dealings and gain a greater appreciation for strong moral principles that not only minimize corporate liability, but ultimately, maximize company profits.

To learn more about this and other BAI services and workshops, call us today at 801.444.9919